Cracker Barrel Old Country Store, Inc (NASDAQ: CBRL)

Cracker Barrel Old Country Store, Inc. operates and develops the Cracker Barrel Old Country Store concept, which combines a full service restaurant with a retail gift shop offering home style country food and a variety of nostalgic merchandise. The company is headquartered in Lebanon, Tennessee and maintains a website at crackerbarrel.com. As of September 12, 2025, it operated 657 Cracker Barrel stores across 43 states and 68 Maple Street Biscuit Company locations in 10 states. Each Cracker Barrel store follows a prototype of approximately 8,900 square feet, with about 1,900 square feet dedicated to retail selling space and the remainder allocated to restaurant, training and storage areas. The store design features a rustic old country style exterior, stone fireplaces and front porch rocking chairs that are iconic to the brand.

Revenue is generated primarily from food and beverage sales in the restaurants and from merchandise sales in the gift shops. In 2025, restaurant sales represented approximately 81% of total revenue while gift shop sales contributed the remaining 19%. The average check per guest was $15.23, reflecting a 6.8% increase from the prior year, and the typical store served about 5,330 restaurant guests each week. Menu prices ranged from $6.99 to $21.99 for breakfast and from $5.19 to $25.99 for lunch and dinner. Day part distribution of restaurant sales in 2025 was 28% for breakfast, 40% for lunch and 32% for dinner. Gift shop sales were led by apparel and accessories at 33%, food at 18%, toys at 13%, décor at 13% and media at 7%. Off premise channels, which include individual takeout, third party delivery and catering, accounted for roughly 20% of restaurant sales, with individual takeout representing about 50% of that off premise total, third party delivery about 32% and catering and occasion about 18%.

The company operates through the following segments.

• Cracker Barrel Old Country Store: This segment operates full service restaurants that serve breakfast, lunch and dinner daily, offering home style dishes such as pancakes, eggs, meats, grits, biscuit specialties, fried and grilled chicken, meatloaf, country fried steak, pork chops, fish, shrimp, steak, vegetable plates, sandwiches and salads, along with an attached gift shop that sells apparel, accessories, food items, toys, décor and media products.

• Maple Street Biscuit Company: This segment runs a breakfast and lunch fast casual concept with a focus on biscuit inspired entrées, freshly roasted coffee, and a limited selection of beer and wine in select locations, operating primarily during morning and early afternoon hours.

Cracker Barrel Old Country Store, Inc. distinguishes itself through a unique brand that blends a full service restaurant with a retail gift shop evoking nostalgic Americana, which appeals to both travelers and local patrons seeking home style meals and distinctive merchandise. The company competes with national and regional restaurant chains such as Denny’s and Bob Evans, supermarkets offering convenient meal solutions, fast casual and quick service establishments, as well as locally owned restaurants and retail stores. Its competitive advantages stem from a consistent focus on quality, value and friendly service, a loyal customer base reinforced by the Cracker Barrel Rewards program, and a distinctive store atmosphere featuring stone fireplaces, antique style furnishings and front porch rocking chairs that create a memorable dining and shopping experience.

The company serves a broad customer base that includes highway travelers, local families, couples and individuals looking for a relaxed dining experience combined with the opportunity to browse nostalgic gifts. Guests span various age groups and are drawn by the promise of home style cooking, friendly service and the ability to enjoy a meal while seated on the signature rocking chairs on the front porch. While the filing does not disclose specific customer names, the typical patron consists of vacationers, commuters and community members who value the combination of food and retail in a welcoming setting, contributing to repeat visits and brand loyalty.