Cracker Barrel to upgrade chicken, hamburger and steak dinners as it pays down debt
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Cracker Barrel outlined initiatives to lift dinner satisfaction by upgrading key menu items, while a 26-store sale-leaseback generated about $77M in net proceeds used to reduce debt and help fund a $150M convertible notes repayment. The quarter-end debt balance declined materially year over year, supporting balance-sheet flexibility. Management also flagged ongoing pressure among lower-income diners and incorporated higher freight fuel surcharges into outlook.
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Cracker Barrel said it plans to upgrade three popular dinner items—chicken, hamburgers and steak. The company also completed a sale-leaseback deal involving 26 company-owned restaurants, generating about $77 million in net proceeds to repay debt and partially offset $150 million of 0.625% convertible senior notes that matured and were repaid in June. Total debt ended the quarter at $337.2 million, down $147.4 million from the prior year. The CFO said the average guest check is about $16, underscoring the chain’s value proposition.
