CBRL — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-09-25

• During 2026, we faced challenges related to negative publicity from brand initiatives related to our previously-announced strategic plan, including the launch of a new logo and modern test store remodels, to which we responded by returning to our former logo and discontinuing the modern test store r…

• We also previously operated Maple Street Biscuit Company (“MSBC”), a breakfast and lunch fast casual concept. During the fourth quarter of 2026, the Company sold 35 MSBC locations and closed the remaining Company-owned locations. As of July 31, 2026, we no longer operated any MSBC locations.

Text removed vs the prior filing · source: 10-K · 2025-09-26

• In 2024, we announced our multi-year strategic plan. The multi-year strategic plan is anchored on three overarching business imperatives: driving relevancy, delivering food and an experience guests love, and growing profitability. We have undertaken certain initiatives as part of these imperatives, …

• We also operate Maple Street Biscuit Company (“MSBC”) locations. MSBC is a breakfast and lunch fast casual concept. Like Cracker Barrel, MSBC values genuine hospitality and made-from-scratch cooking including biscuit-inspired entrées as well as freshly roasted coffee with a proprietary blend and a l…

Text added vs the prior filing · source: 10-K · 2026-09-25

• Our strategic priorities and initiatives are aimed to improve the guest experience and increase profitability and are in various stages of testing, evaluation and implementation. Implementation of these priorities and initiatives across our store base is inherently risky even when tested successfull…

• Individual store locations are affected by local conditions that could change and adversely affect the carrying value of those locations, and any new stores we open may not be profitable.

• The success of our business depends on the success of individual locations, which in turn depends on stability of or improvements in operating conditions at and around those locations. Our revenues and expenses can be affected significantly by the number and timing of the opening of new stores and t…

• As demographic and economic patterns (e.g., highway or roadway traffic patterns, concentrations of general retail or hotel activity, local population densities or increased competition) change, current locations may not continue to be attractive or profitable. Possible declines in neighborhoods wher…

• The performance of our business as affected by the level of our indebtedness could prevent us from meeting the obligations under our revolving credit facility or the indentures governing the 2030 Notes or maintaining sufficient liquidity to operate our business or service our debt obligations, and w…

Text removed vs the prior filing · source: 10-K · 2025-09-26

• Our multi-year strategic plan is in various stages of testing, evaluation and implementation, aimed to improve guest experience and increase profitability. These initiatives of our multi-year strategic plan are generally aimed at enhancing menu and retail options, reducing our costs, improving margi…

• The performance of our business as affected by the level of our indebtedness could prevent us from meeting the obligations under our revolving credit facility or the indentures governing the 2026 Notes and the 2030 Notes or maintaining sufficient liquidity to operate our business or service our debt…

• Our consolidated indebtedness and restrictions in our revolving credit facility may have the effect, among other things, of reducing our flexibility to respond to changing business and economic conditions and increasing borrowing costs. Given the significant uncertainty relating to the macroeconomic…

• The convertible note hedge and warrant transactions in connection with the 2026 Notes may affect the value of our common stock.

• In connection with the issuance of the 2026 Notes, we entered into convertible note hedge transactions with one or more of the initial purchasers of the 2026 Notes or their respective affiliates and/or other financial institutions (the “hedge counterparties”). The convertible note hedge transactions…

Text added vs the prior filing · source: 10-K · 2026-09-25

• The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. While the resolution of a proceeding or claim may have an impact on our financial results for the period in which it is resolved, we believe that the…

Text removed vs the prior filing · source: 10-K · 2025-09-26

• The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will no…

Text added vs the prior filing · source: 10-K · 2026-09-25

• We believe there are significant challenges in the macroeconomic outlook for the coming quarters, including continued inflation volatility, higher consumer debt levels and lower savings rates, as well as the potential uncertainty associated with the geopolitical environment and global trade among ot…

• (1)Average store volumes include sales of all stores except for MSBC.

• (2)Comparable store sales and traffic consist of sales of stores open at least six full quarters at the beginning of the period and are measured on comparable calendar weeks. Comparable store sales and traffic exclude MSBC.

• Total revenue in 2026 decreased 4.7% as compared to 2025. Our comparable store restaurant sales decrease in 2026 as compared to 2025 resulted primarily from the guest traffic decrease partially offset by the average check increase. The average check increase included an average menu price increase o…

• Our retail sales are made primarily to our restaurant guests. The decrease in our comparable store retail sales in 2026 as compared to 2025 resulted primarily from the guest traffic decrease.

Text removed vs the prior filing · source: 10-K · 2025-09-26

• We believe there are significant challenges in the macroeconomic outlook for the coming quarters, including continued volatility of inflation and interest rates, higher consumer debt levels and lower savings rates, as well as the potential uncertainty associated with the geopolitical environment and…

• In 2024, we announced our multi-year strategic plan. The multi-year strategic plan is built on five pillars which have progressed over 2025. The five pillars are as follows:

• ●Refining the brand: We established an updated brand identity anchored on “the goodness of country hospitality”, which has been applied in our marketing, products (food and retail) and physical content and assets. We have also refined our partnership strategy – partnering with NASCAR, for example – …

• ●Enhancing the menu: We developed a robust product pipeline and introduced new craveable menu items such as Hashbrown Casserole Shepard’s Pie and a refined and reintroduced Campfire Meals platform.

• ●Evolving the store and guest experience: We improved several operational speed metrics and implemented a new allocation software package to improve retail product management. Additionally, numerous retail floor layouts and store remodel packages were tested to enhance guests’ browsing and shopping …