Cracker Barrel Old Country Store (CBRL) 4 Dec 242025 Q1 Earnings call transcript

Good morning, and welcome to Cracker Barrel's First Quarter Fiscal 2025 Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Adam Hanan, Director of Investor Relations. Please go ahead.

Thank you. to webcast. first welcome conference fiscal and and call morning, Cracker quarter Barrel's XXXX Good we a morning, This issued quarter our results. first press release announcing

an will provide the measures about company press understanding to company's ended for further enhanced November this release details Please on these investors our quarter call, In believes financial refer press XXXX. to for and the first The non-GAAP in the these as such we financial with X, adjusted footnotes measures EBITDA metrics. of this performance. refer release

from intended This information or GAAP the be is prepared The release or isolation the as share financials. reconciliations of per substitute not in income non-GAAP to net information pages considered with GAAP. press last in to for accordance information a the earnings include

the business, and will this with Julie Julie and are Senior President Craig Barrel's a President provide me review and Masino; Cracker financials Pommells. and and outlook. the CFO, CEO, Vice Craig call On morning of

open We will up questions. then for call the

this many made expectations may actual involve that, future forward-looking and of from cases, management's uncertainties which may considering beyond forward-looking cause in readers These in and We caution operating and information. future results control are materially differ management listeners be or events. results statements, by to statements are expectations. the company's and known our regarding statements risks beliefs and as their On call, expected

our of are press reports in affect with found that results factors the uncertainties described at the of the furnish Many are to file we in release and the in of end SEC. or cautionary could summarized that description and the detail risks

no of as valid call this applicable company and on required it, except may shared information update to the is law. today's under as obligation date, be the Finally, undertakes

call over President Masino. Julie Julie? the and turn Barrel's Cracker CEO, to now I'll

love, and were results, that executing which entire organization us. with underscore you aligned and very joining delivering is our imperatives: market food growing X We morning, driving Good fact experiences profitability. the thank share, pleased and guests against for our our QX and

quarter. review highlights the from Let's some

We consecutive outperformed average points. we're dining check daypart. the second Black to delivered store performance XXX industry see in also driven Box traffic continue traffic trends positive And comparable store by dinner proud casual Digging deeper, by sales that and sales improved the for the important comparable strong growth. quarter, we improved basis

In dinner in fact, traffic the sequential we've improvements X past over quarters. delivered

Pie resonating menu New Shepherd's and as guests. are with Hashbrown items such Roast the Casserole Pot

Notably, and by points. initiative strong We're operational key Our metrics. turnover is improved perception optimized delivering hourly XX flow-through. improved scores pricing improved percentage driving value

Cracker Barrel we Rewards traffic is delivering market Indianapolis. traffic. early collectively results incremental encouraged a and experiencing by and pilot And finally, first stores are X are in the sales sales in our and our remodel remodel lift,

to execution strong you executing new this by is months operational all evidence This team. plan I quarter of of really is that progress of remind the want and our planning. evaluation the after first

[ to creation about we that the focused on and value and growth are we ahead, want profitable intensely you ]. excited are I and that Given fact, years long-term assure quarters

the Our and progress in and experience. making pillar winning on pillars, experience; enhancing and transformation employee my five, One, know. store enhancing the X menu; guest three, focus on and plan digital the them. many consists two, elevating the off-premise; evolving experience. remarks guest pillar four, store today refining largely brand; of you and We're menu; will of of But evolving the all as the three, two,

strong includes while all menu, our the enhancing value about maintaining optimizing pricing This making for proposition. and it Pillar which more guests our two craveable team. for easier also to is is, execute pillar our

Apple featured promotion a Fried French well which as was Pie, Shepherd's wildly menu popular, our as new new QX Our Casserole Toast Hashbrown Bake.

guest seasonal about favorite, our our French pipeline. menu a November additional in are Toast the we Turkey, Country excited that's Cinnamon's featured and Breakfast. innovation Fried Our Roll And new promotion

our strengthening our Sunrise and starting strategy offerings $X.XX on through at our Special Early focused $X.XX. for Pancake remain value Dinner value as barbell to proposition We such pricing our highlight and exceptional deals continue

menu day. our been particularly end our the premium listened a and Pot to New In Ribs; it several and available QX, resonate. has we and new tangy continue augmented Roast and now and our Strip York Chicken guests we Pot our of our savory, such our delicious The as and as daily specials, Southern barbell, every result, by slow made And dish have adding sweet offerings Barbecue daily creamy Rice; braised to Roast. successful, on

pleased menu new We've our been with the items. performance of

fact, popular trends, with as the so This high Roast, to source Pot to some been innovation such meet Shepherd's cases, the guests has traffic particularly and the they've demand. to product in our In improvement had menu daypart. the additional contributed in dinner we've Pie at

points compared basis we're In XXX to Dinner over our improved prior be quarter progress. to success fact, and early, the our driver year although will a dinner and key points making QX XXX QX. compared basis for traffic overall

in our is drive phases. multiyear making profitability that improve is back-of-house easier Another This while several enhancing our that we're jobs initiative through menu more a and efficiencies way to will be optimization enjoyable. initiative completed

one process quality. to waste through and reduce certain efficiently we phase a improvement. doing improve on first more is items way labor, are use The for just-in-time is importantly, approach focused this And product

system. encouraged to XX expanding QX We in it QX, region in approximately first we by full plan of stores coming and weeks. launch test are the the are In to results in a phase to the the the

our also our We're initiative. through menu price enhancing optimization

to refined methodology we simultaneously competitor including as the flow-through operating We've pay, is discussed, and see store to costs. results scores. driving willingness we've been strong pleased value on based with consumer pricing pricing continue improved criteria, As while our

X, Turning the pillar guest things. several encompasses to evolving experience,

as server and cooks off-premise operating level, item satisfaction, First, retail. continue With grill regard atmosphere; guest such speed third, we turnover, across see design rate. metrics second, metrics, average store to missing and progress operational skill execution, execution; and operational hourly to key and

I week. want shout-out execution their a teams and to for during strong tireless to our give work Thanksgiving

deliver experience the business. holiday guests of an millions and for help Your a for week efforts great important created

Store we win an design to to in guest the And for a long program previously, and is are is remodels. way I've term. and fiscal important to are addressing these. remodel the near important experience and critical reiterate year made position atmosphere test-and-learn year 'XX our point us To an

the packages in These which We are and resonate returns. the with and strongest remodel will working guests inform learnings drive our to spend plans most years. the subsequent understand

year updated and lift continue see We collective traffic stores in X the 'XX. a fiscal sales in pilot in that to were

we remodeled the in we've and completed market year XX updated incorporating of and fiscal are elements, the another new week, refreshes. later XX by XX of also in this 'XX, on Indianapolis, we the part encouraged to stores early menu This refreshes. be test We're local new which majority first items including far and other as our We're includes So stores awareness. marketing further results, code. turning new a dress will employee raise

year, the version. continue remodels For expect these with the we of full to approximately being XX XX half low to

in XX to continue to 'XX. refreshes expect also XX We

our retail, seasonal leaning In into we're themes.

and we're encouraged are Christmas the are hit by the Harvest our floor. Collection and performance about that performed Our themes collections perennial looking to favorite well, forward to of

has discussed, headwinds. faced retail we've as well retail As as business, our the industry, broader

believe profitable remains is there However, a and brand, huge growth. to our for it we opportunity meaningful unlock differentiator

been achieve are strategy. research stages To process We're look sharing and future. we've this, revamping in of the early conducting forward our the extensive in to in the retail and more

start. very year our good off fiscal closing, a is to In

gaining initiatives Our focused sustaining are traction on this and momentum. we're

shareholders our Before over engagement over to the their their it our turning to transformation I thank strategic few and for support plan. months want past Craig, for for constructive

creation management, we we the our are path remain accountable directors trust Barrel placed all for to shareholders. the to and growth grateful return are on and confident and have We meaningful for and Cracker right in they are value

good and you, Thank Julie, everyone. morning,

we were gaining pieces our noted, touch for and a moving I momentum, QX, while there are still on delivering Julie overall, are operational strategic underlying plan. few results track But we that and early, X-year with are on. pleased are In performance, transformation our will As in X.X% store million, and sales $XXX.X Restaurant to decreased over total X.X% restaurant prior the to increased year X.X% $XXX.X expectations. We up revenues X.X% revenue which from Comparable reported increased line retail year. revenues of the $XXX.X was with million. our prior million, quarter.

Pricing was approximately X.X%.

carryforward fiscal and Our from fiscal quarterly XXXX X.X% approximately pricing new pricing from of XXXX. consisted pricing X.X%

Additionally, the mostly same our benefits gift QX which sales to shift breakage in results QX. be million. also also by favorability, This benefited from will $X related a timing EBITDA amount, approximately of offset timing card

sales. decreased retail Off-premise store quarter to prior year. were compared Comparable XX.X% the approximately the of X.X% sales first restaurant of sales

in increases largest and Our categories. decor food declines, and bath by categories partially toys bed the saw kitchen and our offset

were levels, how we were managed soft, which pleased prior were below retail Although team effectively sales year. the inventory with

expenses. decrease total menu quarter sold Total first This in Restaurant the of quarter. in of prior the by primarily basis XX% cost was the prior revenue, our versus versus quarter. year was XX.X% quarter to the in cost of quarter sold of goods goods sales, first restaurant XX.X% on pricing. in was Moving XX.X% driven XX point

partially Commodity inflation lower and was approximately poultry, offset dairy, produce higher oil and by by prices. pork beef principally prices, X.X%, driven

vendor XX.X% basis the quarter in First allowances was margin. primarily sales, point year goods XX retail initial of higher of decrease quarter. was retail higher This by sold cost XX.X% prior versus and driven

prior the million, quarter-end were year. at $XXX.X in million compared inventories Our $XXX.X to

million to costs, labor our first these the workers' used decreased expenses by inflation wage the and to $X reserves by assumptions offset reserves. our labor XX.X% expenses related primarily points, approximately update an of to partially productivity, prior an pricing driven were and regard in X% calculate With Compared compensation quarter, basis related increase actuarial and revenue. approximately and labor improved quarter expense of menu XX of following

million update Other Compared and the person primarily time assumptions $X depreciation calculate expenses these million XX pandemic. $X District to used of liability higher prior XX% reserves following expenses in in revenue. actuarial an of operating were to held we and in quarter, driven other the basis since Manager approximately related increased expenses operating general approximately by to which the increase for our first Conference, the expenses points,

want note million I total include store Additionally, an that approximately related $X also expenses to impact the to operating hurricanes. unfavorable

our primarily first the compensation G&A strategic normalized expenses. to to of administrative quarter, and quarter increased and to the settlement general investments transformation, revenue. incentive Compared expenses million legal were X.X% approximately points, more prior in Adjusted in related XX basis due $X.X adjusted

to G&A professional initiatives to related a related fees and expenses transformation our reminder, As strategic adjusted our exclude our proxy contest. expenses

the and the of I adjusted moving of Before to provide a given results. quick GAAP recap items our atypical called are I on want included and in both out, which moving all pieces,

these On mentioned. the I that expense side, there were items X of

flowed increases workers our for These each, reserves. calculations reserves and general these from increased a to million liability actuarial we changes total with $X First, compensation $X of associated approximately by million.

a occurred hour Second, we early G&A a of charge wage series advantageous arbitrations settlement $X.X in of in to November. that recognized an million connection and with of

$X million Third, we expense impact saw hurricanes. from a the

And million finally, to our $X Managers we in expenses incurred Conference. related approximately District

shift partially a timing These this breakage, in offset favorability offset negatives be of million clarity QX. by favorability what a that gift was quarter. resulting will some largely card were provides in believe I successful from operational $X breakage around hope we although

This on result net levels. prior to primarily in $X.X quarter, the which compared expense debt Moving expense higher of for to of increase interest $X.X quarter. net interest the million million, was the was

million income credit. GAAP earnings Adjusted taxes. $X.X from flowing GAAP a taxes $X were million taxes were before credit a Our

$X.XX were total EBITDA was or quarter earnings quarter. $XX.X or the year diluted of adjusted share revenue revenue, quarter, of X.X% prior the adjusted first earnings total million First million X.X% were share to In $XX.X GAAP per in per $X.XX. compared and diluted

our sheet. to turning Now balance

we million a have creation. debt. in to strong ended in to first to flexibility in expenditures. with total quarter, allows business the drive balance profitable and $XX.X that and In long-term We capital continue We the the us quarter growth sheet million provides invest $XXX value invested

XXXX per in on payable today's XXXX. of Lastly, a to XX, the release, record February on $X.XX of dividend XX, as share, press January shareholders quarterly announced Board declared

on comment to Before outlook, providing our want QX. I

executed Thanksgiving expectations. week in results, against given am to an is This plans. we so deliver pleased high volume, how of with were which proud week I our First, our the and teams line with our our were important

the card as Second, unfavorability favorability of experienced we we as shift $X noted be QX. EBITDA to the in will a largely offset earlier, QX related in QX gift headwind breakage, million by in expect timing

second I half will initiatives financial into outlook. XXXX results anticipate as we the year fiscal by our to that fiscal turning further everyone And Now many to investment of 'XX. and as improve significantly 'XX are the remind an our accelerate early of want FY in stages. view FY we our 'XX

following. billion and Maple our X to X% Total to hourly and For expect stores billion. revenue Cracker FY of And of Pricing X new $X.X to the X%. outlook X%. inflation X $X.X X% units. inflation continue The of to approximately of reaffirm Barrel Commodity opening restaurant to of we new Street wage X%. 'XX,

adjusted As related our of initiatives in dollars strategic a reminder, elevated G&A investments to incentive expect fiscal normalized more our a 'XX, in percent be due transformation as to as primarily and expenses we will both as a compensation. well sales,

However, expect as half FY into in sales and our of improves percent performance begin G&A normalize that 'XX we the as a financial of 'XX. second to will FY

remind to adjusted excludes EBITDA $XX million, everyone as related in $XXX expect approximately to we above approximately of the to approximately our we which proxy fees million. to of this strategic will as that be I $XXX contest. million $X well all Taking into account, $X related want to million full expenses to transformation, consulting anticipate continue our million year

based expense, convertible that this year. debt interest current later $XXX fiscal market Regarding our conditions, will on million refinance we we expect

the rates our following result, coupon will on interest expense and the Given coupon rates we of transaction. than be our expect existing increase X.XXX%, will instrument higher that debt a our meaningfully environment, rate as expect we this current new

$XXX effective full X% anticipate a million. effective expenditures XX% year tax We negative GAAP of to X%. $XXX to tax to rate expect negative X% capital and We adjusted an rate negative of million of

start, year to is and a on In transformation our remains plan good off fiscal track. our closing,

Our commitments. teams level, on sustaining focused this our high momentum at are to on executing a we are deliver and

With for that, to I'll the over questions. now turn the call operator

Geiger [Operator of Instructions] Our first question UBS. today Dennis will from come

big and little color I wondering Great. XQ-to-date well Craig, all detail a of if as you're that about period But know the bit could -- some talk Thanksgiving what that. I you're quarter-to-date you period. as more seeing on is the recent of part kind maybe or continuation color a Thanksgiving. seeing, if the of any on just if color kind appreciate the additional a overall momentum. that of of any most

Dennis, Thanksgiving, a for us. as important thank you is week very Yes, you. know,

Thanksgiving n' business week. are Serve we gone we way have the Heat far. We big QX our Overall the that pleased that has do during so with

the our last we of number think QX then, As came back to a out reflected in year little and set Thanksgiving if bit of we diagnostics, week reminder, year. as did last that of actually you a call a in that. a But records things for the couple of

wasn't to wanted of employee exactly be Number it wanted we to it we one, experience Number flow-through, And the be. wasn't the it of the where the that we two, where where be. either. all profitability wasn't guest to wanted experience

a think approach the drive tremendous line work the to on sustainable record, we So for hand, one business. doing didn't amount but we're was the a of top that

implemented really happy this So how we have a that's the played significant some and And there year. with of that team changes work out. did made lot we're

year, more a an of really dine-in we're bit In the occasion, that. emphasis we happy had on and with fact, this

happy how all in all pieces all, came lot of So there, we're a moving with it together. but

That's great. I One if may. more,

just what relates loyalty As strength if thus the -- share benefits sales you're perspective. there's strategic you're you and the more seeing a dinner. it like the program? or of more sounds from first piece, breakdown as there. that anything frequency the It kind in touch as far it there's Any you traffic incremental to to quarter, the from want like sounds far bunch seeing like an saw other on I of and progress plans, to including against if

lot a call. loyalty for the question. last the about the on program shared Thanks We

remind X So at that we're I'll just million members. over

pleased the they're a really often, nonmembers. are have than progress with spending These program. check We are us, more of with the guests coming higher they more and

the them What us, business to to really learn I because use they this and will say for power how And think really for we really test and we continue that's about Barrel. Cracker forward. exciting them, is going love and with group

that propensity in One pepper QX and and salt some things spend we testing big with with that we some able shakers discounts their and were on and and were in incremental occasion their of exciting retail, of really that them to retail in their and through. which around different basket, to things drive all is offers like all to learned the we flow did

to come more So Dennis. there,

continues and Continues that be to with all winning be digital experiences bright four, of loyalty, about those spot a journey, in focus our a for us. pillar to and

thanks So question. for the asking

Piper from question next Brian Our Sandler. will Mullan of come today

a work. on Just back-of-the-house and your efforts the question efficiency

some test of get of or specifics start some will your QX, then with around as system-wide benefits we you think can this and some continue you the the give areas deploy do examples you deployed? what to some As in see P&L

then Brian, primarily be The about it's are in. can Craig. our start, jump Julie I'll initial stages own going labor. to

see in we job out also to experience We that kitchen. better be expect from coming because our easier. it will labor expect, of will employees perspective, the we expect But we satisfaction a it for be a productivity improvements

labor, So a maybe a of journey. a bit of experience. It's little then improved part waste primarily and employee multiyear an

million early plan, So of kind very, cost in savings. the is of kind we to $XX stages the And very that. laid of million this X-year structural out $XX

years. So much more to come over the X

consumer wondering just upcoming year be about perspective. how from be think how just the perspective? then line business. the is about looked a offer question from quarter. the margins seasonal margins gross a And you a gross Anything the from XQ helpful top we good season. important the Okay. retail really the And your guess I'm thinking that, full in just separate first given I in should about outlook one, way could would on realistic a to retail for the just holiday talk on there

start in. I'll Craig team and we're then real business. with pleased can the the managing how retail Sure. Look, is jump

lot As It's really cut business It's they do feeling that place out pinched the super there. you a of tough discretionary, a a facing in know, industry headwinds. people their wallet, are back. is this is when

Barrel, But a key experience at makes for such it's Cracker us differentiator. It wonderful. our so

just finish You in Cracker start Barrel retail your the could journey and shop.

levels. team's with the real inventory pleased again, managed So how

feel probably inventory are remarks, You right we are We are now. levels prepared up. heard Craig's margins down, good about where from

We did in storage. promotion a new

We're Savings. gifts on key great highlighting of You It may points. kicked Seasons into for calling seen where at Friday. next so XX it. week, we're it have Black off price days, Runs

great we this is year, Now this always getting that. on We're behind a have time our marketing but that. really up gift and like things assortment plus of some it social with even

a seeing it. probably little more you're So bit of

Early to the as We're store. talk something about in gives resonating it's is stats excited with well associates guests. It it. about

good we're So the feeling about holidays.

position, as that fewer of that. of advantage there's days given a remember, Now we like margin position poised and But are year leap we take our Plus extra shopping Christmas. really feel before to late weekend the Thanksgiving. result inventory and we get

we the last think until you capture poised minute. to shoppers. are know we the So last-minute well We we're all wait men --

at we're Cracker you So Barrel. for here

right, Julie, That's we ] until last-minute shopping, do all [ wait the yes.

margins, As in ahead were bit a it to relates retail we QX.

does However, a retail brick-and-mortar environment from remain the challenged. perspective

bit expect be bit unfavorable. retail we across the full margins full that a across It's a the unfavorable little So year. year will

And question Truist our come Jake Securities. Bartlett today will of from next

these more dig to atypical is first -- going on. these and understand make some wanted I into of My I what's sure items Great.

looking was last breakage, X positive. quarters, it quickly I just first card For was the a gift

And So that. in something general. a that this just quarter kind confirm first the is seems be positive in of maybe to

I make reflected gift other million, follow-up same-store mean, side. -- on restaurant card less my The want just on would to that I be questions And that math sales for slightly sure X% that I some in $X the sales. side. gets same-store had then breakage than does contribute the

-- Well, let's gift same-store $X by The reported card. the million. start on impacted do not not sales as the are

level really that we is The $X million something So the kind corporate driven activity. of by store as are level. breakage hold gift the same-store card sales, reported, at benefit

rate run So not of happening as the to the factor. really you stores, think about for that's what's kind a

of factor the that quarter. in total be as is is as sales impact company it's going that in factor and a a to the It's timing EBITDA overall for most certainly we noted, And QX. largely in offset a

it. Got

helpful. Okay. That lot sense, makes that's and of a

It On think added side, you doesn't being costs are like back those costs the kind adjusted other of of million in about results. $X any I there's to look atypical that mentioned.

those So your flowing are completely to adjusted results. through

EBITDA. So impact I is on guess net the a drag

the I breakage, way none am getting Is have from $X of million that it? you of $X think right the there's that gift to While million about right that headwind. a actually... Or benefit the million that $X was card

Yes. right. XXX% That's

And with those Okay. million... $X

costs quarter included the And million. partial $X.X operating are and in as of are both. our all they are offset GAAP numbers, normal about those all included included of is there adjusted in in is so Headwind $X And in EBITDA, costs a the as the million.

So million it's a -- or about to net of and net million, $X.X in EBITDA those. drag of $X we negative all factor

loop on reversing offsets Got from a quarter the But $X to kind it. quarter, cost the to benefit close reverse drag $X EBITDA? there the Are anything second be of the atypical any side? in should And million the looks items, million side. the what in out for to second these on the just

anything not this of at aware We are time, no.

$X earlier. we expect of So items other from any QX, this the partial be nothing the drag any will million at to certainly and a we don't offsets, point, mentioned that

Okay.

there's So kept in million $X a hadn't quarter. headwind you your you first but guidance, that expected EBITDA net-net, the

Exactly right.

that. that's takeaway of I it. the right think Appreciate from all

make the to options, And option, calling you've and you refresh. I just your it's low guess with on quarter's then I I'm and sure the the and confused high, terminology. of fourth X call, on I earnings program. right. a talked developed you're at the about just which Great. of remodel X looking a then some Great. a little kind get I'm it last operations medium, question want

different kind to the tiers Now X like remodel. refreshes separately from of of it you're seems referring

X the a of the sure and to of can refresh just I now understand tiers about testing. relative wondering you're want performance more And I you're there's anything share calling between So that as if also the each. I'm remodels difference it you make

It actually I -- the of might that of or having really cost bearing program the my lower from is is remodel of maybe sounded a the returns? most is up takeaways overall. driving end guess less refresh intense good maybe call and driving the that like one last was result, question the investments out, whether finding my a is that you're the lighter some that actually that attractive

there Well, projection. XX those let me current refresh XX. this low in stores, plan incremental, an I year. little above, over talk that the remodels, a in of it fiscal are get The of medium traditional about and about the That's agree are our for XX can to the of confusing. The number XX high, -- or to because is it and kind

one of understand really the are I the don't program. another. then No both to a wants now. or for in have so So an are the to not the of drive year. to incremental spend low, way you an And really terms XX. And around what's more to biased group, we've one if high, going to economics answer key to efficacy and the lot on. decision 'XX The over facts of we highest is to more level and spend of the spend performance, us medium, above as really takeaway the structured a a and are XX, refresh investment test-and-learn are And XX this here XX think and is

the performance the from X, that's about initial excited only but We're X.

if to what a medium, being the up all and we'll we'll XX it of ends XX math those, XX the infills. it to said combination the XX and understanding being will if lower. lower, then to We right lean combination of up lean But we're low have through is. incremental working ends it And it's and determine When likely higher. high, done, higher, be for

what answer drive, is to by going there. the is on is the Really hurdle final to rate the appropriate the drive math return the have going the exceeding investments, to Board, set

next Our from CL Wolf will Andrew King. question come of

breakage. have follow-up actually well I the the $X million a on as in

sales guess you If a restaurant-level those to would through, here... $X.X expenses, in take and of any called of any or out, those out margin G&A? level? were it cost, of restaurant get on about all you million the -- year-over-year were flat that that to of be were any Craig, I'm you'd Or in flow the they trying

all Yes, exception level. $X.X more was million, with the it -- at of of the restaurant

million G&A So $X at in was effectively, million $X.X and was restaurant level.

X each pieces those So restaurant-level other. offset simply

That's at. Great. wanted I All the restaurants. was get what you Okay. -- to Julie, I getting to right.

On some improved the in about that and innovation just some on is it you it there's LTO quite going and it's wanted talked get like well on menu like reception. goal? new the company sense, item. there's there's good shots more so better you are and that process resonating guest I Is talking items, to when menu LTOs about that menu, might the because you're items something is the sounds taking items -- an new putting a that become of kind better? Or a

all bit probably both, great in That's I question, little honesty. it's would Andrew. say a of a

Barrel, this our to do of in we into team position, plan, we when and and were building Cracker love regain cooking. members its will what right? what guests, talking spent talking time year, our So people a lot home-style our help about really leadership People the digging scratch-made, love Cracker last Barrel to

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your last Just sentence. for

Okay.

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listen So team item really to through. that we our to guests, listen members our move

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going Okay. you answered was I ]. of part, that to [ get kind to second

drive the is of repeat increased of business? trial some and it is maybe some So innovation to to

Yes.

we've got daypart. All innovation the of the above, across right? And

out and well our remarks, brought of actually that's we for Country sold that so I again. As that mentioned on back early Fried QX, we're the prepared Turkey

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how point this quarters rocking is who communicate with guests. look to brand X off great in refining up team show we We've the We pillar our continue how a to at her and guests, rolling. of marketing reach to the transformation to and first evaluate She's continuing about They at are our and for time. our ways that a them. start, new mix. is brand our got and Remember, about we CMO is in

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than we targeted us that So get can Loyalty today. even are well. do we helps as more

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really marketing. in have It's to business. that up the it's operate. So together way drive way that to we also store They and show all we that the come

congratulations and it, on the Got so far. progress

Our question from will Brooks Todd Benchmark come Company. The next of

mentioned you average saw check growth of with that your Quick magnitude a you Can growth Julie, in share strong the you question, us? check quarter. the in comments

check, am -- one going Craig actually talking loves he to let I because I that about take Todd. Yes.

Yes, I'll price, me and start, X.X%. then that mix Todd. kind X.X% And of quarter, was Overall, so little up have the check was favorable from X.X% of we that bit. a unpack let of for

in Keep taking pricing mind, strategic effort. we've been the

metrics, is the Well, good there pricing really how mix. number getting We're strategic flow news through concern one seeing the this favorable So that and that is through? a across is, does we're of well. flowing

mix what's of things started, kind The we and actually share coming diagnosed going on lot she Julie a the effort with so of is that well, lost she has the in at business, breakfast, but It's this did from of the a dinner. one dinner. we favorable fairly when performed of much, the lot is been ways had down why first traffic relatively at well, around

was the so that off have components. this of we really And kicked first rolled number a those stream work. And of We big test. out then

improves seeing mix just kind of check, number barbell. of that a have and of occasion, because added we're on the as a the higher it's been end whole higher a items One of as benefits the is margin the higher dinner we've favorable there

to And drive check that's helped as so favorable some well. mix

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continue happy. So be to overall really we

we not from are negatives have the work getting on any the that done We check. meaningful

price but that's value. other on point our Todd, Craig, to by out really well important, guests. with right, work is lot price while And things I of would of you our X to thing food, most X say, things, tell said Remember, we've will important, a home-cooked done about absolute is is the they've the us what is care said important abundance right? They to them. not actually price anybody actually that

key the whole everything eat in are I in ] is reason and resonating Pie of the try a I component So what one this Hashbrown [ challenge why much, call, we're go Shepherd's that that Shepherd's making Pie, that we do. That's put Pot forward, challenge we the ginormous. you, Hashbrown to Casserole Roast so Casserole sure everybody that it's I believe

food to-go And meal so I'm value people, so people in restaurant, next the leave of many with really or a the see when day for see or that the next lunch box or whatever. I out in

is So but also about for it's absolute us about the is value price, abundance. about it -- that

out as really value The deliver new second thing up through remember, I'd deliver another to and people And we also is that program. that we drive value. through our that's point we traffic continue loyalty sign program, way

important in But are add point absolute think, loyalty, really for really one we our is about deliver then ways in I check of many in to real we lot a here so and in in there guests very a our abundance, So Craig's Barrel. keep ways. Cracker mind. value add really, at

germane And way, this should might look really I very you it are question be points. way do all guys probably asked that Those the have this. the at

value with your holistic value you way the at efforts That might all these together. to us Would with customers. have about talked much scores improved share year-over-year? scores look be You improving how

don't us we're actually externally our we that our follow-up, have share we've Todd, exact yet. new that the fully a prepared know I but to value take changed of -- a Let because full as as year amount metric,

satisfaction overall the Ratings value. a of as our We Google look inclusive at way to guest evaluate

participation, great have seen a really that a get scores value we of we've and as lot well. internally also then improve We tool

However, that as externally we have yet. shared not

So we want way. a make to do that we more comprehensive sure in

Our Katherine America. of of Griffin Bank next question will come from

First, casual Or any quarter, Did it I by versus outs the the then as region? wanted quarter the of outperformance the also to you in trends, was each industry. were as call maybe consistent? month outperformance quarter? that And see strong consistent first where the in was there ask about dining far

a I'll start. steady. Katherine, Northeast, the bit softer bit stronger other regional that, perspective, than kind a -- From steady. in We Texas. of But The a relatively in Midwest, and relatively were

In industry so. over see terms of past general trends you did in the improving the trends, quarter or

better from little but the relatively a got steady bit August, October performance between September, Our was X.

are is a And we're time, steady at we of kind dinner. trend What particularly pleased So nothing dramatic gradual, that. improving with over very seeing there.

I then guess, follow-up about an I then tiers That's question Okay. wanted the guess, just to ask, helpful. and different, And to earlier remodel a refreshes. I of

maybe allocating at that months initiatives resonating few if As I'm a or curious timing And some the how into you're investments turnaround, better that has of better there than turnaround? you're thinking others. the expected than you're are the strategic into way that changed you are all the the had or about

really is -- the This transformation shareholders. some our our with Katherine. meetings this first plan. during Thanks, shared against our is we This of first the proxy quarter reporting

time. an early. It's also exciting So it's

and we've I a days. still bottom, X across progressed pillars even So really at initiatives the the say the would across of while enablers lot early

in now business, that our are a just overall sort the out and transform talked When this that those we think run the what of that When catering Craig pricing, of run really we now a anymore. earlier we call way is we're run. to That's about changes business. about made of think that ongoing. moved of have the are strategy couple proud of business. What the It's not we sort initiatives initiative about sort of the actually transformation we is into Thanksgiving

of delivering we that these agendas. think part transformation how things one do of proud that are traffic about what are in with instead we of interacting now I another we where business that's business how stages, mentioned new really we're is these to just of early make kind continue when we and some driving Loyalty So to do these of about just value and where earlier. and them, guests we our as thinking we're how

wants not everyone I about know make doing really things we many members want where to just this the also getting sure are that are are the how how in right really reacting of And us the we're there. stewards and remodels, high, guests With our only about understanding is So We it's good terms and to traffic, of and to question still team days. medium there be say, do experience. we're improve your their really and are in are we their but capital them specific the that algorithm working can we excited the remodels how to early low. the of

it's really So that. a excited to year us we're continue for about and learn, to

days, Katherine, early results. thanks for good the early but So question,

back question-and-answer to our like any the remarks. Masino turn over concludes for to session. closing conference This Julie I'd

joining us you for today. all Thank

for to Before out, closing, and wish weeks express hard want day opportunity my last in and this our these everyone holiday. a to I team appreciation XX,XXX-plus day and members take season their particularly sincere work few over happy holiday in to the dedication Thanksgiving

to start hard year. are our paying have off and good fiscal efforts work Your supported and a

you, happy on progress We look call. forward and Thank holidays. our on to providing our updates next

The conference concluded. now attending has for Thank today's you presentation.

now disconnect. may You