0001140361-20-027234 | 10-Q | XBRL Viewer | Cracker Barrel OLD Country Store INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Oct. 30, 2020	Nov. 25, 2020
Cover [Abstract]
Entity Registrant Name	Cracker Barrel Old Country Store, Inc.
Entity Central Index Key	0001067294
Current Fiscal Year End Date	--07-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		23,721,030
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-25225
Entity Tax Identification Number	62-0812904
Entity Incorporation, State or Country Code	TN
Entity Address, Address Line One	305 Hartmann Drive
Entity Address, City or Town	Lebanon
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37087-4779
City Area Code	615
Local Phone Number	444-5533
Title of 12(b) Security	Common Stock (Par Value $0.01)
Trading Symbol	CBRL
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands

Oct. 30, 2020

Jul. 31, 2020

^[1]

Current Assets:

Cash and cash equivalents

$ 597,619

$ 436,996

Accounts receivable

22,338

20,157

Income taxes receivable

26,533

28,852

Inventories

155,737

139,091

Prepaid expenses and other current assets

22,636

17,916

Total current assets

824,863

643,012

Property and equipment

2,196,537

2,363,518

Less: Accumulated depreciation and amortization

1,190,166

1,233,457

Property and equipment - net

1,006,371

1,130,061

Operating lease right-of-use assets, net

1,009,509

691,949

Goodwill

4,690

Intangible assets

20,960

Other assets

53,729

53,586

Total assets

2,920,122

2,544,258

Current Liabilities:

Accounts payable

136,051

103,504

Current portion of long-term debt

39,395

Other current liabilities

269,170

308,157

Total current liabilities

444,616

451,056

Long-term debt

910,000

Long-term operating lease liabilities

773,204

632,630

Long-term interest rate swap liability

21,494

23,860

Other long-term obligations

96,471

80,605

Deferred income taxes

82,725

27,718

Commitments and Contingencies (Note 12)

Shareholders' Equity:

Preferred stock - 100,000,000 shares of $0.01 par value authorized; 300,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued

Common stock - 400,000,000 shares of $0.01 par value authorized; 23,720,324 shares issued and outstanding at October 30, 2020, and 23,697,396 shares issued and outstanding at July 31, 2020

237

Additional paid-in capital

Accumulated other comprehensive loss

(17,745)

(20,346)

Retained earnings

609,120

438,498

Total shareholders' equity

591,612

418,389

Total liabilities and shareholders' equity

$ 2,920,122

$ 2,544,258

[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 31, 2020, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Oct. 30, 2020	Jul. 31, 2020
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	23,720,324	23,697,396
Common stock, shares outstanding (in shares)	23,720,324	23,697,396
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 30, 2020	Nov. 01, 2019
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]
Total revenue	$ 646,454	$ 749,040
Cost of goods sold (exclusive of depreciation and rent)	199,044	219,814
Labor and other related expenses	227,188	263,314
Other store operating expenses	161,274	162,908
General and administrative expenses	39,564	39,631
Gain on sale and leaseback transaction	(217,722)	0
Operating income	237,106	63,373
Interest expense, net	10,715	3,580
Income before income taxes	226,391	59,793
Provision for income taxes	55,711	10,590
Loss from unconsolidated subsidiary	0	(5,980)
Net income	$ 170,680	$ 43,223
Net income per share:
Basic (in dollars per share)	$ 7.20	$ 1.80
Diluted (in dollars per share)	$ 7.18	$ 1.79
Weighted average shares:
Basic (in shares)	23,707,750	24,038,354
Diluted (in shares)	23,771,230	24,103,922

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Oct. 30, 2020	Nov. 01, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 170,680	$ 43,223
Other comprehensive income (loss) before income tax expense:
Change in fair value of interest rate swaps	3,466	(545)
Income tax expense (benefit)	865	(107)
Other comprehensive income (loss), net of tax	2,601	(438)
Comprehensive income	$ 173,281	$ 42,785

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-In Capital [Member]

Accumulated Other Comprehensive Loss [Member]

Retained Earnings [Member]

Total