0001140361-21-018633 | 10-Q | XBRL Viewer | Cracker Barrel OLD Country Store INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Apr. 30, 2021	May 18, 2021
Cover [Abstract]
Entity Registrant Name	Cracker Barrel Old Country Store, Inc.
Entity Central Index Key	0001067294
Current Fiscal Year End Date	--07-30
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-25225
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-0812904
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,726,372

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

Apr. 30, 2021

Jul. 31, 2020

^[1]

Current Assets:

Cash and cash equivalents

$ 384,587

$ 436,996

Accounts receivable

27,070

20,157

Income taxes receivable

27,498

28,852

Inventories

132,382

139,091

Prepaid expenses and other current assets

22,328

17,916

Total current assets

593,865

643,012

Property and equipment

2,218,406

2,363,518

Less: Accumulated depreciation and amortization

1,235,214

1,233,457

Property and equipment - net

983,192

1,130,061

Operating lease right-of-use assets, net

984,317

691,949

Goodwill

4,690

Intangible assets

21,391

20,960

Other assets

55,469

53,586

Total assets

2,642,924

2,544,258

Current Liabilities:

Accounts payable

113,665

103,504

Other current liabilities

335,285

347,552

Total current liabilities

448,950

451,056

Long-term debt

575,349

910,000

Long-term operating lease liabilities

753,792

632,630

Long-term interest rate swap liability

18,388

23,860

Other long-term obligations

97,831

80,605

Deferred income taxes

100,501

27,718

Commitments and Contingencies (Note 13)

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; 23,726,372 shares issued and outstanding at April 30, 2021, and 23,697,396 shares issued and outstanding at July 31, 2020

237

Additional paid-in capital

5,061

Accumulated other comprehensive loss

(13,721)

(20,346)

Retained earnings

656,536

438,498

Total shareholders' equity

648,113

418,389

Total liabilities and shareholders' equity

$ 2,642,924

$ 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 (Parenthetical) - $ / shares	Apr. 30, 2021	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)	23,726,372	23,697,396
Common stock, shares outstanding (in shares)	23,726,372	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 (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2021	May 01, 2020	Apr. 30, 2021	May 01, 2020
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) [Abstract]
Total revenue	$ 713,416	$ 432,544	$ 2,037,039	$ 2,027,727
Cost of goods sold (exclusive of depreciation and rent)	205,379	137,138	629,507	629,159
Labor and other related expenses	250,368	189,118	714,418	737,209
Other store operating expenses	167,823	138,920	495,968	473,466
General and administrative expenses	37,356	28,008	110,877	106,025
Gain on sale and leaseback transaction	0	0	(217,722)	0
Impairment	0	18,336	0	18,336
Operating income (loss)	52,490	(78,976)	303,991	63,532
Interest expense, net	9,614	5,298	31,144	12,383
Income (loss) before income taxes	42,876	(84,274)	272,847	51,149
Provision for income taxes (income tax benefit)	9,406	(55,220)	54,697	(33,752)
Loss from unconsolidated subsidiary	0	(132,878)	0	(142,442)
Net income (loss)	$ 33,470	$ (161,932)	$ 218,150	$ (57,541)
Net income (loss) per share:
Basic (in dollars per share)	$ 1.41	$ (6.81)	$ 9.20	$ (2.41)
Diluted (in dollars per share)	$ 1.41	$ (6.81)	$ 9.17	$ (2.41)
Weighted average shares:
Basic (in shares)	23,725,185	23,777,916	23,718,777	23,922,360
Diluted (in shares)	23,807,410	23,777,916	23,788,005	23,922,360

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 30, 2021	May 01, 2020	Apr. 30, 2021	May 01, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 33,470	$ (161,932)	$ 218,150	$ (57,541)
Other comprehensive income (loss) before income tax expense (benefit):
Change in fair value of interest rate swaps	3,941	(13,356)	8,827	(16,591)
Income tax expense (benefit)	983	(3,302)	2,202	(4,050)
Other comprehensive income (loss), net of tax	2,958	(10,054)	6,625	(12,541)
Comprehensive income (loss)	$ 36,428	$ (171,986)	$ 224,775	$ (70,082)

- 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 - USD ($)
$ in Thousands

Common Stock [Member]

Additional Paid-In Capital [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Retained Earnings [Member]

Total