☒
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Tennessee
|
62‑0812904
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification Number)
|
305 Hartmann Drive
|
37087-4779
|
|
Lebanon, Tennessee
(Address of principal executive offices)
|
(Zip code) |
Title of each class
|
Name of each exchange on which registered
|
|
Common Stock (Par Value $0.01)
Rights to Purchase Series A Junior Participating
Preferred Stock (Par Value $0.01)
|
The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)
|
Large accelerated filer ☑
|
Accelerated filer ☐
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
Emerging growth company ☐
|
Document from which Portions
are Incorporated by Reference
|
Part of Form 10‑K
into which incorporated
|
||
1.
|
Proxy Statement for Annual Meeting of
|
Part III
|
|
Shareholders to be held November 15, 2018
|
|||
(the “2018 Proxy Statement”)
|
PAGE | ||
4
|
||
ITEM 1.
|
BUSINESS |
5
|
ITEM 1A.
|
RISK FACTORS |
10
|
ITEM 1B.
|
UNRESOLVED STAFF COMMENTS |
23
|
ITEM 2.
|
PROPERTIES |
23
|
ITEM 3.
|
LEGAL PROCEEDINGS |
23
|
EXECUTIVE OFFICERS OF THE REGISTRANT |
24
|
|
PART II
|
||
ITEM 5.
|
25
|
|
ITEM 6.
|
SELECTED FINANCIAL DATA |
26
|
ITEM 7.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
27
|
ITEM 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
40
|
ITEM 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
41
|
ITEM 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
67
|
ITEM 9A.
|
CONTROLS AND PROCEDURES |
68
|
ITEM 9B.
|
OTHER INFORMATION |
70
|
PART III
|
||
ITEM 10.
|
71
|
|
ITEM 11.
|
EXECUTIVE COMPENSATION |
72
|
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
72
|
ITEM 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
72
|
ITEM 14.
|
PRINCIPAL ACCOUNTING FEES AND SERVICES |
72
|
PART IV
|
||
ITEM 15.
|
EXHIBITS, AND FINANCIAL STATEMENT SCHEDULES |
72
|
73
|
||
76
|
Price Range
|
||||
Breakfast
|
$
|
3.99 to $12.49
|
||
Lunch and Dinner
|
$
|
4.79 to $17.49
|
Percentage of
Restaurant
Sales in 2018
|
||||
Breakfast Day-Part (until 11:00 a.m.)
|
24
|
%
|
||
Lunch Day-Part (11:00 a.m. to 4:00 p.m.)
|
39
|
%
|
||
Dinner Day-Part (4:00 p.m. to close)
|
37
|
%
|
Percentage of
Retail Sales in
2018
|
||||
Apparel and Accessories
|
31
|
%
|
||
Food
|
18
|
%
|
||
Décor
|
12
|
%
|
||
Toys
|
11
|
%
|
||
Media
|
8
|
%
|
Percentage of
Food Purchases
in 2018
|
||||
Beef
|
14
|
%
|
||
Dairy (including eggs)
|
13
|
%
|
||
Fruits and vegetables
|
12
|
%
|
||
Poultry
|
11
|
%
|
||
Pork
|
11
|
%
|
· |
increases and decreases in guest traffic, average weekly sales, restaurant and retail sales and restaurant profitability;
|
· |
the rate at which we open new stores, the timing of new store openings and the related high initial operating costs;
|
· |
changes in advertising and promotional activities and expansion into new markets; and
|
· |
impairment of long-lived assets and any loss on store closures.
|
· |
fluctuating currency exchange rates or control regulations;
|
· |
foreign government regulations;
|
· |
product testing regulations;
|
· |
foreign political and economic instability;
|
· |
disruptions due to labor stoppages, strikes or slowdowns, or other disruptions, involving our vendors or the transportation and handling industries; and
|
· |
tariffs, trade barriers and other trade restrictions by the U.S. government on products or components shipped from foreign sources.
|
· |
responding to public proposals, special meeting requests and other actions by activist shareholders can disrupt our operations, be costly and time-consuming, and divert the
attention of our management and employees;
|
· |
perceived uncertainties as to our future direction may result in the loss of potential business opportunities, and may make it more difficult to attract and retain
qualified personnel and business partners; and
|
· |
pursuit of an activist shareholder’s agenda may adversely affect our ability to effectively implement our business strategy and create additional value for our
shareholders.
|
State
|
Owned
|
Leased
|
State
|
Owned
|
Leased
|
|
Tennessee
|
37
|
16
|
New Jersey
|
2
|
4
|
|
Florida
|
40
|
20
|
Wisconsin
|
5
|
0
|
|
Texas
|
33
|
18
|
Colorado
|
3
|
1
|
|
Georgia
|
31
|
17
|
Kansas
|
3
|
1
|
|
North Carolina
|
24
|
17
|
Massachusetts
|
0
|
4
|
|
Kentucky
|
23
|
14
|
New Mexico
|
3
|
1
|
|
Alabama
|
22
|
11
|
Utah
|
4
|
0
|
|
Virginia
|
19
|
13
|
Idaho
|
2
|
1
|
|
Ohio
|
22
|
9
|
Iowa
|
3
|
0
|
|
Indiana
|
22
|
7
|
California
|
0
|
2
|
|
South Carolina
|
14
|
12
|
Connecticut
|
1
|
1
|
|
Pennsylvania
|
9
|
16
|
Montana
|
2
|
0
|
|
Illinois
|
19
|
2
|
Nebraska
|
1
|
1
|
|
Missouri
|
15
|
3
|
Nevada
|
0
|
2
|
|
Michigan
|
13
|
3
|
Delaware
|
0
|
1
|
|
Mississippi
|
10
|
4
|
Maine
|
0
|
1
|
|
Arizona
|
2
|
11
|
Minnesota
|
1
|
0
|
|
Arkansas
|
5
|
7
|
New Hampshire
|
1
|
0
|
|
Louisiana
|
8
|
2
|
North Dakota
|
1
|
0
|
|
Maryland
|
3
|
6
|
Oregon
|
0
|
3
|
|
New York
|
8
|
1
|
Rhode Island
|
0
|
1
|
|
West Virginia
|
3
|
6
|
South Dakota
|
1
|
0
|
|
Oklahoma
|
6
|
2
|
421
|
241
|
Name
|
Age
|
Position with the Company
|
|
Sandra B. Cochran
|
60
|
President and Chief Executive Officer
|
|
Jill M. Golder
|
56
|
Senior Vice President and Chief Financial Officer
|
|
Laura A. Daily
|
54
|
Senior Vice President, Retail
|
|
Nicholas V. Flanagan
|
52
|
Senior Vice President, Operations
|
|
Donald H. Hoffman
|
61
|
Senior Vice President, Marketing
|
|
Richard M. Wolfson
|
52
|
Senior Vice President, General Counsel and Secretary
|
|
Doug Couvillion
|
54
|
Senior Vice President, Sourcing and Supply Chain
|
|
Jeffrey M. Wilson
|
43
|
Vice President, Corporate Controller and Principal Accounting Officer
|
ITEM 5.
|
Fiscal Year 2018
|
Fiscal Year 2017
|
|||||||||||||||||||||||||||||||
Prices
|
Dividends
Declared
|
Dividends
Paid
|
Prices
|
Dividends
Declared
|
Dividends
Paid
|
|||||||||||||||||||||||||||
High
|
Low
|
High
|
Low
|
|||||||||||||||||||||||||||||
First
|
$
|
157.87
|
$
|
141.75
|
$
|
1.20
|
$
|
1.20
|
$
|
162.33
|
$
|
130.15
|
$
|
1.15
|
$
|
1.15
|
||||||||||||||||
Second
|
177.34
|
144.76
|
1.20
|
1.20
|
175.04
|
131.74
|
1.15
|
1.15
|
||||||||||||||||||||||||
Third
|
179.12
|
153.51
|
1.20
|
1.20
|
169.07
|
154.79
|
1.15
|
1.15
|
||||||||||||||||||||||||
Fourth
|
167.06
|
143.00
|
5.00
|
4.95
|
170.50
|
154.46
|
4.70
|
4.65
|
(Dollars in thousands except percentages and share data)
For each of the fiscal years ended
|
||||||||||||||||||||
August 3,
2018(a)
|
July 28,
2017
|
July 29,
2016
|
July 31,
2015(b)
|
August 1,
2014(c) |
||||||||||||||||
Selected Income Statement Data:
|
||||||||||||||||||||
Total revenue
|
$
|
3,030,445
|
$
|
2,926,289
|
$
|
2,912,351
|
$
|
2,842,284
|
$
|
2,683,677
|
||||||||||
Net income
|
247,620
|
201,899
|
189,299
|
163,903
|
132,128
|
|||||||||||||||
Net income per share:
|
||||||||||||||||||||
Basic
|
10.31
|
8.40
|
7.91
|
6.85
|
5.55
|
|||||||||||||||
Diluted
|
10.29
|
8.37
|
7.86
|
6.82
|
5.51
|
|||||||||||||||
Dividends declared per share
|
8.60
|
8.15
|
7.70
|
7.10
|
3.25
|
|||||||||||||||
Dividends paid per share
|
8.55
|
8.10
|
10.65
|
4.00
|
3.00
|
|||||||||||||||
As Percent of Total Revenue:
|
||||||||||||||||||||
Cost of goods sold (exclusive of depreciation and rent)
|
30.9
|
%
|
30.5
|
%
|
31.9
|
%
|
32.5
|
%
|
32.5
|
%
|
||||||||||
Labor and related expenses
|
34.8
|
34.8
|
34.6
|
34.9
|
36.0
|
|||||||||||||||
Other store operating expenses
|
19.9
|
19.2
|
19.0
|
18.4
|
18.9
|
|||||||||||||||
Store operating income
|
14.4
|
15.5
|
14.5
|
14.2
|
12.6
|
|||||||||||||||
General and administrative expenses
|
4.7
|
4.8
|
4.9
|
5.2
|
4.8
|
|||||||||||||||
Operating income
|
9.7
|
10.7
|
9.6
|
9.0
|
7.8
|
|||||||||||||||
Income before income taxes
|
9.2
|
10.2
|
9.1
|
8.4
|
7.1
|
|||||||||||||||
Selected Balance Sheet Data:
|
||||||||||||||||||||
Working capital (deficit)
|
$
|
(57,867
|
)
|
$
|
(16,971
|
)
|
$
|
(13,077
|
)
|
$
|
11,213
|
$
|
(14,789
|
)
|
||||||
Total assets
|
1,527,355
|
1,521,942
|
1,497,664
|
1,576,208
|
1,432,248
|
|||||||||||||||
Long-term debt
|
400,000
|
400,000
|
400,000
|
400,000
|
375,000
|
|||||||||||||||
Long-term interest rate swap liability
|
--
|
6,833
|
22,070
|
8,704
|
3,239
|
|||||||||||||||
Other long-term obligations
|
128,794
|
129,353
|
126,608
|
133,594
|
123,221
|
|||||||||||||||
Shareholders’ equity
|
581,781
|
544,507
|
526,443
|
538,268
|
528,641
|
Selected Cash Flow Data:
|
||||||||||||||||||||
Purchase of property and equipment, net
|
$
|
151,633
|
$
|
110,108
|
$
|
113,360
|
$
|
90,490
|
$
|
90,564
|
||||||||||
Share repurchases
|
14,772
|
--
|
14,653
|
-- |
12,473
|
|||||||||||||||
Selected Other Data:
|
||||||||||||||||||||
Common shares outstanding at end of year
|
24,011,550
|
24,055,682
|
23,956,134
|
23,975,755
|
23,821,227
|
|||||||||||||||
Stores open at end of year
|
660
|
649
|
641
|
637
|
631
|
|||||||||||||||
Average Unit Volumes(d):
|
||||||||||||||||||||
Restaurant
|
$
|
3,724
|
$
|
3,646
|
$
|
3,651
|
$
|
3,581
|
$
|
3,415
|
||||||||||
Retail
|
902
|
892
|
926
|
904
|
873
|
|||||||||||||||
Comparable Store Sales(e):
|
||||||||||||||||||||
Period to period increase (decrease) in comparable store sales:
|
||||||||||||||||||||
Restaurant
|
0.6
|
%
|
0.2
|
%
|
2.2
|
%
|
5.1
|
%
|
0.7
|
%
|
||||||||||
Retail
|
(0.1
|
)
|
(3.7
|
)
|
2.7
|
3.6
|
0.4
|
|||||||||||||
Number of stores in comparable base
|
635
|
632
|
623
|
621
|
609
|
(a) |
Fiscal 2018 consisted of 53 weeks while all other periods presented consisted of 52 weeks. The estimated impact of the additional week was to increase consolidated fiscal
2018 results as follows: total revenue, $58,353; store operating income, 0.1% of total revenue; operating income, 0.2% of total revenue; net income, 0.2% of total revenue; and diluted net income per share, $0.36. Additionally, as a
result of P.L. 115-97, the Tax Cuts and Jobs Act, which was enacted on December 22, 2017 by the U.S. government and lowered the federal corporate income tax rate to 21%, we recorded a provisional tax benefit in fiscal 2018 for the
re-measurement of deferred tax liabilities of $30,482.
|
(b) |
We incurred approximately $3,500 in costs related to a litigation matter, which are included in general and administrative expenses. Our debt refinancing in the second
quarter of fiscal 2015 resulted in additional interest expense of $412 related to the write-off of deferred financing costs.
|
(c) |
We incurred $4,313 in costs related to the November 2013 proxy contest and April 2014 special shareholders’ meeting, which are included in general and administrative
expenses.
|
(d) |
Average unit volumes include sales of all stores. Fiscal 2018 consisted of 53 weeks while all other periods presented consisted of 52 weeks.
|
(e) |
Comparable store sales consist of sales of stores open at least six full quarters at the beginning of the year and are measured on comparable calendar weeks.
|
· |
Executive Overview – a general description of our business, the restaurant and retail industries, our key performance indicators and the Company’s performance in 2018.
|
· |
Results of Operations – an analysis of our consolidated statements of income for the three years presented in our Consolidated Financial Statements.
|
· |
Liquidity and Capital Resources – an analysis of our primary sources of liquidity, capital expenditures and material commitments.
|
· |
Critical Accounting Estimates – a discussion of accounting policies that require critical judgments and estimates.
|
· |
Enhancing the Core business to drive sustainable sales growth and continued business model improvements. During 2018, we laid the foundation for multiple long-term
sales growth opportunities. In addition to introducing new and unique menu offerings, such as our Southern Bowls and our Crafted Coffee program featuring specialty lattes and mochas, we implemented our enhanced off-premise platform
system wide. Also, during 2018, we further delivered on our commitment to achieve ongoing cost reductions through business model improvements.
|
· |
Expanding the Footprint by building profitable stores in core and developing markets. In 2018, we opened eight new Cracker Barrel locations, including our first
location in California as part of our westward expansion.
|
· |
Extending the Brand by optimizing on long-term drivers, such as Holler & Dash Biscuit HouseTM, to further drive shareholder value. In 2018, we opened
three new Holler and Dash Biscuit HouseTM locations as we continued to leverage our brand strengths through this brand.
|
Relationship to Total Revenue
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Total revenue
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||
Cost of goods sold (exclusive of depreciation and rent)
|
30.9
|
30.5
|
31.9
|
|||||||||
Labor and other related expenses
|
34.8
|
34.8
|
34.6
|
|||||||||
Other store operating expenses
|
19.9
|
19.2
|
19.0
|
|||||||||
Store operating income
|
14.4
|
15.5
|
14.5
|
|||||||||
General and administrative
|
4.7
|
4.8
|
4.9
|
|||||||||
Operating income
|
9.7
|
10.7
|
9.6
|
|||||||||
Interest expense
|
0.5
|
0.5
|
0.5
|
|||||||||
Income before income taxes
|
9.2
|
10.2
|
9.1
|
|||||||||
Provision for income taxes
|
1.0
|
3.3
|
2.6
|
|||||||||
Net income
|
8.2
|
6.9
|
6.5
|
2018
|
2017
|
2016
|
||||||||||
Revenue in dollars(1):
|
||||||||||||
Restaurant
|
$
|
2,439,389
|
$
|
2,351,212
|
$
|
2,323,199
|
||||||
Retail
|
591,056
|
575,077
|
589,152
|
|||||||||
Total revenue
|
$
|
3,030,445
|
$
|
2,926,289
|
$
|
2,912,351
|
||||||
Total revenue percentage increase(1)
|
3.6
|
%
|
0.5
|
%
|
2.5
|
%
|
||||||
Total revenue by percentage relationships:
|
||||||||||||
Restaurant
|
80.5
|
%
|
80.3
|
%
|
79.8
|
%
|
||||||
Retail
|
19.5
|
%
|
19.7
|
%
|
20.2
|
%
|
||||||
Comparable number of stores
|
635
|
632
|
623
|
|||||||||
Comparable store averages per store: (2)
|
||||||||||||
Restaurant
|
$
|
3,762
|
$
|
3,669
|
$
|
3,670
|
||||||
Retail
|
903
|
890
|
925
|
|||||||||
Total
|
$
|
4,665
|
$
|
4,559
|
$
|
4,595
|
||||||
Restaurant average weekly sales (3)
|
$
|
70.3
|
$
|
70.1
|
$
|
70.2
|
||||||
Retail average weekly sales (3)
|
17.0
|
17.1
|
17.8
|
Period to Period
Increase (Decrease)
|
||||||||
2018 vs 2017
|
2017 vs 2016
|
|||||||
(635 Stores)
|
(632 Stores)
|
|||||||
Restaurant
|
0.6
|
%
|
0.2
|
%
|
||||
Retail
|
(0.1
|
)
|
(3.7
|
)
|
||||
Restaurant & Retail
|
0.5
|
%
|
(0.6
|
)
|
2018
|
2017
|
2016
|
||||||||||
Cost of Goods Sold:
|
||||||||||||
Restaurant
|
$
|
625,999
|
$
|
595,186
|
$
|
627,713
|
||||||
Retail
|
309,398
|
296,107
|
300,463
|
|||||||||
Total Cost of Goods Sold
|
$
|
935,397
|
$
|
891,293
|
$
|
928,176
|
2018
|
2017
|
2016
|
||||||||||
Restaurant Cost of Goods Sold
|
25.7
|
%
|
25.3
|
%
|
27.0
|
%
|
2018
|
2017
|
2016
|
||||||||||
Retail Cost of Goods Sold
|
52.3
|
%
|
51.5
|
%
|
51.0
|
%
|
2017 to 2018
Increase (Decrease) a
Percentage of Total Revenue
|
||||
Lower initial margin
|
1.0
|
%
|
||
Provision for obsolete inventory
|
0.3
|
%
|
||
Inventory shrinkage
|
0.2
|
%
|
||
Freight expense
|
0.1
|
%
|
||
Markdowns
|
(0.8
|
%)
|
2016 to 2017
Increase (Decrease) as a
Percentage of Total Revenue
|
||||
Markdowns
|
0.4
|
%
|
||
Lower initial margin
|
0.2
|
%
|
||
Provision for obsolete inventory
|
0.1
|
%
|
||
Retail credits
|
(0.3
|
%)
|
2018
|
2017
|
2016
|
||||||||||
Labor and other related expenses
|
34.8
|
%
|
34.8
|
%
|
34.6
|
%
|
2017 to 2018
Increase (Decrease) as a
Percentage of Total Revenue
|
||||
Store hourly labor
|
0.3
|
%
|
||
Store bonus expense
|
(0.2
|
%)
|
||
Employee health care expenses
|
(0.1
|
%)
|
2016 to 2017
Increase (Decrease) as a
Percentage of Total Revenue
|
||||
Store hourly labor
|
0.1
|
%
|
||
Store management compensation
|
0.1
|
%
|
||
Employee health care expenses
|
(0.1
|
%)
|
2018
|
2017
|
2016
|
||||||||||
Other store operating expenses
|
19.9
|
%
|
19.2
|
%
|
19.0
|
%
|
2017 to 2018
Increase as a Percentage
of Total Revenue
|
||||
Maintenance
|
0.3
|
%
|
||
Depreciation
|
0.2
|
%
|
||
Supplies
|
0.1
|
%
|
||
Store manager conference expense
|
0.1
|
%
|
2016 to 2017
Increase (Decrease) as a
Percentage of Total Revenue
|
||||
Depreciation
|
0.3
|
%
|
||
Advertising
|
0.1
|
%
|
||
Maintenance
|
(0.2
|
%)
|
2018
|
2017
|
2016
|
||||||||||
General and administrative expenses
|
4.7
|
%
|
4.8
|
%
|
4.9
|
%
|
2017 to 2018
(Decrease) Increase as a
Percentage of Total Revenue
|
||||
Incentive compensation expense
|
(0.3
|
%)
|
||
Payroll and related expenses
|
0.2
|
%
|
2018
|
2017
|
2016
|
||||||||||
Interest expense
|
$
|
15,169
|
$
|
14,271
|
$
|
14,052
|
2018
|
2017
|
2016
|
||||||||||
Effective tax rate
|
11.1
|
%
|
32.4
|
%
|
28.9
|
%
|
2018
|
2017
|
2016
|
||||||||||
Net cash provided by operating activities
|
$
|
330,620
|
$
|
320,767
|
$
|
271,378
|
||||||
Net cash used in investing activities
|
(151,222
|
)
|
(109,605
|
)
|
(112,515
|
)
|
||||||
Net cash used in financing activities
|
(225,743
|
)
|
(201,127
|
)
|
(273,352
|
)
|
||||||
Net (decrease) increase in cash and cash equivalents
|
$
|
(46,345
|
)
|
$
|
10,035
|
$
|
(114,489
|
)
|
2018
|
2017
|
2016
|
||||||||||
Capital expenditures, net of proceeds from insurance recoveries
|
$
|
151,633
|
$
|
110,108
|
$
|
113,360
|
August 3, 2018
|
||||
Borrowing capacity under the 2015 Revolving Credit Facility
|
$
|
750,000
|
||
Less: Outstanding borrowings under the 2015 Revolving Credit Facility
|
400,000
|
|||
Less: Standby letters of credit*
|
9,455
|
|||
Borrowing availability under the 2015 Revolving Credit Facility
|
$
|
340,545
|
2018
|
2017
|
2016
|
||||||||||
Dividends per share paid
|
$
|
8.55
|
$
|
8.10
|
$
|
10.65
|
2018
|
2017
|
2016
|
||||||||||
Working capital deficit
|
$
|
(57,867
|
)
|
$
|
(16,971
|
)
|
$
|
(13,077
|
)
|
Payments due by Years
|
||||||||||||||||||||
Contractual Obligations (a)
|
Total
|
2019
|
2020-2021
|
2022-2023
|
After 2023
|
|||||||||||||||
2015 Revolving Credit Facility(b)
|
$
|
400,000
|
$
|
--
|
$
|
400,000
|
$
|
--
|
$
|
--
|
||||||||||
Operating leases (c)
|
710,135
|
66,029
|
86,680
|
63,869
|
493,557
|
|||||||||||||||
Purchase obligations (d)
|
58,814
|
41,532
|
17,282
|
--
|
--
|
|||||||||||||||
Other long-term obligations (e)
|
39,067
|
51
|
4,440
|
163
|
34,413
|
|||||||||||||||
Total contractual cash obligations
|
$
|
1,208,016
|
$
|
107,612
|
$
|
508,402
|
$
|
64,032
|
$
|
527,970
|
Amount of Commitment Expirations by Years
|
||||||||||||||||||||
Total
|
2019
|
2020-2021
|
2022-2023
|
After 2023
|
||||||||||||||||
2015 Revolving Credit Facility(b)
|
$
|
750,000
|
$
|
--
|
$
|
750,000
|
$
|
--
|
$
|
--
|
||||||||||
Standby letters of credit(f)
|
9,455
|
9,455
|
--
|
--
|
--
|
|||||||||||||||
Guarantees (g)
|
717
|
236
|
432
|
49
|
--
|
|||||||||||||||
Total commitments
|
$
|
760,172
|
$
|
9,691
|
$
|
750,432
|
$
|
49
|
$
|
--
|
(a) |
At August 3, 2018, the entire liability for uncertain tax positions (including penalties and interest) is classified as a long-term liability. At this time, we
are unable to make a reasonably reliable estimate of the amounts and timing of payments in individual years because of uncertainties in the timing of the effective settlement of tax positions. As such, the liability for
uncertain tax positions of $24,315 is not included in the contractual cash obligations and commitments table above.
|
(b) |
Our 2015 Revolving Credit Facility expires on January 8, 2020. On September 5, 2018, we refinanced our debt for an additional five-year term. Using projected
interest rates, we anticipate having interest payments of $15,168, $30,865, $31,761 and $12,216 in 2019, 2020-2021, 2022-2023 and after 2023, respectively. The projected interest rates for our swapped portion of our
outstanding borrowings are our fixed rates under our interest rate swaps (see Note 6 to the Consolidated Financial Statements) plus our current credit spread of 1.25%. The projected interest rate for our unswapped portion
of our outstanding borrowings is the average of the three-year and five-year swap rates at August 3, 2018 of 2.94% plus our current credit spread of 1.25%. Based on our outstanding borrowings and our standby letters of
credit at August 3, 2018 and our current unused commitment fee as defined in both the 2015 Revolving Credit Facility and the 2019 Revolving Credit Facility, our unused commitment fees in 2019-2020 would be $988; however, the
actual amount will differ based on actual usage of the 2015 Revolving Credit Facility and the 2019 Revolving Credit Facility.
|
(c) |
Includes base lease terms and certain optional renewal periods for which, at the inception of the lease, it is reasonably assured that we will exercise.
|
(d) |
Purchase obligations consist of purchase orders for food and retail merchandise; purchase orders for capital expenditures, supplies, other operating needs and
other services; and commitments under contracts for maintenance needs and other services. We have excluded contracts that do not contain minimum purchase obligations. We excluded long-term agreements for services and
operating needs that can be cancelled within 60 days without penalty. We included long-term agreements and certain retail purchase orders for services and operating needs that can be cancelled with more than 60 days notice
without penalty only through the term of the notice. We included long-term agreements for services and operating needs that only can be cancelled in the event of an uncured material breach or with a penalty through the
entire term of the contract. Because of the uncertainties of seasonal demands and promotional calendar changes, our best estimate of usage for food, supplies and other operating needs and services is ratably over either the
notice period or the remaining life of the contract, as applicable, unless we had better information available at the time related to each contract.
|
(e) |
Other long-term obligations include our Non-Qualified Savings Plan ($32,669, with a corresponding long-term asset to fund the liability; see Note 12 to the
Consolidated Financial Statements), Deferred Compensation Plan ($1,794) and our long-term incentive plans ($4,604).
|
(f) |
Our standby letters of credit relate to securing reserved claims under workers’ compensation insurance and reduce our borrowing availability under the Revolving
Credit Facility.
|
(g) |
Consists solely of guarantees associated with lease payments for two properties. We are not aware of any non-performance under these arrangements that would
result in us having to perform in accordance with the terms of these guarantees.
|
· |
management believes are most important to the accurate portrayal of both our financial condition and operating results; and
|
· |
require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are
inherently uncertain.
|
· |
Impairment of Long-Lived Assets
|
· |
Insurance Reserves
|
· |
Retail Inventory Valuation
|
Trade Date
|
Effective Date
|
Term
(in Years)
|
Notional Amount
|
Fixed
Rate
|
|||||||||
June 18, 2014
|
May 3, 2015
|
4
|
$
|
160,000
|
2.51
|
%
|
|||||||
June 24, 2014
|
May 3, 2015
|
4
|
120,000
|
2.51
|
%
|
||||||||
July 1, 2014
|
May 5, 2015
|
4
|
120,000
|
2.43
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
80,000
|
2.15
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
60,000
|
2.16
|
%
|
||||||||
January 30, 2015
|
May 4, 2021
|
3
|
120,000
|
2.41
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
60,000
|
2.15
|
%
|
||||||||
January 30, 2015
|
May 4, 2021
|
3
|
80,000
|
2.40
|
%
|
Percentage of Food Purchases
|
||||||||
2018
|
2017
|
|||||||
Beef
|
14
|
%
|
14
|
%
|
||||
Dairy (including eggs)
|
13
|
%
|
12
|
%
|
||||
Fruits and vegetables
|
12
|
%
|
12
|
%
|
||||
Poultry
|
11
|
%
|
11
|
%
|
||||
Pork
|
11
|
%
|
10
|
%
|
(In thousands except share data)
|
||||||||
ASSETS
|
August 3, 2018
|
July 28, 2017
|
||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
114,656
|
$
|
161,001
|
||||
Accounts receivable
|
19,496
|
18,116
|
||||||
Income taxes receivable
|
--
|
4,265
|
||||||
Inventories
|
156,253
|
156,367
|
||||||
Prepaid expenses and other current assets
|
16,347
|
16,047
|
||||||
Deferred income taxes
|
--
|
3,061
|
||||||
Total current assets
|
306,752
|
358,857
|
||||||
Property and Equipment:
|
||||||||
Land
|
307,207
|
306,105
|
||||||
Buildings and improvements
|
861,949
|
837,804
|
||||||
Buildings under capital leases
|
3,289
|
3,289
|
||||||
Restaurant and other equipment
|
658,978
|
604,413
|
||||||
Leasehold improvements
|
353,329
|
326,750
|
||||||
Construction in progress
|
27,849
|
15,087
|
||||||
Total
|
2,212,601
|
2,093,448
|
||||||
Less: Accumulated depreciation and amortization of capital leases
|
1,063,466
|
995,351
|
||||||
Property and equipment – net
|
1,149,135
|
1,098,097
|
||||||
Other assets
|
71,468
|
64,988
|
||||||
Total
|
$
|
1,527,355
|
$
|
1,521,942
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
122,332
|
$
|
118,395
|
||||
Taxes withheld and accrued
|
37,069
|
36,725
|
||||||
Accrued employee compensation
|
60,562
|
70,945
|
||||||
Accrued employee benefits
|
25,416
|
26,759
|
||||||
Deferred revenues
|
76,292
|
72,376
|
||||||
Dividend payable
|
31,117
|
30,639
|
||||||
Other current liabilities
|
11,831
|
19,989
|
||||||
Total current liabilities
|
364,619
|
375,828
|
||||||
Long-term debt
|
400,000
|
400,000
|
||||||
Long-term interest rate swap liability
|
--
|
6,833
|
||||||
Other long-term obligations
|
128,794
|
129,353
|
||||||
Deferred income taxes
|
52,161
|
65,421
|
Shareholders’ Equity:
|
||||||||
Preferred stock – 100,000,000 shares of $.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 $.01 par value authorized; 2018 – 24,011,550 shares issued and outstanding; 2017 – 24,055,682 shares issued and outstanding
|
240
|
241
|
||||||
Additional paid-in capital
|
44,049
|
55,659
|
||||||
Accumulated other comprehensive income (loss)
|
4,685
|
(4,229
|
)
|
|||||
Retained earnings
|
532,807
|
492,836
|
||||||
Total shareholders’ equity
|
581,781
|
544,507
|
||||||
Total
|
$
|
1,527,355
|
$
|
1,521,942
|
(In thousands except share data)
Fiscal years ended
|
||||||||||||
August 3, 2018
|
July 28, 2017
|
July 29, 2016
|
||||||||||
Total revenue
|
$
|
3,030,445
|
$
|
2,926,289
|
$
|
2,912,351
|
||||||
Cost of goods sold (exclusive of depreciation and rent)
|
935,397
|
891,293
|
928,176
|
|||||||||
Labor and other related expenses
|
1,055,811
|
1,017,124
|
1,006,188
|
|||||||||
Other store operating expenses
|
601,889
|
563,300
|
554,534
|
|||||||||
Store operating income
|
437,348
|
454,572
|
423,453
|
|||||||||
General and administrative expenses
|
143,756
|
141,414
|
142,982
|
|||||||||
Operating income
|
293,592
|
313,158
|
280,471
|
|||||||||
Interest expense
|
15,169
|
14,271
|
14,052
|
|||||||||
Income before income taxes
|
278,423
|
298,887
|
266,419
|
|||||||||
Provision for income taxes
|
30,803
|
96,988
|
77,120
|
|||||||||
Net income
|
$
|
247,620
|
$
|
201,899
|
$
|
189,299
|
||||||
Net income per share - basic
|
$
|
10.31
|
$
|
8.40
|
$
|
7.91
|
||||||
Net income per share - diluted
|
$
|
10.29
|
$
|
8.37
|
$
|
7.86
|
||||||
Basic weighted average shares outstanding
|
24,011,161
|
24,031,810
|
23,945,041
|
|||||||||
Diluted weighted average shares outstanding
|
24,075,614
|
24,118,288
|
24,074,273
|
(In thousands)
Fiscal years ended
|
||||||||||||
August 3, 2018
|
July 28, 2017
|
July 29, 2016
|
||||||||||
Net income
|
$
|
247,620
|
$
|
201,899
|
$
|
189,299
|
||||||
Other comprehensive income (loss) before income tax expense (benefit):
|
||||||||||||
Change in fair value of interest rate swaps
|
13,103
|
15,402
|
(16,188
|
)
|
||||||||
Income tax expense (benefit)
|
4,189
|
5,891
|
(6,173
|
)
|
||||||||
Other comprehensive income (loss), net of tax
|
8,914
|
9,511
|
(10,015
|
)
|
||||||||
Comprehensive income
|
$
|
256,534
|
$
|
211,410
|
$
|
179,284
|
Common Stock
|
Additional
Paid-In
|
Accumulated
Other
Comprehensive
|
Retained
|
Total
Shareholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Earnings
|
Equity
|
|||||||||||||||||||
Balances at July 31, 2015
|
23,975,755
|
$
|
240
|
$
|
56,066
|
$
|
(3,725
|
)
|
$
|
485,687
|
$
|
538,268
|
||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
189,299
|
189,299
|
||||||||||||||||||
Other comprehensive income, net of tax
|
--
|
--
|
--
|
(10,015
|
)
|
--
|
(10,015
|
)
|
||||||||||||||||
Total comprehensive income
|
--
|
--
|
--
|
(10,015
|
)
|
189,299
|
179,284
|
|||||||||||||||||
Cash dividends declared - $7.70 per share
|
--
|
--
|
--
|
--
|
(186,505
|
)
|
(186,505
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
13,202
|
--
|
--
|
13,202
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
80,379
|
1
|
(5,780
|
)
|
--
|
--
|
(5,779
|
)
|
||||||||||||||||
Tax benefit realized upon exercise of share-based compensation awards
|
--
|
--
|
2,626
|
--
|
--
|
2,626
|
||||||||||||||||||
Purchases and retirement of common stock
|
(100,000
|
)
|
(1
|
)
|
(14,652
|
)
|
--
|
--
|
(14,653
|
)
|
||||||||||||||
Balances at July 29, 2016
|
23,956,134
|
240
|
51,462
|
(13,740
|
)
|
488,481
|
526,443
|
|||||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
201,899
|
201,899
|
||||||||||||||||||
Other comprehensive income, net of tax
|
--
|
--
|
--
|
9,511
|
--
|
9,511
|
||||||||||||||||||
Total comprehensive income
|
--
|
--
|
--
|
9,511
|
201,899
|
211,410
|
||||||||||||||||||
Cash dividends declared - $8.15 per share
|
--
|
--
|
--
|
--
|
(197,544
|
)
|
(197,544
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
8,458
|
--
|
--
|
8,458
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
99,548
|
1
|
(6,897
|
)
|
--
|
--
|
(6,896
|
)
|
||||||||||||||||
Tax benefit realized upon exercise of share-based compensation awards
|
--
|
--
|
2,636
|
--
|
--
|
2,636
|
||||||||||||||||||
Purchases and retirement of common stock
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Balances at July 28, 2017
|
24,055,682
|
241
|
55,659
|
(4,229
|
)
|
492,836
|
544,507
|
|||||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||
Net income
|
--
|
--
|
--
|
--
|
247,620
|
247,620
|
||||||||||||||||||
Other comprehensive income, net of tax
|
--
|
--
|
--
|
8,914
|
--
|
8,914
|
||||||||||||||||||
Total comprehensive income
|
--
|
--
|
--
|
8,914
|
247,620
|
256,534
|
||||||||||||||||||
Cash dividends declared - $8.60 per share
|
--
|
--
|
--
|
--
|
(207,649
|
)
|
(207,649
|
)
|
||||||||||||||||
Share-based compensation
|
--
|
--
|
6,977
|
--
|
--
|
6,977
|
||||||||||||||||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes
|
55,868
|
--
|
(3,816
|
)
|
--
|
--
|
(3,816
|
)
|
||||||||||||||||
Tax benefit realized upon exercise of share-based compensation awards
|
--
|
--
|
--
|
--
|
--
|
--
|
||||||||||||||||||
Purchases and retirement of common stock
|
(100,000
|
)
|
(1
|
)
|
(14,771
|
)
|
--
|
--
|
(14,772
|
)
|
||||||||||||||
Balances at August 3, 2018
|
24,011,550
|
$
|
240
|
$
|
44,049
|
$
|
4,685
|
$
|
532,807
|
$
|
581,781
|
(In thousands)
Fiscal years ended
|
||||||||||||
August 3, 2018
|
July 28, 2017
|
July 29, 2016
|
||||||||||
Cash flows from operating activities:
|
||||||||||||
Net income
|
$
|
247,620
|
$
|
201,899
|
$
|
189,299
|
||||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||||||
Depreciation and amortization
|
93,692
|
86,319
|
78,223
|
|||||||||
Loss on disposition of property and equipment
|
7,119
|
5,585
|
7,146
|
|||||||||
Share-based compensation
|
6,977
|
8,458
|
13,202
|
|||||||||
Excess tax benefit from share-based compensation
|
--
|
(2,636
|
)
|
(2,626
|
)
|
|||||||
Changes in assets and liabilities:
|
||||||||||||
Accounts receivable
|
(1,380
|
)
|
1,273
|
(1,339
|
)
|
|||||||
Income taxes receivable
|
4,265
|
14,555
|
(13,558
|
)
|
||||||||
Inventories
|
114
|
(4,059
|
)
|
750
|
||||||||
Prepaid expenses and other current assets
|
(500
|
)
|
(1,274
|
)
|
(406
|
)
|
||||||
Other assets
|
(1,400
|
)
|
(4,344
|
)
|
130
|
|||||||
Accounts payable
|
3,937
|
(14,098
|
)
|
(624
|
)
|
|||||||
Taxes withheld and accrued
|
344
|
(836
|
)
|
(1,500
|
)
|
|||||||
Accrued employee compensation
|
(10,389
|
)
|
9,752
|
(6,246
|
)
|
|||||||
Accrued employee benefits
|
(1,343
|
)
|
(1,169
|
)
|
211
|
|||||||
Deferred revenues
|
3,916
|
8,348
|
5,048
|
|||||||||
Other current liabilities
|
(8,121
|
)
|
4,470
|
(3,705
|
)
|
|||||||
Other long-term obligations
|
157
|
3,461
|
(6,269
|
)
|
||||||||
Deferred income taxes
|
(14,388
|
)
|
5,063
|
13,642
|
||||||||
Net cash provided by operating activities
|
330,620
|
320,767
|
271,378
|
|||||||||
Cash flows from investing activities:
|
||||||||||||
Purchase of property and equipment
|
(152,249
|
)
|
(110,591
|
)
|
(114,022
|
)
|
||||||
Proceeds from insurance recoveries of property and equipment
|
616
|
483
|
662
|
|||||||||
Proceeds from sale of property and equipment
|
411
|
503
|
845
|
|||||||||
Net cash used in investing activities
|
(151,222
|
)
|
(109,605
|
)
|
(112,515
|
)
|
||||||
Cash flows from financing activities:
|
||||||||||||
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net
|
(3,816
|
)
|
(6,896
|
)
|
(5,779
|
)
|
||||||
Purchases and retirement of common stock
|
(14,772
|
)
|
--
|
(14,653
|
)
|
|||||||
Dividends on common stock
|
(207,155
|
)
|
(196,867
|
)
|
(255,546
|
)
|
||||||
Excess tax benefit from share-based compensation
|
--
|
2,636
|
2,626
|
|||||||||
Net cash used in financing activities
|
(225,743
|
)
|
(201,127
|
)
|
(273,352
|
)
|
||||||
Net (decrease) increase in cash and cash equivalents
|
(46,345
|
)
|
10,035
|
(114,489
|
)
|
|||||||
Cash and cash equivalents, beginning of year
|
161,001
|
150,966
|
265,455
|
|||||||||
Cash and cash equivalents, end of year
|
$
|
114,656
|
$
|
161,001
|
$
|
150,966
|
Supplemental disclosure of cash flow information:
|
||||||||||||
Cash paid during the year for:
|
||||||||||||
Interest, net of amounts capitalized
|
$
|
17,272
|
$
|
12,847
|
$
|
12,752
|
||||||
Income taxes
|
43,471
|
78,092
|
84,868
|
|||||||||
Supplemental schedule of non-cash investing and financing activities:
|
||||||||||||
Capital expenditures accrued in accounts payable
|
$
|
8,183
|
$
|
6,743
|
$
|
6,379
|
||||||
Change in fair value of interest rate swaps
|
13,103
|
15,402
|
(16,188
|
)
|
||||||||
Change in deferred tax asset for interest rate swaps
|
(4,189
|
)
|
(5,891
|
)
|
6,173
|
|||||||
Dividends declared but not yet paid
|
31,784
|
31,296
|
30,625
|
1.
|
Description of the Business
|
2.
|
Summary of Significant Accounting Policies
|
Years
|
||||
Buildings and improvements
|
30-45
|
|||
Buildings under capital leases
|
15-25
|
|||
Restaurant and other equipment
|
2-10
|
|||
Leasehold improvements
|
1-35
|
2018
|
2017
|
2016
|
||||||||||
Total depreciation expense
|
$
|
93,266
|
$
|
85,912
|
$
|
77,816
|
||||||
Depreciation expense related to store operations*
|
86,913
|
79,214
|
71,382
|
2018
|
2017
|
2016
|
||||||||||
Advertising expense
|
$
|
83,448
|
$
|
83,623
|
$
|
79,409
|
3.
|
Fair Value Measurements
|
· |
Quoted Prices in Active Markets for Identical Assets (“Level 1”) – quoted prices (unadjusted) for an identical asset or liability in an active market.
|
· |
Significant Other Observable Inputs (“Level 2”) – quoted prices for a similar asset or liability in an active market or model-derived valuations in which all
significant inputs are observable for substantially the full term of the asset or liability.
|
· |
Significant Unobservable Inputs (“Level 3”) – unobservable and significant to the fair value measurement of the asset or liability.
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
|||||||||||||
Cash equivalents*
|
$
|
38,446
|
$
|
--
|
$
|
--
|
$
|
38,446
|
||||||||
Interest rate swap asset (see Note 6)
|
--
|
6,255
|
--
|
6,255
|
||||||||||||
Total
|
$
|
38,446
|
$
|
6,255
|
$
|
--
|
$
|
44,701
|
||||||||
Deferred compensation plan assets** measured at net asset value
|
32,669
|
|||||||||||||||
Total assets at fair value
|
$
|
77,370
|
||||||||||||||
Interest rate swap liability (see Note 6)
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
||||||||
Total liabilities at fair value
|
$
|
--
|
$
|
--
|
$
|
--
|
$
|
--
|
Level 1
|
Level 2
|
Level 3
|
Total Fair
Value
|
|||||||||||||
Cash equivalents*
|
$
|
82,524
|
$
|
--
|
$
|
--
|
$
|
82,524
|
||||||||
Interest rate swap asset (see Note 6)
|
--
|
32
|
--
|
32
|
||||||||||||
Deferred compensation plan assets**
|
31,196
|
--
|
--
|
31,196
|
||||||||||||
Total assets at fair value
|
$
|
113,720
|
$
|
32
|
$
|
--
|
$
|
113,752
|
||||||||
Interest rate swap liability (see Note 6)
|
$
|
--
|
$
|
6,880
|
$
|
--
|
$
|
6,880
|
||||||||
Total liabilities at fair value
|
$
|
--
|
$
|
6,880
|
$
|
--
|
$
|
6,880
|
4.
|
Inventories
|
August 3, 2018
|
July 28, 2017
|
|||||||
Retail
|
$
|
117,606
|
$
|
119,446
|
||||
Restaurant
|
20,659
|
20,252
|
||||||
Supplies
|
17,988
|
16,669
|
||||||
Total
|
$
|
156,253
|
$
|
156,367
|
5.
|
Debt
|
6.
|
Derivative Instruments and Hedging Activities
|
Trade Date
|
Effective Date
|
Term
(in Years)
|
Notional Amount
|
Fixed
Rate
|
|||||||||
June 18, 2014
|
May 3, 2015
|
4
|
$
|
160,000
|
2.51
|
%
|
|||||||
June 24, 2014
|
May 3, 2015
|
4
|
120,000
|
2.51
|
%
|
||||||||
July 1, 2014
|
May 5, 2015
|
4
|
120,000
|
2.43
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
80,000
|
2.15
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
60,000
|
2.16
|
%
|
||||||||
January 30, 2015
|
May 4, 2021
|
3
|
120,000
|
2.41
|
%
|
||||||||
January 30, 2015
|
May 3, 2019
|
2
|
60,000
|
2.15
|
%
|
||||||||
January 30, 2015
|
May 4, 2021
|
3
|
80,000
|
2.40
|
%
|
(See Note 3)
|
Balance Sheet Location
|
August 3, 2018
|
July 28, 2017
|
||||||
Interest rate swaps
|
Prepaid expenses and other current assets
|
$
|
169
|
$
|
32
|
||||
Interest rate swaps
|
Other assets
|
6,086
|
--
|
||||||
Total assets
|
$
|
6,255
|
$
|
32
|
|||||
Interest rate swaps
|
Other current liabilities
|
$
|
--
|
$
|
47
|
||||
Interest rate swaps
|
Long-term interest rate swap liability
|
--
|
6,833
|
||||||
Total liabilities
|
$
|
--
|
$
|
6,880
|
Amount of Income (Loss) Recognized in AOCIL
on Derivatives (Effective Portion)
|
||||||||||||
2018
|
2017
|
2016
|
||||||||||
Cash flow hedges:
|
||||||||||||
Interest rate swaps
|
$
|
13,103
|
$
|
15,402
|
$
|
(16,188
|
)
|
August 3,
2018
|
July 28,
2017
|
July 29,
2016
|
||||||||||
Beginning AOCIL balance
|
$
|
(4,229
|
)
|
$
|
(13,740
|
)
|
$
|
(3,725
|
)
|
|||
Other comprehensive income (loss) before reclassifications
|
11,274
|
12,082
|
(6,683
|
)
|
||||||||
Amounts reclassified from AOCIL into earnings
|
(2,360
|
)
|
(2,571
|
)
|
(3,332
|
)
|
||||||
Other comprehensive income (loss), net of tax
|
8,914
|
9,511
|
(10,015
|
)
|
||||||||
Ending AOCIL balance
|
$
|
4,685
|
$
|
(4,229
|
)
|
$
|
(13,740
|
)
|
Location of Loss Reclassified from
AOCIL into Income (Effective Portion)
|
Amount of Loss Reclassified from AOCIL into
Income (Effective Portion)
|
||||||||||||
2018
|
2017
|
2016
|
|||||||||||
Cash flow hedges:
|
|||||||||||||
Interest rate swaps
|
Interest expense
|
$
|
3,398
|
$
|
4,163
|
$
|
5,395
|
Details about AOCIL
|
August 3, 2018
|
July 28, 2017
|
July 29, 2016
|
Affected Line Item in
the Consolidated
Statement of Income
|
|||||||||
Loss on cash flow hedges:
|
|||||||||||||
Interest rate swaps
|
$
|
(3,398
|
)
|
$
|
(4,163
|
)
|
$
|
(5,395
|
)
|
Interest expense
|
|||
Tax benefit
|
1,038
|
1,592
|
2,063
|
Provision for income taxes
|
|||||||||
$
|
(2,360
|
)
|
$
|
(2,571
|
)
|
$
|
(3,332
|
)
|
Net of tax
|
7.
|
Share Repurchases
|
8.
|
Segment Information
|
2018
|
2017
|
2016
|
||||||||||
Restaurant
|
$
|
2,439,389
|
$
|
2,351,212
|
$
|
2,323,199
|
||||||
Retail
|
591,056
|
575,077
|
589,152
|
|||||||||
Total revenue
|
$
|
3,030,445
|
$
|
2,926,289
|
$
|
2,912,351
|
9.
|
Leases
|
Year
|
Minimum
|
Contingent
|
Total
|
|||||||||
2018
|
$
|
76,445
|
$
|
255
|
$
|
76,700
|
||||||
2017
|
75,000
|
252
|
75,252
|
|||||||||
2016
|
74,405
|
263
|
74,668
|
Year
|
Total
|
|||
2019
|
$
|
66,029
|
||
2020
|
53,510
|
|||
2021
|
33,170
|
|||
2022
|
31,763
|
|||
2023
|
32,106
|
|||
Later years
|
493,557
|
|||
Total
|
$
|
710,135
|
10.
|
Share-Based Compensation
|
Long-Term Performance Plan (“LTPP”)
|
Performance Period
|
Vesting Period
(in Years)
|
|||
2018 LTPP
|
2018 – 2019
|
2 or 3
|
|||
2017 LTPP
|
2017 – 2018
|
2 or 3
|
2018 LTPP
|
8,892
|
|||
2017 LTPP
|
23,511
|
Nonvested Stock
|
Shares
|
Weighted-Average Grant
Date Fair Value
|
||||||
Unvested at July 28, 2017
|
32,017
|
$
|
139.04
|
|||||
Granted
|
51,406
|
154.28
|
||||||
Vested
|
(38,889
|
)
|
153.66
|
|||||
Forfeited
|
(2,776
|
)
|
145.92
|
|||||
Unvested at August 3, 2018
|
41,758
|
$
|
143.73
|
2018
|
2017
|
2016
|
||||||||||
Total fair value of nonvested stock
|
$
|
5,976
|
$
|
14,700
|
$
|
8,418
|
· |
The expected volatilities are the historical volatilities of the Company’s stock and the members of the peer group over the period commensurate with the
three-year performance period.
|
· |
The risk-free interest rate is based on the U.S. Treasury rate assumption commensurate with the three-year performance period. The risk-free rates for the
nonvested stock units granted in 2017 ranged from 1.0% to 1.4%. The risk-free interest rate for the nonvested stock units granted in 2018 was 1.6%.
|
· |
The expected dividend yield is assumed to be zero since the award holders are entitled to any dividends paid over the performance period.
|
Shares
|
||||
2018 rTSR RSUs
|
3,368
|
|||
2017 rTSR RSUs
|
5,676
|
· |
The expected volatility was a blend of implied volatility based on market-traded options on the Company’s stock and historical volatility of our stock over the
period commensurate with the three-year performance period. The expected volatility for the 2016 MSU Grants ranged from 23% to 24%.
|
· |
The risk-free interest rate was based on the U.S. Treasury rate assumption commensurate with the three-year performance period. The risk-free rates for the
2016 MSU Grants ranged from 0.9% to 1.0%.
|
· |
The expected dividend yield was assumed to be zero since the award holders are entitled to any dividends paid over the performance period.
|
Fixed Options
|
Shares
|
Weighted-
Average
Price
|
||||||
Outstanding at July 28, 2017
|
4,000
|
$
|
32.86
|
|||||
Exercised
|
(4,000
|
)
|
32.86
|
|||||
Outstanding at August 3, 2018
|
--
|
--
|
2018
|
2017
|
2016
|
||||||||||
Total intrinsic values of options exercised*
|
$
|
466
|
$
|
1,070
|
$
|
917
|
2018
|
2017
|
2016
|
||||||||||
Nonvested stock awards and units
|
$
|
6,052
|
$
|
6,654
|
$
|
10,277
|
||||||
MSU Grants
|
925
|
1,804
|
2,925
|
|||||||||
Total compensation expense
|
$
|
6,977
|
$
|
8,458
|
$
|
13,202
|
Nonvested
Stock Awards
|
Nonvested
Stock Units
|
|||||||
Total unrecognized compensation
|
$
|
3,189
|
$
|
1,341
|
||||
Weighted-average period in years
|
1.82
|
1.71
|
2018
|
2017
|
2016
|
||||||||||
Total income tax benefit
|
$
|
774
|
$
|
2,740
|
$
|
3,819
|
11.
|
Shareholder Rights Plan
|
· |
will not be redeemable;
|
· |
will entitle holders to quarterly dividend payments of $0.01 per share, or an amount equal to the dividend paid on one share of common stock, whichever is
greater;
|
· |
will entitle holders upon liquidation either to receive $1.00 per share or an amount equal to the payment made on one share of common stock, whichever is
greater;
|
· |
will have the same voting power as one share of common stock; and
|
· |
if shares of the Company’s common stock are exchanged via merger, consolidation, or a similar transaction, will entitle holders to a per share payment equal to
the payment made on one share of common stock.
|
12.
|
Employee Savings Plans
|
2018
|
2017
|
2016
|
||||||||||
401(k) Savings Plan
|
$
|
3,812
|
$
|
2,501
|
$
|
2,528
|
||||||
Non-Qualified Savings Plan
|
342
|
291
|
296
|
13.
|
Income Taxes
|
2018
|
2017
|
2016
|
||||||||||
Current:
|
||||||||||||
Federal
|
$
|
40,761
|
$
|
83,743
|
$
|
62,054
|
||||||
State
|
6,099
|
7,567
|
6,447
|
|||||||||
Deferred:
|
||||||||||||
Federal
|
(16,779
|
)
|
4,696
|
12,477
|
||||||||
State
|
722
|
982
|
(3,858
|
)
|
||||||||
Total provision for income taxes
|
$
|
30,803
|
$
|
96,988
|
$
|
77,120
|
2018
|
2017
|
2016
|
||||||||||
Provision computed at federal statutory income tax rate
|
$
|
74,859
|
$
|
104,611
|
$
|
93,247
|
||||||
State and local income taxes, net of federal benefit
|
5,066
|
5,856
|
1,427
|
|||||||||
Revaluation of deferred taxes due to a reduction in the federal tax rate at the enactment date of
the Tax Act
|
(26,772
|
)
|
--
|
--
|
||||||||
Revaluation of deferred taxes due to the impact of the change in rate on 2018 temporary items
|
(3,710
|
)
|
--
|
--
|
||||||||
Employer tax credits for FICA taxes paid on employee tip income
|
(13,707
|
)
|
(11,543
|
)
|
(11,048
|
)
|
||||||
Other employer tax credits
|
(4,476
|
)
|
(2,814
|
)
|
(7,326
|
)
|
||||||
Other-net
|
(457
|
)
|
878
|
820
|
||||||||
Total provision for income taxes
|
$
|
30,803
|
$
|
96,988
|
$
|
77,120
|
August 3, 2018
|
July 28, 2017
|
|||||||
Deferred tax assets:
|
||||||||
Compensation and employee benefits
|
$
|
6,342
|
$
|
10,110
|
||||
Deferred rent
|
12,667
|
18,270
|
||||||
Accrued liabilities
|
8,546
|
13,233
|
||||||
Insurance reserves
|
7,291
|
12,401
|
||||||
Inventory
|
3,106
|
4,411
|
||||||
Other
|
--
|
2,767
|
||||||
Deferred tax assets
|
$
|
37,952
|
$
|
61,192
|
||||
Deferred tax liabilities:
|
||||||||
Property and equipment
|
$
|
75,433
|
$
|
100,373
|
||||
Inventory
|
7,448
|
10,906
|
||||||
Other
|
7,232
|
12,273
|
||||||
Deferred tax liabilities
|
90,113
|
123,552
|
||||||
Net deferred tax liability
|
$
|
52,161
|
$
|
62,360
|
August 3, 2018
|
July 28, 2017
|
July 29, 2016
|
||||||||||
Balance at beginning of year
|
$
|
20,731
|
$
|
21,899
|
$
|
25,507
|
||||||
Tax positions related to the current year:
|
||||||||||||
Additions
|
3,029
|
4,003
|
4,860
|
|||||||||
Reductions
|
--
|
--
|
--
|
|||||||||
Tax positions related to the prior year:
|
||||||||||||
Additions
|
610
|
582
|
2,186
|
|||||||||
Reductions
|
(575
|
)
|
(2,966
|
)
|
(6,896
|
)
|
||||||
Settlements
|
(3,878
|
)
|
(1,027
|
)
|
(2,324
|
)
|
||||||
Expiration of statute of limitations
|
(1,283
|
)
|
(1,760
|
)
|
(1,434
|
)
|
||||||
Balance at end of year
|
$
|
18,634
|
$
|
20,731
|
$
|
21,899
|
2018
|
2017
|
2016
|
||||||||||
Uncertain tax positions
|
$
|
14,721
|
$
|
13,475
|
$
|
14,234
|
14.
|
Net Income Per Share and Weighted Average Shares
|
2018
|
2017
|
2016
|
||||||||||
Net income per share numerator
|
$
|
247,620
|
$
|
201,899
|
$
|
189,299
|
||||||
Net income per share denominator:
|
||||||||||||
Basic weighted average shares outstanding
|
24,011,161
|
24,031,810
|
23,945,041
|
|||||||||
Add potential dilution:
|
||||||||||||
Stock options, nonvested stock awards and units and MSU Grants
|
64,453
|
86,478
|
129,232
|
|||||||||
Diluted weighted average shares outstanding
|
24,075,614
|
24,118,288
|
24,074,273
|
15.
|
Commitments and Contingencies
|
16.
|
Quarterly Financial Data (Unaudited)
|
1st Quarter
|
2nd Quarter
|
3rd Quarter
|
4th Quarter (a)
|
|||||||||||||
2018
|
||||||||||||||||
Total revenue
|
$
|
710,368
|
$
|
787,771
|
$
|
721,413
|
$
|
810,893
|
||||||||
Store operating income
|
107,731
|
112,686
|
98,718
|
118,213
|
||||||||||||
Income before income taxes
|
67,220
|
72,994
|
59,715
|
78,494
|
||||||||||||
Net income
|
46,380
|
91,139
|
48,747
|
61,354
|
||||||||||||
Net income per share – basic
|
1.93
|
3.80
|
2.03
|
2.56
|
||||||||||||
Net income per share – diluted
|
1.92
|
3.79
|
2.03
|
2.55
|
||||||||||||
2017
|
||||||||||||||||
Total revenue
|
$
|
709,971
|
$
|
772,682
|
$
|
700,410
|
$
|
743,226
|
||||||||
Store operating income
|
109,832
|
117,513
|
107,478
|
119,749
|
||||||||||||
Income before income taxes
|
72,068
|
79,058
|
68,089
|
79,672
|
||||||||||||
Net income
|
48,355
|
52,727
|
46,924
|
53,893
|
||||||||||||
Net income per share – basic
|
2.01
|
2.19
|
1.95
|
2.24
|
||||||||||||
Net income per share – diluted
|
2.01
|
2.19
|
1.95
|
2.23
|
(a) |
The Company’s fourth quarter of fiscal 2018 consisted of 14 weeks.
|
/s/Sandra B. Cochran
|
|
Sandra B. Cochran
|
|
President and Chief Executive Officer
|
|
/s/Jill M. Golder
|
|
Jill M. Golder
|
|
|
Senior Vice President and Chief Financial Officer
|
Name
|
2019 Target
Bonus
Percentage
|
2019 Maximum
Bonus
Percentage
|
||||||
Sandra B. Cochran
|
120
|
%
|
240
|
%
|
||||
Jill M. Golder
|
75
|
%
|
150
|
%
|
||||
Nicholas V. Flanagan
|
70
|
%
|
140
|
%
|
||||
Richard M. Wolfson
|
65
|
%
|
130
|
%
|
||||
Laura A. Daily
|
65
|
%
|
130
|
%
|
Name
|
LTPP
Percentage
|
Performance-
Based RSU
Percentage
|
Time-Based
RSU
Percentage
|
Total
|
||||||||||||
Sandra B. Cochran
|
190
|
%
|
95
|
%
|
95
|
%
|
380
|
%
|
||||||||
Jill M. Golder
|
70
|
%
|
35
|
%
|
35
|
%
|
140
|
%
|
||||||||
Nicholas V. Flanagan
|
60
|
%
|
30
|
%
|
30
|
%
|
120
|
%
|
||||||||
Richard M. Wolfson
|
60
|
%
|
30
|
%
|
30
|
%
|
120
|
%
|
||||||||
Laura A. Daily
|
37.5
|
%
|
18.75
|
%
|
18.75
|
%
|
75
|
%
|
Performance Range of
Company’s Relative TSR versus
Peer Group
|
Percentage Adjustment in Number of
Target Performance-Based RSU
Shares
|
|
75th Percentile or Above (Maximum)
|
+25%
|
|
Between 25th and 75th Percentile
|
No adjustment
|
|
25th Percentile or Below
|
-25%
|
(a) |
List of documents filed as part of this report:
|
1. |
All financial statements – see Item 8.
|
2. |
All schedules have been omitted since they are either not required or not applicable, or the required information is included.
|
3. |
The exhibits listed in the accompanying Index to Exhibits immediately prior to the signature page to this Annual Report on Form 10-K.
|
Exhibit
|
|
Amended and Restated Charter of Cracker Barrel Old Country Store, Inc.
(1)
|
|
Amended and Restated Bylaws of Cracker Barrel Old Country Store, Inc.
(2)
|
|
Credit Agreement, dated as of January 8, 2015, among Cracker Barrel Old
Country Store, Inc., the Subsidiary Guarantors named therein, the Lenders party thereto, and Wells Fargo Bank, National Association as Administrative Agent and Collateral Agent (3)
|
|
Credit Agreement, dated as of September 5, 2018, among Cracker Barrel Old
Country Store, Inc., the Subsidiary Guarantors named therein, the Lenders party thereto, and Bank of America, N.A., as Administrative Agent and Collateral Agent (4)
|
|
Rights Agreement, dated as of April 9, 2018, between Cracker Barrel Old
Country Store, Inc. and American Stock Transfer & Trust Company, LLC, as rights agent (5)
|
|
Form of Stock Option Award under the CBRL Group, Inc. 2002 Omnibus
Incentive Compensation Plan† (6)
|
|
Master Lease, dated July 31, 2000, between Country Stores Property I, LLC,
as Lessor, and Cracker Barrel Old Country Store, Inc., as Lessee, for lease of 21 Cracker Barrel Old Country Store® sites (7)
|
|
Master Lease, dated July 31, 2000, between Country Stores Property I, LLC,
as Lessor, and Cracker Barrel Old Country Store, Inc., as Lessee, for lease of nine Cracker Barrel Old Country Store® sites (8)
|
|
Master Lease, dated July 31, 2000, between Country Stores Property II, LLC,
as Lessor, and Cracker Barrel Old Country Store, Inc., as Lessee, for lease of 23 Cracker Barrel Old Country Store® sites (9)
|
|
Master Lease, dated July 31, 2000, between Country Stores Property III,
LLC, as Lessor, and Cracker Barrel Old Country Store, Inc., as Lessee, for lease of 12 Cracker Barrel Old Country Store® sites (10)
|
|
Cracker Barrel Old Country Store, Inc. Amended and Restated Stock Option
Plan (as amended to date)† (11)
|
|
Cracker Barrel Old Country Store, Inc. Corporate Policy—Severance Benefits
Policy (as amended to date)† (12)
|
|
Cracker Barrel Old Country Store, Inc. 2002 Omnibus Incentive Compensation
Plan (as amended to date)† (13)
|
|
Cracker Barrel Old Country Store, Inc. 2010 Omnibus Stock and Incentive
Plan† (14)
|
|
Cracker Barrel Old Country Store, Inc. Form of Performance-Based Stock Unit
Award† (15)
|
|
Cracker Barrel Old Country Store, Inc. Non-Qualified Savings Plan (as
amended to date)† (16)
|
|
Cracker Barrel Old Country Store, Inc. Deferred Compensation Plan† (17)
|
|
Amendment to Deferred Compensation Plan†(18)
|
|
Cracker Barrel Old Country Store, Inc. Form of Restricted Stock Award
Notice† (19)
|
Cracker Barrel Old Country Store, Inc. and Subsidiaries FY 2016 Long-Term
Incentive Program† (20)
|
|
Cracker Barrel Old Country Store, Inc. and Subsidiaries FY 2017 Long-Term
Incentive Program† (21)
|
|
Cracker Barrel Old Country Store, Inc. and Subsidiaries FY 2018 Annual
Bonus Plan† (22)
|
|
Cracker Barrel Old Country Store, Inc. and Subsidiaries FY 2018 Long-Term
Incentive Program† (23)
|
|
Form of Severance Agreement between Cracker Barrel Old Country Store, Inc.,
and certain of its named executive officers† (24)
|
|
Form of Change of Control Agreement between Cracker Barrel Old Country
Store, Inc., and certain of its named executive officers† (25)
|
|
Employment Agreement with Sandra B. Cochran, dated as of July 27, 2018† (26)
|
|
10(x) |
Cracker Barrel Old Country Store, Inc, and Subsidiaries FY 2019 Annual Bonus Plan† (filed herewith) |
10(y) | Cracker Barrel Old Country Store, Inc, and Subsidiaries FY 2019 Long-Term Incentive Program† (filed herewith) |
Subsidiaries of the Registrant (filed herewith)
|
|
Consent of Independent Registered Public Accounting Firm - Deloitte & Touche LLP (filed herewith)
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)
|
|
101.INS
|
XBRL Instance Document (filed herewith)
|
101.SCH
|
XBRL Taxonomy Extension Schema (filed herewith)
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase (filed herewith)
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase (filed herewith)
|
(1)
|
Incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed under the Exchange Act on April 10, 2012
(Commission File No. 000-25225).
|
(2)
|
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on February 24, 2012
(Commission File No. 000-25225).
|
(3)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on January 9, 2015.
|
(4)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on September 10, 2018.
|
(5)
|
Incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on April 9, 2018.
|
(6)
|
Incorporated by reference to Exhibit 10(l) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 29, 2005 (Commission File No. 000-25225).
|
(7)
|
Incorporated by reference to Exhibit 10(r) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 28, 2000 (Commission File No. 000-25225).
|
(8)
|
Incorporated by reference to Exhibit 10(d) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 28, 2017.
|
(9)
|
Incorporated by reference to Exhibit 10(e) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 28, 2017.
|
(10)
|
Incorporated by reference to Exhibit 10(f) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 28, 2017.
|
(11)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed under the Exchange Act for the quarterly
period ended January 30, 2009 (Commission File No. 000-25225).
|
(12)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed under the Exchange Act for the quarterly
period ended May 1, 2009 (Commission File No. 000-25225).
|
(13)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed under the Exchange Act for the quarterly
period ended January 29, 2010 (Commission File No. 000-25225).
|
(14)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on December 7, 2010
(Commission File No. 000-25225).
|
(15)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed under the Exchange Act on December 7, 2010
(Commission File No. 000-25225).
|
(16)
|
Incorporated by reference to Exhibit 10(aa) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 29, 2011 (Commission File No. 000-25225).
|
(17)
|
Incorporated by reference to Exhibit 10(bb) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 29, 2011 (Commission File No. 000-25225).
|
(18)
|
Incorporated by reference to Exhibit 10(cc) to the Company’s Annual Report on Form 10-K filed under the Exchange Act for the fiscal year
ended July 29, 2011 (Commission File No. 000-25225).
|
(19)
|
Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed under the Exchange Act on July 31, 2013
(Commission File No. 000-25225).
|
(20)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed under the Exchange Act on September 30, 2015.
|
(21)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed under the Exchange Act on October 28, 2016.
|
(22)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on October 3, 2017.
|
(23)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed under the Exchange Act on October 3, 2017.
|
(24)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed under the Exchange Act for the quarterly
period ended April 27, 2018.
|
(25)
|
Incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed under the Exchange Act for the quarterly
period ended April 27, 2018.
|
(26)
|
Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed under the Exchange Act on July 30, 2018.
|
CRACKER BARREL OLD COUNTRY STORE, INC.
|
|
By:
|
|
/s/Sandra B. Cochran
|
|
Sandra B. Cochran,
|
|
President and Chief Executive Officer
|
Name
|
Title
|
/s/Sandra B. Cochran
Sandra B. Cochran
|
President, Chief Executive Officer and Director
|
/s/Jill M. Golder
Jill M. Golder
|
Senior Vice President and Chief Financial Officer (Principal Financial Officer)
|
/s/Jeffrey M. Wilson
Jeffrey M. Wilson
|
Vice President, Corporate Controller (Principal Accounting Officer)
|
/s/Thomas H. Barr
Thomas H. Barr
|
Director
|
/s/James W. Bradford
James W. Bradford
|
Director and Chairman of the Board
|
/s/Meg G. Crofton
Meg G. Crofton
|
Director
|
/s/Richard J. Dobkin
Richard J. Dobkin
|
Director
|
/s/Norman E. Johnson
Norman E. Johnson
|
Director
|
/s/William W. McCarten
William W. McCarten
|
Director
|
/s/Coleman H. Peterson
Coleman H. Peterson
|
Director
|
/s/Andrea M. Weiss
Andrea M. Weiss
|
Director
|