Cracker Barrel Old Country Store Inc (NASDAQ:CBRL) shares are trading higher in Monday’s after-hours session after the company announced strategic actions and updated its fiscal 2026 outlook.
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Cracker Barrel Announces Strategic Moves
Cracker Barrel announced it completed a sale-leaseback deal for 26 company-owned store locations with an institutional real estate investor, netting roughly $77 million in proceeds. The company plans to use the proceeds to reduce its debt.
Cracker Barrel also said it completed a sale of the Maple Street Biscuit Company trademark, as well as 35 Maple Street Biscuit Company locations to Biscuit Belly. In connection with the sale, the company has decided to close the remaining 16 Maple Street Biscuit Company locations.
Cracker Barrel expects to recognize non-cash charges of approximately $37 million to $39 million during the fourth quarter related to the sale, and anticipates another $6 million to $8 million in charges related to its exit from the business. The divestiture is expected to be accretive to adjusted EBITDA beginning in fiscal 2027.
“Our sale-leaseback transaction will allow us to opportunistically reduce debt while monetizing a portion of our owned real estate at an attractive valuation. Divesting Maple Street sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability,” said Julie Masino, president and CEO of Cracker Barrel.
Cracker Barrel Updates 2026 Guidance
Cracker Barrel said comparable store restaurant sales decreased approximately 2.5% and comparable store retail sales increased approximately 0.5% over the first 11 weeks of its fiscal fourth quarter.
The company now expects to achieve or exceed the high end of its revenue range for fiscal 2026, and exceed its adjusted EBITDA guidance for the fiscal year.
Cracker Barrel previously guided for total fiscal 2026 revenue of $3.27 billion to $3.30 billion and adjusted EBITDA of $120 million to $125 million.
CBRL Shares Surge After The Close
CBRL Price Action: Cracker Barrel shares were up 5.79% in after-hours, trading at $56.50 at the time of publication on Monday, according to Benzinga Pro.
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