Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q4 2019 Earnings Conference Call - Final Transcript

Sep 17, 2019 • 11:00 am ET


Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Q4 2019 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Cracker Barrel Fiscal 2019 Fourth Quarter Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the conference over to Adam Hanan. Please go ahead, sir.

Adam Hanan

Thank you and good morning. And welcome to Cracker Barrel's fourth quarter fiscal 2019 conference call and webcast. This morning, we issued a press release announcing our fourth quarter results and our outlook for the 2020 fiscal year. In this press release and on this call, we will refer to non-GAAP financial measures for fiscal 2018, adjusted to exclude the impact of the 53rd week that occurred in our fourth quarter and a one-time non-cash reevaluation of the company's net deferred tax liability that occurred in our second quarter. The company believes that excluding these tax effects from its financial results provides information that may be more indicative of the company's ongoing operating performance, while improving comparability to prior periods. This information is not intended to be considered in isolation or as a substitute for financial information prepared in accordance with GAAP. The last page of the press release includes a reconciliation from the non-GAAP information to the GAAP financials.

On the call with me this morning are Cracker Barrel's President and CEO, Sandy Cochran; Senior Vice President and CFO, Jill Golder; and Vice President and Principal Accounting Officer, Jeff Wilson. Sandy will begin with a review of the business, and Jill will review the financials and outlook. We will then open up the call for questions for Sandy, Jill and Jeff. On this call, statements may be made by management of their beliefs and expectations regarding the company's future operating results or expected future events. These are known as forward-looking statements, which involve risks and uncertainties that in many cases are beyond management's control and may cause actual results to differ materially from expectations. We caution our listeners and readers in considering forward-looking statements and information.

Many of the factors that could affect results are summarized in the cautionary description of risks and uncertainties found at the end of the press release and are described in detail in our reports that we file with or furnish to the SEC. Finally, the information shared on this call is valid as of today's date, and the company undertakes no obligation to update it, except as may be required under applicable law.

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

Sandra B. Cochran

Thank you, Adam and good morning. This week marks Cracker Barrel's 50th anniversary, and we're pleased to celebrate this milestone by sharing some highlights from our fourth quarter and fiscal year, and outlining some of our plans for fiscal 2020. As you can see from today's press release, we have a strong fourth quarter as we achieved positive comparable store restaurant sales and traffic growth, significantly outperformed the casual dining industry and