Cracker Barrel Old Country Store (CBRL) 10-Q 1 Jun 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Apr. 29, 2016	May. 20, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	CRACKER BARREL OLD COUNTRY STORE, INC
Entity Central Index Key	1,067,294
Current Fiscal Year End Date	--07-29
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		23,941,998
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 29, 2016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Apr. 29, 2016	Jul. 31, 2015	[1]
Current Assets:
Cash and cash equivalents	$ 176,692	$ 265,455
Accounts receivable	18,667	18,050
Income taxes receivable	10,033	0
Inventories	145,882	153,058
Prepaid expenses and other current assets	15,874	14,167
Deferred income taxes	5,636	6,094
Total current assets	372,784	456,824
Property and equipment	1,982,155	1,931,060
Less: Accumulated depreciation and amortization of capital leases	921,642	878,424
Property and equipment - net	1,060,513	1,052,636
Other assets	62,656	66,748
Total assets	1,495,953	1,576,208
Current Liabilities:
Accounts payable	88,011	133,117
Dividend payable	27,782	98,796
Current interest rate swap liability	11	1,117
Other current liabilities	200,377	212,581
Total current liabilities	316,181	445,611
Long-term debt	400,000	400,000
Long-term interest rate swap liability	17,559	8,704
Other long-term obligations	128,007	133,594
Deferred income taxes	$ 53,773	$ 50,031
Commitments and Contingencies (Note 11)
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	$ 0	$ 0
Common stock - 400,000,000 shares of $.01 par value authorized; 23,941,998 shares issued and outstanding at April 29, 2016, and 23,975,755 shares issued and outstanding at July 31, 2015	240	240
Additional paid-in capital	47,088	56,066
Accumulated other comprehensive loss	(10,850)	(3,725)
Retained earnings	543,955	485,687
Total shareholders' equity	580,433	538,268
Total liabilities and shareholders' equity	$ 1,495,953	$ 1,576,208
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 31, 2015, 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, 2015.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Apr. 29, 2016	Jul. 31, 2015
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)	23,941,998	23,975,755
Common stock, shares outstanding (in shares)	23,941,998	23,975,755
Series A Junior Participating Preferred Stock [Member]
Shareholders' Equity:
Preferred stock, shares authorized (in shares)	300,000	300,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) [Abstract]
Total revenue	$ 700,136	$ 683,705	$ 2,166,767	$ 2,123,099
Cost of goods sold (exclusive of depreciation and rent)	212,382	216,142	700,287	700,592
Labor and other related expenses	249,324	246,805	745,581	740,806
Other store operating expenses	135,011	126,711	411,821	390,609
Store operating income	103,419	94,047	309,078	291,092
General and administrative expenses	36,391	38,570	106,217	108,952
Operating income	67,028	55,477	202,861	182,140
Interest expense	3,436	4,030	10,549	13,138
Income before income taxes	63,592	51,447	192,312	169,002
Provision for income taxes	14,423	16,130	54,036	52,498
Net income	$ 49,169	$ 35,317	$ 138,276	$ 116,504
Net income per share:
Basic (in dollars per share)	$ 2.05	$ 1.48	$ 5.77	$ 4.87
Diluted (in dollars per share)	$ 2.04	$ 1.47	$ 5.75	$ 4.85
Weighted average shares:
Basic (in shares)	23,941,188	23,937,844	23,945,184	23,904,945
Diluted (in shares)	24,073,778	24,066,061	24,064,624	24,033,296
Dividends declared per share (in dollars per share)	$ 1.10	$ 1	$ 3.30	$ 3
Dividends paid per share (in dollars per share)	$ 1.10	$ 1	$ 6.30	$ 3

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net income	$ 49,169	$ 35,317	$ 138,276	$ 116,504
Other comprehensive (loss) income before income tax (benefit) expense:
Change in fair value of interest rate swaps	(1,578)	8,035	(11,508)	1,148
Income tax (benefit) expense	(603)	3,098	(4,383)	442
Other comprehensive (loss) income, net of tax	(975)	4,937	(7,125)	706
Comprehensive income	$ 48,194	$ 40,254	$ 131,151	$ 117,210

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Apr. 29, 2016		May. 01, 2015
Cash flows from operating activities:
Net income	$ 138,276		$ 116,504
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	57,481		53,928
Loss on disposition of property and equipment	3,812		5,413
Share-based compensation	8,893		10,795
Excess tax benefit from share-based compensation	(2,063)		(3,224)
Changes in assets and liabilities:
Inventories	7,176		29,021
Other current assets	(10,294)		(7,055)
Accounts payable	(45,106)		(9,150)
Other current liabilities	(11,841)		9,661
Other long-term assets and liabilities	3,024		10,787
Net cash provided by operating activities	149,358		216,680
Cash flows from investing activities:
Purchase of property and equipment	(69,994)		(60,239)
Proceeds from insurance recoveries of property and equipment	490		184
Proceeds from sale of property and equipment	639		1,563
Net cash used in investing activities	(68,865)		(58,492)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0		406,250
(Taxes withheld) and proceeds from issuance of share-based compensation awards, net	(5,281)		(3,432)
Principal payments under long-term debt and other long-term obligations	0		(406,250)
Purchases and retirement of common stock	(14,653)		0
Deferred financing costs	0		(3,537)
Dividends on common stock	(151,385)		(71,750)
Excess tax benefit from share-based compensation	2,063		3,224
Net cash used in financing activities	(169,256)		(75,495)
Net (decrease) increase in cash and cash equivalents	(88,763)		82,693
Cash and cash equivalents, beginning of period	265,455	[1]	119,361
Cash and cash equivalents, end of period	176,692		202,054
Cash paid during the period for:
Interest, net of amounts capitalized	9,598		11,682
Income taxes	58,684		46,374
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures accrued in accounts payable	3,838		3,842
Change in fair value of interest rate swaps	(11,508)		1,148
Change in deferred tax asset for interest rate swaps	4,383		(442)
Dividends declared but not yet paid	$ 28,289		$ 24,610
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 31, 2015, 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, 2015.

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	9 Months Ended
	Apr. 29, 2016
Condensed Consolidated Financial Statements [Abstract]
Condensed Consolidated Financial Statements	1. Condensed Consolidated Financial Statements Cracker Barrel Old Country Store, Inc. and its affiliates (collectively, in these Notes to Condensed Consolidated Financial Statements, the “Company”) are principally engaged in the operation and development in the United States of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept. The condensed consolidated balance sheets at April 29, 2016 and July 31, 2015 and the related condensed consolidated statements of income, comprehensive income and cash flows for the quarters and nine months ended April 29, 2016 and May 1, 2015, respectively, have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) without audit. In the opinion of management, all adjustments (consisting of normal and recurring items) necessary for a fair presentation of such condensed consolidated financial statements have been made. The results of operations for any interim period are not necessarily indicative of results for a full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended July 31, 2015 (the “2015 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as described in the 2015 Form 10-K. References to a year in these Notes to Condensed Consolidated Financial Statements are to the Company’s fiscal year unless otherwise noted. Recent Accounting Pronouncements Adopted Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance which changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. This accounting guidance is effective for fiscal years beginning on or after December 15, 2014 and interim periods within those years on a prospective basis. The adoption of this accounting guidance in the first quarter of 2016 did not have a significant impact on the Company’s consolidated financial position or results of operations. Recent Accounting Pronouncements Not Yet Adopted Revenue Recognition In May 2014, the FASB issued accounting guidance which clarifies the principles for recognizing revenue and provides a comprehensive model for revenue recognition. Revenue recognition should depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This accounting guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. Early application is not permitted. A company may apply this accounting guidance either retrospectively or by using the cumulative effect transition method. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Debt Issuance Costs In April 2015, the FASB issued accounting guidance which requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than as an asset. This accounting guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years on a retrospective basis. Early application is permitted. Since this accounting guidance does not provide guidance on debt issuance costs related to revolving debt agreements, this accounting guidance is not expected to have a significant impact on the Company’s consolidated financial position or results of operations upon adoption in the first quarter of 2017. Inventory In July 2015, the FASB issued accounting guidance which requires companies to measure certain inventory at the lower of cost and net realizable value. This accounting guidance does not apply to inventories measured by using either the last-in, first-out method or the retail inventory method. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years on a prospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Deferred Taxes In November 2015, in order to simplify the presentation of deferred income taxes, the FASB issued accounting guidance which requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. This accounting guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Leases In February 2016, the FASB issued accounting guidance which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The accounting guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years on a modified retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2020. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, in order to address diversity in practice related to the derecognition of a prepaid stored-value product liability, the FASB issued accounting guidance requiring breakage for prepaid stored-value product liabilities to be accounted for consistent with the breakage guidance in the revenue recognition standard (see “Revenue Recognition” above). This accounting guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. This accounting guidance may be applied either on a modified retrospective basis or on a retrospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2019. Share-Based Payments In March 2016, the FASB issued accounting guidance in order to simplify certain aspects of the accounting and presentation of share-based payments, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This accounting guidance is effective for fiscal periods beginning after December 15, 2016, and interim periods within those years. This guidance may be applied either on a prospective basis, retrospective basis or a modified retrospective basis depending on the specific accounting topic covered in the accounting guidance. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Apr. 29, 2016
Fair Value Measurements [Abstract]
Fair Value Measurements	2. Fair Value Measurements The Company’s assets and liabilities measured at fair value on a recurring basis at April 29, 2016 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 102,084 $ -- $ -- $ 102,084 Interest rate swap asset (see Note 5) -- -- -- -- Deferred compensation plan assets** 27,039 -- -- 27,039 Total assets at fair value $ 129,123 $ -- $ -- $ 129,123 Interest rate swap liability (see Note 5) $ -- $ 17,570 $ -- $ 17,570 Total liabilities at fair value $ -- $ 17,570 $ -- $ 17,570 The Company’s assets and liabilities measured at fair value on a recurring basis at July 31, 2015 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 191,084 $ -- $ -- $ 191,084 Interest rate swap asset (see Note 5) -- 3,759 -- 3,759 Deferred compensation plan assets** 26,947 -- -- 26,947 Total assets at fair value $ 218,031 $ 3,759 $ -- $ 221,790 Interest rate swap liability (see Note 5) $ -- $ 9,821 $ -- $ 9,821 Total liabilities at fair value $ -- $ 9,821 $ -- $ 9,821 *Consists of money market fund investments. **Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s non-qualified savings plan and is included in the Condensed Consolidated Balance Sheets as other assets. The Company’s money market fund investments and deferred compensation plan assets are measured at fair value using quoted market prices. The fair values of the Company’s interest rate swap assets and liabilities are determined based on the present value of expected future cash flows. Since the values of the Company’s interest rate swaps are based on the LIBOR forward curve, which is observable at commonly quoted intervals for the full terms of the swaps, it is considered a Level 2 input. Non-performance risk is reflected in determining the fair value of the interest rate swaps by using the Company’s credit spread less the risk-free interest rate, both of which are observable at commonly quoted intervals for the terms of the swaps. Thus, the adjustment for non-performance risk is also considered a Level 2 input. The fair values of the Company’s accounts receivable and accounts payable approximate their carrying amounts because of their short duration. The fair value of the Company’s variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amount at April 29, 2016 and July 31, 2015.

Inventories

Inventories	9 Months Ended
	Apr. 29, 2016
Inventories [Abstract]
Inventories	3. Inventories Inventories were comprised of the following at: April 29, 2016 July 31, 2015 Retail $ 107,555 $ 115,777 Restaurant 22,630 22,212 Supplies 15,697 15,069 Total $ 145,882 $ 153,058

Debt

Debt	9 Months Ended
	Apr. 29, 2016
Debt [Abstract]
Debt	4. Debt The Company has a $750,000 revolving credit facility (the “Revolving Credit Facility”), which expires on January 8, 2020. At both April 29, 2016 and July 31, 2015, the Company had $400,000 of outstanding borrowings under the Revolving Credit Facility. At April 29, 2016, the Company had $11,195 of standby letters of credit, which reduce the Company’s borrowing availability under the Revolving Credit Facility (see Note 11 for more information on the Company’s standby letters of credit). At April 29, 2016, the Company had $338,805 in borrowing availability under the Revolving Credit Facility. In accordance with the Revolving Credit Facility, outstanding borrowings bear interest, at the Company’s election, either at LIBOR or prime plus a percentage point spread based on certain specified financial ratios under the Revolving Credit Facility. As of April 29, 2016, the Company’s outstanding borrowings were swapped at a weighted average interest rate of 2.96% (see Note 5 for information on the Company’s interest rate swaps). The Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. At April 29, 2016, the Company was in compliance with all debt covenants. The Revolving Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase. Under the Revolving Credit Facility, provided there is no default existing and the total of the Company’s availability under the Revolving Credit Facility plus the Company’s cash and cash equivalents on hand is at least $100,000 (the “cash availability”), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock (1) in an unlimited amount if, at the time such dividend or repurchase is made, the Company’s consolidated total leverage ratio is 3.00 to 1.00 or less and (2) in an aggregate amount not to exceed $100,000 in any fiscal year if the Company’s consolidated total leverage ratio is greater than 3.00 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1) and (2), so long as immediately after giving effect to the payment of any such dividends, cash availability is at least $100,000, the Company may declare and pay cash dividends on shares of its common stock in an aggregate amount not to exceed in any fiscal year the product of the aggregate amount of dividends declared in the fourth quarter of the immediately preceding fiscal year multiplied by four.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	9 Months Ended
	Apr. 29, 2016
Derivative Instruments and Hedging Activities [Abstract]
Derivative Instruments and Hedging Activities	5. Derivative Instruments and Hedging Activities The Company has interest rate risk relative to its outstanding borrowings (see Note 4 for information on the Company’s outstanding borrowings). The Company’s policy has been to manage interest cost using a mix of fixed and variable rate debt. To manage this risk in a cost-efficient manner, the Company uses derivative instruments, specifically interest rate swaps. For each of the Company’s interest rate swaps, the Company has agreed to exchange with a counterparty the difference between fixed and variable interest amounts calculated by reference to an agreed-upon notional principal amount. The interest rates on the portion of the Company’s outstanding debt covered by its interest rate swaps are fixed at the rates in the table below plus the Company’s credit spread. The Company’s credit spread at April 29, 2016 was 1.25%. All of the Company’s interest rate swaps are accounted for as cash flow hedges. A summary of the Company’s interest rate swaps at April 29, 2016 is as follows: Trade Date Effective Date Term (in Years) Notional Amount Fixed Rate July 25, 2011 May 3, 2013 3 $ 50,000 2.45 % December 7, 2011 May 3, 2013 3 50,000 1.40 % March 18, 2013 May 3, 2015 3 50,000 1.51 % April 8, 2013 May 3, 2015 2 50,000 1.05 % April 15, 2013 May 3, 2015 2 50,000 1.03 % April 22, 2013 May 3, 2015 3 25,000 1.30 % April 25, 2013 May 3, 2015 3 25,000 1.29 % June 18, 2014 May 3, 2015 4 40,000 2.51 % June 24, 2014 May 3, 2015 4 30,000 2.51 % July 1, 2014 May 5, 2015 4 30,000 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 % The notional amount for the interest rate swap entered into on June 18, 2014 increases by $40,000 each May over the four-year term of the interest rate swap beginning in May 2016 until the notional amount reaches $160,000 in May 2018. The notional amounts for the interest rate swaps entered into on June 24, 2014 and July 1, 2014 increase by $30,000 each May over the four-year terms of the interest rate swaps beginning in May 2016 until the notional amounts each reach $120,000 in May 2018. The Company does not hold or use derivative instruments for trading purposes. The Company also does not have any derivatives not designated as hedging instruments and has not designated any non-derivatives as hedging instruments. Companies may elect to offset related assets and liabilities and report the net amount on their financial statements if the right of setoff exists. Under a master netting agreement, the Company has the legal right to offset the amounts owed to the Company against amounts owed by the Company under a derivative instrument that exists between the Company and a counterparty. When the Company is engaged in more than one outstanding derivative transaction with the same counterparty and also has a legally enforceable master netting agreement with that counterparty, its credit risk exposure is based on the net exposure under the master netting agreement. If, on a net basis, the Company owes the counterparty, the Company regards its credit exposure to the counterparty as being zero. The estimated fair values of the Company’s derivative instruments as of April 29, 2016 and July 31, 2015 were as follows: (See Note 2) Balance Sheet Location April 29, 2016 July 31, 2015 Interest rate swaps Other assets $ -- $ 3,759 Interest rate swaps Current interest rate swap liability $ 11 $ 1,117 Interest rate swaps Long-term interest rate swap liability 17,559 8,704 Total $ 17,570 $ 9,821 The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at April 29, 2016 and July 31, 2015: Gross Asset Amounts Liability Amount Offset Net Asset Amount Presented in the Balance Sheets (See Note 2) April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 Interest rate swaps $ -- $ 3,878 $ -- $ (119 ) $ -- $ 3,759 The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at April 29, 2016 and July 31, 2015: Gross Liability Amounts Asset Amount Offset Net Liability Amount Presented in the Balance Sheets (See Note 2) April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 Interest rate swaps $ 17,570 $ 9,821 $ -- $ -- $ 17,570 $ 9,821 The estimated fair value of the Company’s interest rate swap assets and liabilities incorporates the Company’s non-performance risk (see Note 2). The adjustment related to the Company’s non-performance risk at April 29, 2016 and July 31, 2015 resulted in reductions of $831 and $209, respectively, in the fair value of the interest rate swap assets and liabilities. The offset to the interest rate swap assets and liabilities is recorded in accumulated other comprehensive loss (“AOCL”), net of the deferred tax asset, and will be reclassified into earnings over the term of the underlying debt. As of April 29, 2016, the estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months is $3,475. Cash flows related to the interest rate swap are included in interest expense and in operating activities. The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for the nine months ended April 29, 2016 and the year ended July 31, 2015: Amount of Income Recognized in AOCL on Derivatives (Effective Portion) Nine Months Ended April 29, 2016 Year Ended July 31, 2015 Cash flow hedges: Interest rate swaps $ 11,508 $ 1,641 The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and nine-month periods ended April 29, 2016 and May 1, 2015: Location of Loss Reclassified from AOCL into Income (Effective Portion) Amount of Loss Reclassified from AOCL into Income (Effective Portion) Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Cash flow hedges: Interest rate swaps Interest expense $ 1,409 $ 2,040 $ 4,301 $ 6,055 Any portion of the fair value of the swaps determined to be ineffective will be recognized currently in earnings. No ineffectiveness has been recorded in the nine-month periods ended April 29, 2016 and May 1, 2015.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Apr. 29, 2016
Shareholders' Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity During the nine months ended April 29, 2016, the Company issued 66,243 shares of its common stock resulting from the vesting of share-based compensation awards and stock option exercises. Related tax withholding payments on these share-based compensation awards exceeded proceeds received from the exercise of stock options, which resulted in a net reduction to shareholders’ equity of $5,281. During the nine months ended April 29, 2016, the Company repurchased 100,000 shares of its common stock in the open market at an aggregate cost of $14,653. During the nine months ended April 29, 2016, total share-based compensation expense was $8,893. The excess tax benefit realized upon exercise of share-based compensation awards was $2,063. During the nine months ended April 29, 2016, the Company paid regular dividends of $3.30 per share of its common stock and a special dividend of $3.00 per share of its common stock and declared a regular dividend of $1.10 per share of its common stock that was paid on May 5, 2016 to shareholders of record on April 15, 2016. The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the nine months ended April 29, 2016 (see Notes 2 and 5): Changes in AOCL AOCL balance at July 31, 2015 $ (3,725 ) Other comprehensive loss before reclassifications (4,469 ) Amounts reclassified from AOCL (2,656 ) Other comprehensive loss, net of tax (7,125 ) AOCL balance at April 29, 2016 $ (10,850 ) The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and nine months ended April 29, 2016: Amount Reclassified from AOCL Affected Line Item in the Quarter Ended Nine Months Ended Condensed Consolidated Financial Statements Loss on cash flow hedges: Interest rate swaps $ (1,409 ) $ (4,301 ) Interest expense Tax benefit 539 1,645 Provision for income taxes $ (870 ) $ (2,656 ) Net of tax

Seasonality

Seasonality	9 Months Ended
	Apr. 29, 2016
Seasonality [Abstract]
Seasonality	7. Seasonality Historically, the net income of the Company has been lower in the first and third quarters and higher in the second and fourth quarters. Management attributes these variations to the Christmas holiday shopping season and the summer vacation and travel season. The Company's retail sales, which are made substantially to the Company’s restaurant customers, historically have been highest in the Company's second quarter, which includes the Christmas holiday shopping season. Historically, interstate tourist traffic and the propensity to dine out have been higher during the summer months, thereby contributing to higher profits in the Company’s fourth quarter. The Company generally opens additional new locations throughout the year. Therefore, the results of operations for any interim period cannot be considered indicative of the operating results for an entire year.

Segment Information

Segment Information	9 Months Ended
	Apr. 29, 2016
Segment Information [Abstract]
Segment Information	8. Segment Information Cracker Barrel stores represent a single, integrated operation with two related and substantially integrated product lines. The operating expenses of the restaurant and retail product lines of a Cracker Barrel store are shared and are indistinguishable in many respects. Accordingly, the Company currently manages its business on the basis of one reportable operating segment. All of the Company’s operations are located within the United States. Total revenue was comprised of the following for the specified periods: Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Revenue: Restaurant $ 570,477 $ 557,098 $ 1,713,674 $ 1,681,363 Retail 129,659 126,607 453,093 441,736 Total revenue $ 700,136 $ 683,705 $ 2,166,767 $ 2,123,099

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Apr. 29, 2016
Share-Based Compensation [Abstract]
Share-Based Compensation	9. Share-Based Compensation Share-based compensation is recorded in general and administrative expenses in the accompanying Condensed Consolidated Statements of Income. Total share-based compensation was comprised of the following for the specified periods: Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Nonvested stock awards $ 3,161 $ 3,670 $ 6,573 $ 8,652 Performance-based market stock units (“MSU Grants”) 777 795 2,320 2,143 $ 3,938 $ 4,465 $ 8,893 $ 10,795

Net Income Per Share and Weight

Net Income Per Share and Weighted Average Shares	9 Months Ended
	Apr. 29, 2016
Net Income Per Share and Weighted Average Shares [Abstract]
Net Income Per Share and Weighted Average Shares	10. Net Income Per Share and Weighted Average Shares Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted consolidated net income per share reflects the potential dilution that could occur if securities, options or other contracts to issue shares of common stock were exercised or converted into shares of common stock and is based upon the weighted average number of shares of common stock and common equivalent shares outstanding during the reporting period. Common equivalent shares related to stock options, nonvested stock awards and MSU Grants issued by the Company are calculated using the treasury stock method. The outstanding stock options, nonvested stock awards and MSU Grants issued by the Company represent the only dilutive effects on diluted consolidated net income per share. The following table reconciles the components of diluted earnings per share computations: Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Net income per share numerator $ 49,169 $ 35,317 $ 138,276 $ 116,504 Net income per share denominator: Weighted average shares 23,941,188 23,937,844 23,945,184 23,904,945 Add potential dilution: Stock options, nonvested stock awards and MSU Grants 132,590 128,217 119,440 128,351 Diluted weighted average shares 24,073,778 24,066,061 24,064,624 24,033,296

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Apr. 29, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will not materially affect the Company’s consolidated results of operations or financial position. Related to its workers’ compensation insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of April 29, 2016, the Company had $11,195 of standby letters of credit related to securing reserved claims under workers’ compensation insurance. All standby letters of credit are renewable annually and reduce the Company’s borrowing availability under its Revolving Credit Facility (see Note 4). At April 29, 2016, the Company is secondarily liable for lease payments associated with one property. The Company is not aware of any non-performance under this lease arrangement that would result in the Company having to perform in accordance with the terms of this guarantee; and therefore, no provision has been recorded in the Condensed Consolidated Balance Sheets for amounts to be paid in case of non-performance by the primary obligor under such lease arrangement. The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. The Company believes that the probability of incurring an actual liability under such indemnification agreements is sufficiently remote that no such liability has been recorded in the Condensed Consolidated Balance Sheet as of April 29, 2016.

Condensed Consolidated Financ18

Condensed Consolidated Financial Statements (Policies)	9 Months Ended
	Apr. 29, 2016
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements Adopted and Not Adopted	Recent Accounting Pronouncements Adopted Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In April 2014, the Financial Accounting Standards Board (“FASB”) issued accounting guidance which changes the criteria for disposals to qualify as discontinued operations and requires new disclosures about disposals of both discontinued operations and certain other disposals that do not meet the new definition. This accounting guidance is effective for fiscal years beginning on or after December 15, 2014 and interim periods within those years on a prospective basis. The adoption of this accounting guidance in the first quarter of 2016 did not have a significant impact on the Company’s consolidated financial position or results of operations. Recent Accounting Pronouncements Not Yet Adopted Revenue Recognition In May 2014, the FASB issued accounting guidance which clarifies the principles for recognizing revenue and provides a comprehensive model for revenue recognition. Revenue recognition should depict the transfer of goods or services to a customer at an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The guidance also requires additional disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This accounting guidance is effective for fiscal years beginning after December 15, 2016 and interim periods within those years. Early application is not permitted. A company may apply this accounting guidance either retrospectively or by using the cumulative effect transition method. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Debt Issuance Costs In April 2015, the FASB issued accounting guidance which requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than as an asset. This accounting guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those years on a retrospective basis. Early application is permitted. Since this accounting guidance does not provide guidance on debt issuance costs related to revolving debt agreements, this accounting guidance is not expected to have a significant impact on the Company’s consolidated financial position or results of operations upon adoption in the first quarter of 2017. Inventory In July 2015, the FASB issued accounting guidance which requires companies to measure certain inventory at the lower of cost and net realizable value. This accounting guidance does not apply to inventories measured by using either the last-in, first-out method or the retail inventory method. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years on a prospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Deferred Taxes In November 2015, in order to simplify the presentation of deferred income taxes, the FASB issued accounting guidance which requires deferred tax liabilities and assets to be classified as noncurrent in the balance sheet. This accounting guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. This accounting guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018. Leases In February 2016, the FASB issued accounting guidance which requires the recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The accounting guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years on a modified retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2020. Recognition of Breakage for Certain Prepaid Stored-Value Products In March 2016, in order to address diversity in practice related to the derecognition of a prepaid stored-value product liability, the FASB issued accounting guidance requiring breakage for prepaid stored-value product liabilities to be accounted for consistent with the breakage guidance in the revenue recognition standard (see “Revenue Recognition” above). This accounting guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. This accounting guidance may be applied either on a modified retrospective basis or on a retrospective basis. Early application is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2019. Share-Based Payments In March 2016, the FASB issued accounting guidance in order to simplify certain aspects of the accounting and presentation of share-based payments, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This accounting guidance is effective for fiscal periods beginning after December 15, 2016, and interim periods within those years. This guidance may be applied either on a prospective basis, retrospective basis or a modified retrospective basis depending on the specific accounting topic covered in the accounting guidance. Early adoption is permitted. The Company is currently evaluating the impact of adopting this accounting guidance in the first quarter of 2018.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Apr. 29, 2016
Fair Value Measurements [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The Company’s assets and liabilities measured at fair value on a recurring basis at April 29, 2016 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 102,084 $ -- $ -- $ 102,084 Interest rate swap asset (see Note 5) -- -- -- -- Deferred compensation plan assets** 27,039 -- -- 27,039 Total assets at fair value $ 129,123 $ -- $ -- $ 129,123 Interest rate swap liability (see Note 5) $ -- $ 17,570 $ -- $ 17,570 Total liabilities at fair value $ -- $ 17,570 $ -- $ 17,570 The Company’s assets and liabilities measured at fair value on a recurring basis at July 31, 2015 were as follows: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Fair Value Cash equivalents* $ 191,084 $ -- $ -- $ 191,084 Interest rate swap asset (see Note 5) -- 3,759 -- 3,759 Deferred compensation plan assets** 26,947 -- -- 26,947 Total assets at fair value $ 218,031 $ 3,759 $ -- $ 221,790 Interest rate swap liability (see Note 5) $ -- $ 9,821 $ -- $ 9,821 Total liabilities at fair value $ -- $ 9,821 $ -- $ 9,821 *Consists of money market fund investments. **Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s non-qualified savings plan and is included in the Condensed Consolidated Balance Sheets as other assets.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Apr. 29, 2016
Inventories [Abstract]
Inventories	Inventories were comprised of the following at: April 29, 2016 July 31, 2015 Retail $ 107,555 $ 115,777 Restaurant 22,630 22,212 Supplies 15,697 15,069 Total $ 145,882 $ 153,058

Derivative Instruments and He21

Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Apr. 29, 2016
Derivative Instruments and Hedging Activities [Abstract]
Summary of Interest Rate Swaps	A summary of the Company’s interest rate swaps at April 29, 2016 is as follows: Trade Date Effective Date Term (in Years) Notional Amount Fixed Rate July 25, 2011 May 3, 2013 3 $ 50,000 2.45 % December 7, 2011 May 3, 2013 3 50,000 1.40 % March 18, 2013 May 3, 2015 3 50,000 1.51 % April 8, 2013 May 3, 2015 2 50,000 1.05 % April 15, 2013 May 3, 2015 2 50,000 1.03 % April 22, 2013 May 3, 2015 3 25,000 1.30 % April 25, 2013 May 3, 2015 3 25,000 1.29 % June 18, 2014 May 3, 2015 4 40,000 2.51 % June 24, 2014 May 3, 2015 4 30,000 2.51 % July 1, 2014 May 5, 2015 4 30,000 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 %
Schedule of Estimated Fair Value of Derivative Instruments	The estimated fair values of the Company’s derivative instruments as of April 29, 2016 and July 31, 2015 were as follows: (See Note 2) Balance Sheet Location April 29, 2016 July 31, 2015 Interest rate swaps Other assets $ -- $ 3,759 Interest rate swaps Current interest rate swap liability $ 11 $ 1,117 Interest rate swaps Long-term interest rate swap liability 17,559 8,704 Total $ 17,570 $ 9,821
Offsetting Assets	The following table summarizes the offsetting of the Company’s derivative assets in the Condensed Consolidated Balance Sheets at April 29, 2016 and July 31, 2015: Gross Asset Amounts Liability Amount Offset Net Asset Amount Presented in the Balance Sheets (See Note 2) April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 Interest rate swaps $ -- $ 3,878 $ -- $ (119 ) $ -- $ 3,759
Offsetting Liabilities	The following table summarizes the offsetting of the Company’s derivative liabilities in the Condensed Consolidated Balance Sheets at April 29, 2016 and July 31, 2015: Gross Liability Amounts Asset Amount Offset Net Liability Amount Presented in the Balance Sheets (See Note 2) April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 April 29, 2016 July 31, 2015 Interest rate swaps $ 17,570 $ 9,821 $ -- $ -- $ 17,570 $ 9,821
Schedule of Pre-tax Effects of Derivative Instruments on Income and AOCL	The following table summarizes the pre-tax effects of the Company’s derivative instruments on AOCL for the nine months ended April 29, 2016 and the year ended July 31, 2015: Amount of Income Recognized in AOCL on Derivatives (Effective Portion) Nine Months Ended April 29, 2016 Year Ended July 31, 2015 Cash flow hedges: Interest rate swaps $ 11,508 $ 1,641 The following table summarizes the pre-tax effects of the Company’s derivative instruments on income for the quarters and nine-month periods ended April 29, 2016 and May 1, 2015: Location of Loss Reclassified from AOCL into Income (Effective Portion) Amount of Loss Reclassified from AOCL into Income (Effective Portion) Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Cash flow hedges: Interest rate swaps Interest expense $ 1,409 $ 2,040 $ 4,301 $ 6,055

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Apr. 29, 2016
Shareholders' Equity [Abstract]
Changes in AOCL, Net of Tax, Related to Company's Interest Rate Swaps	The following table summarizes the changes in AOCL, net of tax, related to the Company’s interest rate swaps for the nine months ended April 29, 2016 (see Notes 2 and 5): Changes in AOCL AOCL balance at July 31, 2015 $ (3,725 ) Other comprehensive loss before reclassifications (4,469 ) Amounts reclassified from AOCL (2,656 ) Other comprehensive loss, net of tax (7,125 ) AOCL balance at April 29, 2016 $ (10,850 )
Amounts Reclassified Out of AOCL related to Company's Interest Rate Swaps	The following table summarizes the amounts reclassified out of AOCL related to the Company’s interest rate swaps for the quarter and nine months ended April 29, 2016: Amount Reclassified from AOCL Affected Line Item in the Quarter Ended Nine Months Ended Condensed Consolidated Financial Statements Loss on cash flow hedges: Interest rate swaps $ (1,409 ) $ (4,301 ) Interest expense Tax benefit 539 1,645 Provision for income taxes $ (870 ) $ (2,656 ) Net of tax

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Apr. 29, 2016
Segment Information [Abstract]
Composition of Total Revenue	Total revenue was comprised of the following for the specified periods: Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Revenue: Restaurant $ 570,477 $ 557,098 $ 1,713,674 $ 1,681,363 Retail 129,659 126,607 453,093 441,736 Total revenue $ 700,136 $ 683,705 $ 2,166,767 $ 2,123,099

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Apr. 29, 2016
Share-Based Compensation [Abstract]
Share-Based Compensation	Total share-based compensation was comprised of the following for the specified periods: Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Nonvested stock awards $ 3,161 $ 3,670 $ 6,573 $ 8,652 Performance-based market stock units (“MSU Grants”) 777 795 2,320 2,143 $ 3,938 $ 4,465 $ 8,893 $ 10,795

Net Income Per Share and Weig25

Net Income Per Share and Weighted Average Shares (Tables)	9 Months Ended
	Apr. 29, 2016
Net Income Per Share and Weighted Average Shares [Abstract]
Reconciliation of Components of Diluted Earnings per Share Computations	The following table reconciles the components of diluted earnings per share computations: Quarter Ended Nine Months Ended April 29, 2016 May 1, 2015 April 29, 2016 May 1, 2015 Net income per share numerator $ 49,169 $ 35,317 $ 138,276 $ 116,504 Net income per share denominator: Weighted average shares 23,941,188 23,937,844 23,945,184 23,904,945 Add potential dilution: Stock options, nonvested stock awards and MSU Grants 132,590 128,217 119,440 128,351 Diluted weighted average shares 24,073,778 24,066,061 24,064,624 24,033,296

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands		Apr. 29, 2016	Jul. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	$ 102,084	$ 191,084
Interest rate swap asset (see Note 5)		0	3,759
Deferred compensation plan assets	[2]	27,039	26,947
Total assets at fair value		129,123	221,790
Interest rate swap liability (see Note 5)		17,570	9,821
Total liabilities at fair value		17,570	9,821
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	102,084	191,084
Interest rate swap asset (see Note 5)		0	0
Deferred compensation plan assets	[2]	27,039	26,947
Total assets at fair value		129,123	218,031
Interest rate swap liability (see Note 5)		0	0
Total liabilities at fair value		0	0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	0	0
Interest rate swap asset (see Note 5)		0	3,759
Deferred compensation plan assets	[2]	0	0
Total assets at fair value		0	3,759
Interest rate swap liability (see Note 5)		17,570	9,821
Total liabilities at fair value		17,570	9,821
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	[1]	0	0
Interest rate swap asset (see Note 5)		0	0
Deferred compensation plan assets	[2]	0	0
Total assets at fair value		0	0
Interest rate swap liability (see Note 5)		0	0
Total liabilities at fair value		$ 0	$ 0
[1]	Consists of money market fund investments.
[2]	Represents plan assets invested in mutual funds established under a rabbi trust for the Company's non-qualified savings plan and is included in the Condensed Consolidated Balance Sheets as other assets.

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Apr. 29, 2016	Jul. 31, 2015
Inventories [Abstract]
Retail	$ 107,555	$ 115,777
Restaurant	22,630	22,212
Supplies	15,697	15,069
Total	$ 145,882	$ 153,058	[1]
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 31, 2015, 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, 2015.

Debt (Details)

Debt (Details) - Revolving Credit Facility [Member] $ in Thousands	9 Months Ended
	Apr. 29, 2016USD ($)	Jul. 31, 2015USD ($)
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 750,000
Line of credit facility, expiration date	Jan. 8, 2020
Outstanding borrowings	$ 400,000	$ 400,000
Amount of standby letters of credit	11,195
Current borrowing capacity	$ 338,805
Weighted average interest rates of swapped debt	2.96%
Restrictions on dividends payable	Under the Revolving Credit Facility, provided there is no default existing and the total of the Company’s availability under the Revolving Credit Facility plus the Company’s cash and cash equivalents on hand is at least $100,000 (the “cash availability”), the Company may declare and pay cash dividends on shares of its common stock and repurchase shares of its common stock (1) in an unlimited amount if, at the time such dividend or repurchase is made, the Company’s consolidated total leverage ratio is 3.00 to 1.00 or less and (2) in an aggregate amount not to exceed $100,000 in any fiscal year if the Company’s consolidated total leverage ratio is greater than 3.00 to 1.00 at the time the dividend or repurchase is made; notwithstanding (1) and (2), so long as immediately after giving effect to the payment of any such dividends, cash availability is at least $100,000, the Company may declare and pay cash dividends on shares of its common stock in an aggregate amount not to exceed in any fiscal year the product of the aggregate amount of dividends declared in the fourth quarter of the immediately preceding fiscal year multiplied by four
Liquidity requirements	$ 100,000
Dividends threshold	$ 100,000
Leverage ratio, maximum	3
Multiplier used in calculating aggregate amount of cash dividends on shares of common stock in any fiscal year	4

Derivative Instruments and He29

Derivative Instruments and Hedging Activities (Details) $ in Thousands	9 Months Ended
	Apr. 29, 2016USD ($)
Derivative [Line Items]
Company's credit spread	1.25%
Interest Rate Swap July 25, 2011 [Member]
Derivative [Line Items]
Trade date	Jul. 25, 2011
Effective date	May 3, 2013
Term	3 years
Notional amount	$ 50,000
Fixed rate	2.45%
Interest Rate Swap December 7, 2011 [Member]
Derivative [Line Items]
Trade date	Dec. 7, 2011
Effective date	May 3, 2013
Term	3 years
Notional amount	$ 50,000
Fixed rate	1.40%
Interest Rate Swap March 18, 2013 [Member]
Derivative [Line Items]
Trade date	Mar. 18, 2013
Effective date	May 3, 2015
Term	3 years
Notional amount	$ 50,000
Fixed rate	1.51%
Interest Rate Swap April 8, 2013 [Member]
Derivative [Line Items]
Trade date	Apr. 8, 2013
Effective date	May 3, 2015
Term	2 years
Notional amount	$ 50,000
Fixed rate	1.05%
Interest Rate Swap April 15, 2013 [Member]
Derivative [Line Items]
Trade date	Apr. 15, 2013
Effective date	May 3, 2015
Term	2 years
Notional amount	$ 50,000
Fixed rate	1.03%
Interest Rate Swap April 22, 2013 [Member]
Derivative [Line Items]
Trade date	Apr. 22, 2013
Effective date	May 3, 2015
Term	3 years
Notional amount	$ 25,000
Fixed rate	1.30%
Interest Rate Swap April 25, 2013 [Member]
Derivative [Line Items]
Trade date	Apr. 25, 2013
Effective date	May 3, 2015
Term	3 years
Notional amount	$ 25,000
Fixed rate	1.29%
Interest Rate Swap June 18, 2014 [Member]
Derivative [Line Items]
Trade date	Jun. 18, 2014
Effective date	May 3, 2015
Term	4 years
Notional amount	$ 40,000
Fixed rate	2.51%
Interest Rate Swap June 24, 2014 [Member]
Derivative [Line Items]
Trade date	Jun. 24, 2014
Effective date	May 3, 2015
Term	4 years
Notional amount	$ 30,000
Fixed rate	2.51%
Interest Rate Swap July 1, 2014 [Member]
Derivative [Line Items]
Trade date	Jul. 1, 2014
Effective date	May 5, 2015
Term	4 years
Notional amount	$ 30,000
Fixed rate	2.43%
Interest Rate Swap One January 30, 2015 [Member]
Derivative [Line Items]
Trade date	Jan. 30, 2015
Effective date	May 3, 2019
Term	2 years
Notional amount	$ 80,000
Fixed rate	2.15%
Interest Rate Swap Two January 30, 2015 [Member]
Derivative [Line Items]
Trade date	Jan. 30, 2015
Effective date	May 3, 2019
Term	2 years
Notional amount	$ 60,000
Fixed rate	2.16%
Interest Rate Swap Three January 30, 2015 [Member]
Derivative [Line Items]
Trade date	Jan. 30, 2015
Effective date	May 4, 2021
Term	3 years
Notional amount	$ 120,000
Fixed rate	2.41%
Interest Rate Swap Four January 30, 2015 [Member]
Derivative [Line Items]
Trade date	Jan. 30, 2015
Effective date	May 3, 2019
Term	2 years
Notional amount	$ 60,000
Fixed rate	2.15%
Interest Rate Swap Five January 30, 2015 [Member]
Derivative [Line Items]
Trade date	Jan. 30, 2015
Effective date	May 4, 2021
Term	3 years
Notional amount	$ 80,000
Fixed rate	2.40%
Interest Rate Swaps [Member] | Interest Rate Swap June 18, 2014 [Member]
Derivative [Line Items]
Increase in notional amount each year	$ 40,000
Maximum notional amount	160,000
Interest Rate Swaps [Member] | Interest Rate Swap June 24, 2014 [Member]
Derivative [Line Items]
Increase in notional amount each year	30,000
Maximum notional amount	120,000
Interest Rate Swaps [Member] | Interest Rate Swap July 1, 2014 [Member]
Derivative [Line Items]
Increase in notional amount each year	30,000
Maximum notional amount	$ 120,000

Derivative Instruments and He30

Derivative Instruments and Hedging Activities, Estimated Fair Values of Derivative Instruments (Details) - Interest Rate Swaps [Member] - USD ($) $ in Thousands	Apr. 29, 2016	Jul. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value, assets	$ 0	$ 3,759
Fair value, liability	17,570	9,821
Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, assets	0	3,759
Current Interest Rate Swap Liability [Member]
Derivatives, Fair Value [Line Items]
Fair value, liability	11	1,117
Long-term Interest Rate Swap Liability [Member]
Derivatives, Fair Value [Line Items]
Fair value, liability	$ 17,559	$ 8,704

Derivative Instruments and He31

Derivative Instruments and Hedging Activities, Offsetting of Derivative Assets Liabilities (Details) - USD ($) $ in Thousands	Apr. 29, 2016	Jul. 31, 2015
Offsetting of derivative liabilities in condensed consolidated balance sheets [Abstract]
Estimated pre-tax portion of AOCL that is expected to be reclassified into earnings over the next twelve months	$ 3,475
Interest Rate Swaps [Member]
Offsetting of derivative assets in condensed consolidated balance sheets [Abstract]
Gross Asset Amounts	0	$ 3,878
Liability Amount Offset	0	(119)
Net Asset Amount Presented in the Balance Sheets	0	3,759
Offsetting of derivative liabilities in condensed consolidated balance sheets [Abstract]
Gross Liability Amounts	17,570	9,821
Asset Amount Offset	0	0
Net Liability Amount Presented in the Balance Sheets	17,570	9,821
Reduction in fair value of interest rate swap assets and liabilities due to adjustment related to non-performance risk	$ 831	$ 209

Derivative Instruments and He32

Derivative Instruments and Hedging Activities, Pre-tax Effects of Derivative Instruments on AOCL and Income (Details) - Interest Rate Swaps [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015	Jul. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Income Recognized in AOCL on Derivatives (Effective Portion)			$ 11,508		$ 1,641
Ineffectiveness recorded in earnings on interest rate cash flow hedge			0	$ 0
Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Reclassified from AOCL into Income (Effective Portion)	$ 1,409	$ 2,040	$ 4,301	$ 6,055

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 05, 2016	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Shareholders' Equity [Abstract]
Number of shares issued from vesting of share-based compensation awards and stock option exercises (in shares)				66,243
Tax withholding payment net of cash received from issuance of share based compensation awards				$ (5,281)	$ (3,432)
Shares of common stock repurchased (in shares)				100,000
Stock repurchase aggregate value				$ 14,653
Share-based compensation expense				8,893
Excess tax benefit realized upon exercise of share-based compensation awards				$ 2,063	$ 3,224
Dividends Payable [Line Items]
Cash dividends paid (in dollars per share)		$ 1.10	$ 1	$ 6.30	$ 3
Cash dividends declared (in dollars per share)		$ 1.10	$ 1	3.30	$ 3
First Regular Dividends [Member]
Dividends Payable [Line Items]
Cash dividends paid (in dollars per share)				3.30
Second Regular Dividends [Member]
Dividends Payable [Line Items]
Cash dividends declared (in dollars per share)				$ 1.10
Dividend payment date				May 5, 2016
Dividend record date				Apr. 15, 2016
Second Regular Dividends [Member] | Subsequent Event [Member]
Dividends Payable [Line Items]
Cash dividends paid (in dollars per share)	$ 1.10
Special Dividends [Member]
Dividends Payable [Line Items]
Cash dividends paid (in dollars per share)				$ 3

Shareholders' Equity, Summary o

Shareholders' Equity, Summary of Changes in AOCL, Net of Tax (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period	[1]			$ 538,268
Other comprehensive (loss) income, net of tax		$ (975)	$ 4,937	(7,125)	$ 706
Balance, end of period		580,433		580,433
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, beginning of period				(3,725)
Other comprehensive loss before reclassifications				(4,469)
Amounts reclassified from AOCL				(2,656)
Other comprehensive (loss) income, net of tax				(7,125)
Balance, end of period		$ (10,850)		$ (10,850)
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 31, 2015, 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, 2015.

Shareholders' Equity, Reclassif

Shareholders' Equity, Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (3,436)	$ (4,030)	$ (10,549)	$ (13,138)
Provision for income taxes	(14,423)	(16,130)	(54,036)	(52,498)
Net of tax	49,169	$ 35,317	138,276	$ 116,504
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Provision for income taxes	539		1,645
Net of tax	(870)		(2,656)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swaps [Member] | Reclassification out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ (1,409)		$ (4,301)

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2016USD ($)	May. 01, 2015USD ($)	Apr. 29, 2016USD ($)LineSegment	May. 01, 2015USD ($)
Segment Information [Abstract]
Number of product lines | Line			2
Number of reportable operating segments | Segment			1
Revenue from External Customer [Line Items]
Revenue	$ 700,136	$ 683,705	$ 2,166,767	$ 2,123,099
Restaurant [Member]
Revenue from External Customer [Line Items]
Revenue	570,477	577,098	1,713,674	1,681,363
Retail [Member]
Revenue from External Customer [Line Items]
Revenue	$ 129,659	$ 126,607	$ 453,093	$ 441,736

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 3,938	$ 4,465	$ 8,893	$ 10,795
Nonvested Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	3,161	3,670	6,573	8,652
Performance-Based Market Stock Units ("MSU Grants") [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation	$ 777	$ 795	$ 2,320	$ 2,143

Net Income Per Share and Weig38

Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Apr. 29, 2016	May. 01, 2015	Apr. 29, 2016	May. 01, 2015
Net Income Per Share and Weighted Average Shares [Abstract]
Net income per share numerator	$ 49,169	$ 35,317	$ 138,276	$ 116,504
Net income per share denominator [Abstract]
Weighted average shares (in shares)	23,941,188	23,937,844	23,945,184	23,904,945
Add potential dilution [Abstract]
Stock options, nonvested stock awards and MSU Grants (in shares)	132,590	128,217	119,440	128,351
Diluted weighted average shares (in shares)	24,073,778	24,066,061	24,064,624	24,033,296

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Apr. 29, 2016USD ($)Property
Standby Letters of Credit [Member]
Loss Contingencies [Line Items]
Standby letters of credit | $	$ 11,195
Lease Performance Guarantee [Member]
Loss Contingencies [Line Items]
Number of properties for which the company is secondarily liable for lease payments | Property	1