Cracker Barrel Old Country Store (CBRL) 10-Q 23 Nov 21 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 29, 2021	Nov. 17, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2021
Current Fiscal Year End Date	--07-29
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity File Number	001-25225
Entity Registrant Name	Cracker Barrel Old Country Store, Inc.
Entity Central Index Key	0001067294
Entity Incorporation, State or Country Code	TN
Entity Tax Identification Number	62-0812904
Entity Address, Address Line One	305 Hartmann Drive
Entity Address, City or Town	Lebanon
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37087-4779
City Area Code	615
Local Phone Number	444-5533
Title of 12(b) Security	Common Stock (Par Value $0.01)
Trading Symbol	CBRL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,521,887

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 29, 2021	Jul. 30, 2021
Current Assets:
Cash and cash equivalents	$ 125,865	$ 144,593	[1]
Accounts receivable	30,197	27,372	[1]
Income taxes receivable	14,739	21,123	[1]
Inventories	159,633	138,320	[1]
Prepaid expenses and other current assets	26,789	22,188	[1]
Total current assets	357,223	353,596	[1]
Property and equipment	2,243,823	2,234,489	[1]
Less: Accumulated depreciation and amortization	1,276,724	1,254,639	[1]
Property and equipment - net	967,099	979,850	[1]
Operating lease right-of-use assets, net	966,866	974,477	[1]
Goodwill	4,690	4,690	[1]
Intangible assets	21,267	21,285	[1]
Other assets	55,592	57,796	[1]
Total assets	2,372,737	2,391,694	[1]
Current Liabilities:
Accounts payable	138,199	135,176	[1]
Dividends payable	30,850	23,970
Other current liabilities	280,598	306,116	[1]
Total current liabilities	449,647	465,262	[1]
Long-term debt	376,974	327,253	[1]
Long-term operating lease liabilities	744,150	748,305	[1]
Other long-term obligations	86,562	88,615	[1]
Deferred income taxes	86,189	98,626	[1]
Commitments and Contingencies (Note 10)			[1]
Shareholders' Equity:
Preferred stock - 100,000,000 shares of $0.01 par value authorized; 300,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued	0	0	[1]
Common stock - 400,000,000 shares of $0.01 par value authorized; 23,519,857 shares issued and outstanding at October 29, 2021, and 23,497,166 shares issued and outstanding at July 30, 2021	235	235	[1]
Retained earnings	628,980	663,398	[1]
Total shareholders' equity	629,215	663,633	[1]
Total liabilities and shareholders' equity	$ 2,372,737	$ 2,391,694	[1]
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 30, 2021, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 30, 2021.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Oct. 29, 2021	Jul. 30, 2021
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)	23,519,857	23,497,166
Common stock, shares outstanding (in shares)	23,519,857	23,497,166
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 - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Total revenue	$ 784,930	$ 646,454
Cost of goods sold (exclusive of depreciation and rent)	242,771	199,044
Labor and other related expenses	274,657	227,188
Other store operating expenses	183,679	161,274
General and administrative expenses	40,910	39,564
Gain on sale and leaseback transactions	0	(217,722)
Operating income	42,913	237,106
Interest expense, net	2,629	10,715
Income before income taxes	40,284	226,391
Provision for income taxes	6,908	55,711
Net income	$ 33,376	$ 170,680
Net income per share:
Basic (in dollars per share)	$ 1.42	$ 7.20
Diluted (in dollars per share)	$ 1.41	$ 7.18
Weighted average shares:
Basic (in shares)	23,507,361	23,707,750
Diluted (in shares)	23,593,882	23,771,230

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 33,376	$ 170,680
Other comprehensive income before income tax expense:
Change in fair value of interest rate swaps	0	3,466
Income tax expense	0	865
Other comprehensive income, net of tax	0	2,601
Comprehensive income	$ 33,376	$ 173,281

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings [Member]	Total		Cumulative-Effect of Change in Accounting Principle, Net of Taxes (See Note 1) [Member]Common Stock [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes (See Note 1) [Member]Additional Paid-In Capital [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes (See Note 1) [Member]Accumulated Other Comprehensive Loss [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes (See Note 1) [Member]Retained Earnings [Member]	Cumulative-Effect of Change in Accounting Principle, Net of Taxes (See Note 1) [Member]
Balances at Jul. 31, 2020	$ 237	$ 0	$ (20,346)	$ 438,498	$ 418,389
Balances (in shares) at Jul. 31, 2020	23,697,396
Comprehensive Income:
Net income	$ 0	0	0	170,680	170,680
Other comprehensive income, net of tax	0	0	2,601	0	2,601
Comprehensive income	0	0	2,601	170,680	173,281
Cash dividends declared	0	0	0	(40)	(40)
Share-based compensation	0	1,974	0	0	1,974
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(1,974)	0	(18)	(1,992)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	22,928
Balances at Oct. 30, 2020	$ 237	0	(17,745)	609,120	591,612
Balances (in shares) at Oct. 30, 2020	23,720,324
Balances at Jul. 30, 2021	$ 235	0	0	663,398	$ 663,633	[1]
Balances (in shares) at Jul. 30, 2021	23,497,166				23,497,166
Comprehensive Income:
Net income	$ 0	0	0	33,376	$ 33,376
Other comprehensive income, net of tax	0	0	0	0	0
Comprehensive income	0	0	0	33,376	33,376
Cash dividends declared	0	0	0	(30,838)	(30,838)
Share-based compensation	0	2,309	0	0	2,309
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(2,309)	0	0	(2,309)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	22,691
Balances at Oct. 29, 2021	$ 235	$ 0	$ 0	$ 628,980	$ 629,215		$ 0	$ 0	$ 0	$ (36,956)	$ (36,956)
Balances (in shares) at Oct. 29, 2021	23,519,857				23,519,857
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 30, 2021, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 30, 2021.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Oct. 29, 2021$ / shares
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract]
Cash dividends declared (in dollars per share)	$ 1.30

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended
		Oct. 29, 2021	Oct. 30, 2020
Cash flows from operating activities:
Net income		$ 33,376	$ 170,680
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		25,788	26,351
Amortization of debt issuance costs		479	0
Loss on disposition of property and equipment		1,870	801
Gain on sale and leaseback transaction		0	(217,722)
Share-based compensation		2,309	1,974
Noncash lease expense		14,329	13,888
Amortization of asset recognized from gain on sale and leaseback transactions		3,184	3,184
Changes in assets and liabilities:
Inventories		(21,313)	(16,646)
Other current assets		(1,401)	(4,582)
Accounts payable		3,023	32,547
Other current liabilities		(23,693)	(5,083)
Deferred income taxes		(151)	54,142
Other long-term assets and liabilities		(14,777)	(2,543)
Net cash provided by operating activities		23,023	56,991
Cash flows from investing activities:
Purchase of property and equipment		(14,097)	(11,431)
Proceeds from insurance recoveries of property and equipment		44	217
Proceeds from sale of property and equipment		14	149,829
Acquisition of business, net of cash acquired		(1,500)	(1,500)
Net cash provided by (used in) investing activities		(15,539)	137,115
Cash flows from financing activities:
Taxes withheld from issuance of share-based compensation awards		(2,309)	(1,992)
Dividends on common stock		(23,903)	(31,491)
Net cash used in financing activities		(26,212)	(33,483)
Net increase (decrease) in cash and cash equivalents		(18,728)	160,623
Cash and cash equivalents, beginning of period		144,593	436,996
Cash and cash equivalents, end of period		125,865	597,619
Cash paid during the period for:
Interest, net of amounts capitalized		2,686	10,201
Income taxes		12	1
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures accrued in accounts payable	[1]	3,048	2,736
Change in fair value of interest rate swaps	[1]	0	3,466
Change in deferred tax asset for interest rate swaps	[1]	0	(865)
Dividends declared but not yet paid	[1]	$ 31,007	$ 612
[1]	See Note 8 for additional supplemental disclosures related to leases.

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	3 Months Ended
	Oct. 29, 2021
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 accompanying condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission (“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 30, 2021 (the “2021 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as described in the 2021 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. COVID-19 Impact The Company continues to recover from the COVID-19 pandemic as all dining rooms were open to some extent during the first quarter of 2022. Although dining room service was operational to varying degrees, some locations continued to be adversely impacted by capacity restrictions and social distancing guidelines. It is possible that renewed outbreaks or increases in cases, either as part of a national trend or on a more localized basis, could result in additional capacity restrictions or otherwise limit our dine-in services, or negatively affect consumer demand. In response to the COVID-19 pandemic, we instituted operational protocols to comply with applicable regulatory requirements to protect the health and safety of employees and guests, and we implemented and have continually adapted a number of strategies to support the recovery of our business and navigate through the uncertain environment. We continue to focus on growing our off-premise business and investing in our digital infrastructure to improve the guest experience in the face of these ongoing challenges. Recent Accounting Pronouncements Adopted Accounting for Convertible Instruments In August 2020, the Financial Accounting Standards Boar d (“FASB”) issued Accounting for Income Taxes In December 2019, the FASB issued accounting guidance in order to simplify the accounting for income taxes. This new guidance eliminates certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This accounting guidance is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The new guidance was applied on a prospective basis, except for the guidance on franchise taxes that are partially based on income which was applied using a modified retrospective approach. The adoption of the accounting guidance in the first quarter of 2022 did not have a significant impact on the Company’s consolidated financial position or results of operations.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Oct. 29, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements	2. Fair Value Measurements The Company’s assets measured at fair value on a recurring basis at October 29, 2021 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 15,001 $ — $ — $ 15,001 Deferred compensation plan assets** 32,251 Total assets at fair value $ 47,252 The Company’s assets measured at fair value on a recurring basis at July 30, 2021 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 35,001 $ — $ — $ 35,001 Deferred compensation plan assets** 32,527 Total assets at fair value $ 67,528 *Consists of money market fund investments. **Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s The Company did not have any liabilities measured at fair value on a recurring basis at October 29, 2021 and July 30, 2021. The Company’s money market fund investments are measured at fair value using quoted market prices. 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 October 29, 2021 and July 30, 2021. The Company’s financial instruments that are not remeasured at fair value include the 0.625% convertible Senior Notes (see Note 4). The Company estimates the fair value of the Notes through consideration of quoted market prices of similar instruments, classified as Level 2. The estimated fair value of the Notes was $292,344 and $249,233, respectively, as of October 29, 2021 and July 30, 2021 .

Inventories

Inventories	3 Months Ended
	Oct. 29, 2021
Inventories [Abstract]
Inventories	3. Inventories Inventories were comprised of the following at: October 29, 2021 July 30, 2021 Retail $ 122,178 $ 104,143 Restaurant 24,213 21,583 Supplies 13,242 12,594 Total $ 159,633 $ 138,320

Debt

Debt	3 Months Ended
	Oct. 29, 2021
Debt [Abstract]
Debt	4. Debt On September 5, 2018, the Company entered into a five-year $950,000 revolving credit facility (“2019 Revolving Credit Facility”). The 2019 Revolving Credit Facility contains an option to increase the revolving credit facility by $300,000, of which $260,605 remains. I n the third quarter of 2021 , the Company entered into an amendment to the 2019 Revolving Credit Facility which reduced the commitment amount from $ to $ . The Company’s outstanding borrowings under the 2019 Revolving Credit Facility were $85,000 at both October 29, 2021 and July 30, 2021 . At October 29, 2021 , In accordance with the 2019 Revolving Credit Facility, outstanding borrowings bear interest, at the Company’s election, either at the London Inter-Bank Offered Rate (“LIBOR”) or prime plus a percentage point spread based on certain specified financial ratios under the 2019 Revolving Credit Facility. At October 29, 2021, the weighted average interest rate on $85,000 of the Company’s outstanding borrowings was 2.33%. The 2019 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 October 29, 2021, the Company was in compliance with all debt covenants under the 2019 Revolving Credit Facility. The 2019 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 2019 Revolving Credit Facility, provided there is no default existing and the total of the Company’s availability under the 2019 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. Convertible Senior Notes On June 18, 2021, the Company completed a $300,000 principal aggregate amount private offering of 0.625% convertible Senior Notes due in 2026 (the “Notes”), which included the exercise in full of the initial purchasers’ option to purchase up to an additional $25,000 principal amount of the Notes. The Notes are governed by the terms of an indenture between the Company and U.S. Bank National Association as the Trustee. The Notes will mature on June 15, 2026, unless earlier converted, repurchased or redeemed. The Notes bear cash interest at an annual rate of 0.625%, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021. The Notes are unsecured obligations and do not contain any financial or operating covenants or restrictions on the payments of dividends, the incurrence of indebtedness or the issuance or repurchase of securities by the Company or any of its subsidiaries. In an event of default, the principal amount of, and all accrued and unpaid interest on, all of the notes then outstanding will immediately become due and payable. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will consist exclusively of the right of the noteholders to receive special interest on the Notes for up to 180 calendar days during which such event of default has occurred and is continuing, at a specified rate for the first 90 days of 0.25% per annum, and thereafter at a rate of 0.50% per annum, on the principal amount of the Notes. The initial conversion rate applicable to the Notes was 5.3153 shares of the Company’s common stock per $1,000 principal amount of Notes, which represented an initial conversion price of approximately $188.14 per share of the Company’s common stock, a premium of 25.0% over the last reported sale price of $150.51 per share on June 15, 2021, the date on which the Notes were priced. The conversion rate is subject to customary adjustments upon the occurrence of certain events, including the payment of dividends to holders of the Company’s common stock. As of October 29, 2021, the conversion rate, as adjusted, was 5.4042 shares of the Company’s common stock per $1,000 principal amount of Notes. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. Net proceeds from the 2026 Notes offering were $291,125, after deducting the initial purchasers’ discounts and commissions and the Company’s offering fees and expenses. In accounting for the issuance of the Notes as of July 30, 2021, the Company separated the Notes into liability and equity components. The carrying amount of the liability component before the allocation of any issuance costs was calculated by measuring the fair value of a similar liability that does not have an associated exchangeable feature. The carrying amount of the equity component (before the allocation of any issuance costs), representing the conversion option, which did not require separate accounting as a derivative as it met a scope exception for certain contracts involving an entity’s own equity, was determined by deducting the fair value of the liability component from the par value of the Notes. The difference between the principal amount of the Notes and the liability component represented the debt discount, which was recorded as a direct deduction from the related debt liability in the Condensed Consolidated Balance Sheet and accreted over the period from the date of issuance to the contractual maturity date, resulting in the recognition of non-cash interest expense. The equity component of the Notes of $53,004 was included in additional-paid in capital in the consolidated balance sheet as of July 30, 2021 and was not remeasured since it continued to meet the conditions for equity classification. Issuance costs were allocated to the liability and equity components in the same proportion as the allocation of the proceeds. Issuance costs attributable to the liability component were recorded as debt issuance costs in the Condensed Consolidated Balance Sheet and are amortized to interest expense using the effective interest method over the term of the Notes, and issuance costs attributable to the equity component were netted with the equity component in stockholders’ equity. Due to our adoption of new accounting guidance for convertible instruments on July 31, 2021, we no longer bifurcate the Notes into a liability and an equity component in our Condensed Consolidated Balance Sheets (see Note 1 for additional information regarding the adoption of this new accounting guidance). Upon adoption of this new accounting guidance, the Notes are accounted for entirely as a liability, and the issuance costs of the Notes are accounted for wholly as debt issuance costs. The equity conversion feature that was recorded to equity, as well as the unamortized debt discount and amortization expense attributable to equity, have been derecognized. The following table includes the outstanding principal amount and carrying value of the Notes as of the period indicated: October 29, 2021 Liability component Principal $ 300,000 Less: Debt issuance costs (1) 8,300 Net carrying amount $ 291,700 (1) Debt issuance costs are amortized to interest expense using the effective interest method over the expected life of the Notes. The effective rate of the Notes over their expected life is 1.24%. The following is a summary of interest expense for the Notes for the quarter ended October 29, 2021: Quarter Ended October 29, 2021 Coupon interest $ 474 Amortization of issuance costs 479 Total interest expense $ 953 During any calendar quarter after September 30, 2021, in which the closing price of the Company’s common stock exceeds 130% of the applicable conversion price of the Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may in the quarter immediately following, convert all or a portion of their Notes. The holders of the Notes were not eligible to convert their Notes during the first quarter of 2022. When a conversion notice is received, the Company has the option to pay or deliver the conversion amount entirely in cash or a combination of cash and shares of the Company’s common stock. Accordingly, as of October 29, 2021, the Company could not be required to settle the Notes and, therefore, the Notes are classified as long-term debt. Convertible Note Hedge and Warrant Transactions In connection with the offering of the Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedge Transactions”) with certain of the initial purchasers of the Notes and/or their respective affiliates and other financial institutions (in this capacity, the “Hedge Counterparties”). Concurrently with the Company’s entry into the Convertible Note Hedge Transactions, the Company also entered into separate, warrant transactions with the Hedge Counterparties collectively relating to the same number of shares of the Company’s common stock, which initially is approximately 1,600,000 shares, subject to customary anti-dilution adjustments, and for which the Company received proceeds that partially offset the cost of entering into the Convertible Note Hedge Transactions (the “Warrant Transactions”). The Convertible Note Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially underlie the Notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the Notes. The Warrant Transactions could have a dilutive effect on the Company’s common stock to the extent that the price of its common stock exceeds the strike price of the Warrant Transactions. The strike price was initially $263.39 per share and is subject to certain adjustments under the terms of the Warrant Transactions. As of October 29, 2021, the strike price, as adjusted, of the Warrant Transactions was $259.06 per share as a result of dividends declared since the Notes were issued. The portion of the net proceeds to the Company from the offering of the Notes that was used to pay the premium on the Convertible Note Hedge Transactions, net of the proceeds to the Company from the Warrant Transactions, was approximately $30,310. The net costs incurred in connection with the Convertible Note Hedge Transactions and Warrant Transactions were recorded as a reduction to additional paid-in capital on the Company’s Condensed Consolidated Balance Sheet during 2021. As these transactions meet certain accounting criteria, the Convertible Note Hedge Transactions and Warrant Transactions were recorded in stockholders’ equity, not accounted for as derivatives and are not remeasured each reporting period.

Seasonality

Seasonality	3 Months Ended
	Oct. 29, 2021
Seasonality [Abstract]
Seasonality	5. 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 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 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. Currently, the Company is not able to predict the impact that the COVID-19 pandemic may have on these historical consumer demand patterns or, as a result, on the seasonality of its business generally.

Segment Information

Segment Information	3 Months Ended
	Oct. 29, 2021
Segment Information [Abstract]
Segment Information	6. 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.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Oct. 29, 2021
Revenue Recognition [Abstract]
Revenue Recognition	7. Revenue Recognition Revenue consists primarily of sales from restaurant and retail operations. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a restaurant guest, retail customer or other customer. The Company’s policy is to present sales in the Condensed Consolidated Statements of Income on a net presentation basis after deducting sales tax. Disaggregation of revenue Total revenue was comprised of the following for the specified periods: Quarter Ended October 29, 2021 October 30, 2020 Revenue: Restaurant $ 615,414 $ 515,224 Retail 169,516 131,230 Total revenue $ 784,930 $ 646,454 Restaurant Revenue The Company recognizes revenues from restaurant sales when payment is tendered at the point of sale, as the Company’s performance obligation to provide food and beverages is satisfied. Retail Revenue The Company recognizes revenues from retail sales when payment is tendered at the point of sale, as the Company’s performance obligation to provide merchandise is satisfied. Ecommerce sales, including shipping revenue, are recorded upon delivery to the customer. Additionally, estimated sales returns are calculated based on return history and sales levels. Gift Card Breakage Included in restaurant and retail revenue is gift card breakage. Customer purchases of gift cards, to be utilized at the Company’s stores, are not recognized as sales until the card is redeemed and the customer purchases food and/or merchandise. Gift cards do not carry an expiration date; therefore, customers can redeem their gift cards indefinitely. A certain number of gift cards will not be fully redeemed. Management estimates unredeemed balances and recognizes gift card breakage revenue for these amounts in the Company’s Condensed Consolidated Statements of Income over the expected redemption period. Gift card breakage is recognized when the likelihood of a gift card being redeemed by the customer is remote and the Company determines that there is not a legal obligation to remit the unredeemed gift card balance to the relevant jurisdiction. The determination of the gift card breakage rate is based upon the Company’s specific historical redemption patterns. The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage over the period of estimated redemption. For the quarter ended October 29, 2021, gift card breakage was $1,105. For the quarter ended October 30, 2020, gift card breakage was $940. Deferred revenue related to the Company’s gift cards was $88,001 and $93,098, respectively, at October 29, 2021 and July 30, 2021. Revenue recognized in the Condensed Consolidated Statements of Income for the three months ended October 29, 2021 and October 30, 2020, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $16,807 and $16,242.

Leases

Leases	3 Months Ended
	Oct. 29, 2021
Leases [Abstract]
Leases	8. Leases The Company has ground leases for its leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases. The Company also leases advertising billboards, vehicle fleets, and certain equipment under various non-cancellable operating leases. Additionally, the Company completed sale-leaseback transactions in 2009, 2020 and 2021 (see section below entitled “Sale and Leaseback Transactions”). To determine whether a contract is or contains a lease, the Company determines at contract inception whether it contains the right to control the use of an identified asset for a period of time in exchange for consideration. If the contract has the right to obtain substantially all of the economic benefit from use of the identified asset and the right to direct the use of the identified asset, the Company recognizes a right-of-use asset and lease liability. The Company’s leases all have varying terms and expire at various dates through 2055. Restaurant leases typically have base terms of ten years with four to five optional renewal periods of five years each. The Company uses a lease life that generally begins on the commencement date, including the rent holiday periods, and generally extends through certain renewal periods that can be exercised at the Company’s option. During rent holiday periods, which include the pre-opening period during construction, the Company has possession of and access to the property, but is not obligated to, and normally does not, make rent payments. Contingent rent is determined as a percentage of gross sales in excess of specified levels. The Company records a contingent rent liability and corresponding rent expense when it is probable sales have been achieved in amounts in excess of the specified levels. The Company has entered into agreements for real estate leases that are not recorded as right-of-use assets or lease liabilities as we have not yet taken possession. These leases are expected to commence in 2022 with undiscounted future payments of $7,053. The Company has elected not to separate lease and non-lease components. Additionally, the Company has elected to apply the short term lease exemption to all asset classes and the short term lease expense for the period reasonably reflects the short term lease commitments. As the Company’s leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the time of commencement or modification date in determining the present value of lease payments. For operating leases that commenced prior to the date of adoption of the new lease accounting guidance, the Company used the incremental borrowing rate as of the adoption date. Assumptions used in determining the Company’s incremental borrowing rate include the Company’s implied credit rating and an estimate of secured borrowing rates based on comparable market data. The following table summarizes the components of lease cost for operating leases for the quarters ended October 29, 2021 and October 30,2020: Quarter Ended Quarter Ended October 29,2021 October 30, 2020 Operating lease cost $ 26,992 $ 26,472 Short term lease cost 167 322 Variable lease cost 588 527 Total lease cost $ 27,747 $ 27,321 The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for the quarters ended October 29, 2021 and October 30, 2020: Quarter Ended Quarter Ended October 29, 2021 October 30, 2020 Operating cash flow information: Gain on sale and leaseback transactions $ — $ 217,722 Cash paid for amounts included in the measurement of lease liabilities 22,793 22,266 Noncash information: Right-of-use assets obtained in exchange for new operating lease liabilities 6,688 311,633 Lease modifications or reassessments increasing or decreasing right-of-use assets 3,377 23,257 Lease modifications removing right-of-use assets (162 ) (259 ) The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of October 29, 2021 and October 30, 2020: October 29 2021 October 30 2020 Weighted-average remaining lease term 18.00 18.59 Weighted-average discount rate 4.85 % 4.79 % The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of October 29, 2021: Year Total Remainder of 2022 $ 66,730 2023 81,158 2024 65,259 2025 62,269 2026 62,494 Thereafter 891,632 Total future minimum lease payments 1,229,542 Less imputed remaining interest (434,015 ) Total present value of operating lease liabilities $ 795,527 Sale and Leaseback Transactions In 2009, the Company completed sale-leaseback transactions involving 15 of its owned stores and its retail distribution center. Under the transactions, the land, buildings and improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. Equipment was not included. The leases include specified renewal options for up to 20 additional years. On July 29, 2020, the Company entered into an agreement with the original lessor and a third party financier to obtain ownership of 64 of the 65 Cracker Barrel properties previously covered in the original sale and leaseback arrangement and simultaneously entered into a sale and leaseback transaction with the financier for an aggregate purchase price, net of closing costs, of $198,083. The Company purchased the remaining property for approximately $3,200. In connection with this sale and leaseback transaction, the Company entered into lease agreements for each of the properties for initial terms of 20 years and renewal options up to 50 years. The aggregate initial annual rent payment for the properties is approximately $14,379 and includes 1% annual rent increases over the initial lease terms. All the properties qualified for sale and leaseback and operating lease accounting classification and the Company recorded a gain on the sale and leaseback transaction of $69,954 in the fourth quarter of 2020. The Company recorded operating lease right-of-use assets, including a non-cash asset recognized as a part of accounting for the transaction of $79,049, and corresponding operating lease liabilities of $261,698 and $182,649, respectively. On August 4, 2020, the Company completed a subsequent sale and leaseback transaction involving 62 of its owned Cracker Barrel stores for an aggregate purchase price, net of closing costs, of $146,357. Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for initial terms of 20 years and renewal options up to 50 years. The aggregate initial annual rent payment for the properties is approximately $10,393 and includes 1% annual rent increases over the initial lease terms. All of the properties qualified for sale and leaseback and operating lease accounting classification, and the Company recorded a gain of $217,722 which is recorded in the gain on sale and leaseback transaction line in the Condensed Consolidated Statement of Income in the first quarter of 2021. The Company also recorded operating lease right-of-use assets, including a non-cash asset recognized as part of accounting for the transaction of $175,960, and corresponding operating lease liabilities of $309,624 and $133,663, respectively.

Net Income Per Share and Weight

Net Income Per Share and Weighted Average Shares	3 Months Ended
	Oct. 29, 2021
Net Income Per Share and Weighted Average Shares [Abstract]
Net Income Per Share and Weighted Average Shares	9. 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 nonvested stock awards and units issued by the Company are calculated using the treasury stock method. The outstanding nonvested stock awards and units issued by the Company represent the only dilutive effects on diluted consolidated net income per share. The Company’s convertible senior notes and related warrants are calculated using the net share settlement option under the if converted method. The convertible senior notes have been excluded from the computation of diluted earnings per share since the conversion price of the convertible senior notes exceeded the average market price of the Company’s common stock. Warrants were excluded from the computation of diluted earnings per share since the warrants’ strike price was greater than the average market price of the Company’s common stock during the period. See Note 4 for additional information regarding the Company’s convertible senior notes The following table reconciles the components of diluted earnings per share computations: Quarter Ended October 29, 2021 October 30, 2020 Net income per share numerator $ 33,376 $ 170,680 Net income per share denominator: Weighted average shares 23,507,361 23,707,750 Add potential dilution: Nonvested stock awards and units 86,521 63,480 Diluted weighted average shares 23,593,882 23,771,230

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Oct. 29, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. 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 contingencies will not materially affect the Company’s financial statements. Related to its insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of October 29, 2021, the Company had $31,896 of standby letters of credit related to securing reserved claims under workers’ compensation insurance and the July 29, 2020 and August 4, 2020 sale and leaseback transactions During 2020, the Company received notice regarding non-performance by the primary obligor under lease arrangements for two properties occupied by a third party. At October 29 $ . 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 October 29 , 2021

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements (Policies)	3 Months Ended
	Oct. 29, 2021
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted Accounting for Convertible Instruments In August 2020, the Financial Accounting Standards Boar d (“FASB”) issued Accounting for Income Taxes In December 2019, the FASB issued accounting guidance in order to simplify the accounting for income taxes. This new guidance eliminates certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. This accounting guidance is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The new guidance was applied on a prospective basis, except for the guidance on franchise taxes that are partially based on income which was applied using a modified retrospective approach. The adoption of the accounting guidance in the first quarter of 2022 did not have a significant impact on the Company’s consolidated financial position or results of operations.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Oct. 29, 2021
Fair Value Measurements [Abstract]
Assets Liabilities Measured at Fair Value on a Recurring Basis	The Company’s assets measured at fair value on a recurring basis at October 29, 2021 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 15,001 $ — $ — $ 15,001 Deferred compensation plan assets** 32,251 Total assets at fair value $ 47,252 The Company’s assets measured at fair value on a recurring basis at July 30, 2021 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 35,001 $ — $ — $ 35,001 Deferred compensation plan assets** 32,527 Total assets at fair value $ 67,528 *Consists of money market fund investments. **Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Oct. 29, 2021
Inventories [Abstract]
Inventories	Inventories were comprised of the following at: October 29, 2021 July 30, 2021 Retail $ 122,178 $ 104,143 Restaurant 24,213 21,583 Supplies 13,242 12,594 Total $ 159,633 $ 138,320

Debt (Tables)

Debt (Tables)	3 Months Ended
	Oct. 29, 2021
Debt [Abstract]
Outstanding Principal Amount and Carrying Value of the Notes	The following table includes the outstanding principal amount and carrying value of the Notes as of the period indicated: October 29, 2021 Liability component Principal $ 300,000 Less: Debt issuance costs (1) 8,300 Net carrying amount $ 291,700 (1) Debt issuance costs are amortized to interest expense using the effective interest method over the expected life of the Notes.
Summary of Interest Expense	The effective rate of the Notes over their expected life is 1.24%. The following is a summary of interest expense for the Notes for the quarter ended October 29, 2021: Quarter Ended October 29, 2021 Coupon interest $ 474 Amortization of issuance costs 479 Total interest expense $ 953

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Oct. 29, 2021
Revenue Recognition [Abstract]
Disaggregation of Revenue	Total revenue was comprised of the following for the specified periods: Quarter Ended October 29, 2021 October 30, 2020 Revenue: Restaurant $ 615,414 $ 515,224 Retail 169,516 131,230 Total revenue $ 784,930 $ 646,454

Leases (Tables)

Leases (Tables)	3 Months Ended
	Oct. 29, 2021
Leases [Abstract]
Components of Lease Cost for Operating Leases	The following table summarizes the components of lease cost for operating leases for the quarters ended October 29, 2021 and October 30,2020: Quarter Ended Quarter Ended October 29,2021 October 30, 2020 Operating lease cost $ 26,992 $ 26,472 Short term lease cost 167 322 Variable lease cost 588 527 Total lease cost $ 27,747 $ 27,321
Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases	The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for the quarters ended October 29, 2021 and October 30, 2020: Quarter Ended Quarter Ended October 29, 2021 October 30, 2020 Operating cash flow information: Gain on sale and leaseback transactions $ — $ 217,722 Cash paid for amounts included in the measurement of lease liabilities 22,793 22,266 Noncash information: Right-of-use assets obtained in exchange for new operating lease liabilities 6,688 311,633 Lease modifications or reassessments increasing or decreasing right-of-use assets 3,377 23,257 Lease modifications removing right-of-use assets (162 ) (259 )
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases	The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of October 29, 2021 and October 30, 2020: October 29 2021 October 30 2020 Weighted-average remaining lease term 18.00 18.59 Weighted-average discount rate 4.85 % 4.79 %
Maturities of Undiscounted Cash Flows Reconciled to Total Operating Lease Liability	The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of October 29, 2021: Year Total Remainder of 2022 $ 66,730 2023 81,158 2024 65,259 2025 62,269 2026 62,494 Thereafter 891,632 Total future minimum lease payments 1,229,542 Less imputed remaining interest (434,015 ) Total present value of operating lease liabilities $ 795,527

Net Income Per Share and Weig_2

Net Income Per Share and Weighted Average Shares (Tables)	3 Months Ended
	Oct. 29, 2021
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 October 29, 2021 October 30, 2020 Net income per share numerator $ 33,376 $ 170,680 Net income per share denominator: Weighted average shares 23,507,361 23,707,750 Add potential dilution: Nonvested stock awards and units 86,521 63,480 Diluted weighted average shares 23,593,882 23,771,230

Condensed Consolidated Financ_3

Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Recent Accounting Pronouncements Adopted [Abstract]
Reduction in deferred income taxes	$ 151	$ (54,142)
Accounting Standards Update 2020-06 [Member]
Recent Accounting Pronouncements Adopted [Abstract]
Increase in long-term debt	49,242
Reduction in deferred income taxes	(12,286)
Decrease in equity	(36,956)
Accounting Standards Update 2020-06 [Member] | Retained Earnings [Member]
Recent Accounting Pronouncements Adopted [Abstract]
Decrease in equity	$ (36,956)

Fair Value Measurements, Assets

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands		Oct. 29, 2021	Jul. 30, 2021	Jun. 18, 2021
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Liabilities at fair value		$ 0	$ 0
0.625% Convertible Senior Notes Due 2026 [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Interest rate		0.625%		0.625%
Level 2 [Member] | 0.625% Convertible Senior Notes Due 2026 [Member] | Estimated Fair Value [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Fair value of notes		$ 292,344	249,233
Recurring [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Cash equivalents	[1]	15,001	35,001
Deferred compensation plan assets	[2]	32,251	32,527
Total assets at fair value		47,252	67,528
Recurring [Member] | Level 1 [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Cash equivalents	[1]	15,001	35,001
Recurring [Member] | Level 2 [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Cash equivalents	[1]	0	0
Recurring [Member] | Level 3 [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Cash equivalents	[1]	$ 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

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 29, 2021	Jul. 30, 2021
Inventories [Abstract]
Retail	$ 122,178	$ 104,143
Restaurant	24,213	21,583
Supplies	13,242	12,594
Total	$ 159,633	$ 138,320	[1]
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 30, 2021, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 30, 2021.

Debt, Revolving Credit Facility

Debt, Revolving Credit Facility (Details) - 2019 Revolving Credit Facility [Member] $ in Thousands	3 Months Ended
	Oct. 29, 2021USD ($)	Jul. 30, 2021USD ($)	Sep. 05, 2018USD ($)
Line of Credit Facility [Abstract]
Line of credit facility, term	5 years
Maximum borrowing capacity			$ 950,000
Option to increase revolving credit facility			300,000
Outstanding borrowings	$ 85,000	$ 85,000
Amount of standby letters of credit	31,896
Remaining borrowing capacity	$ 683,104		$ 260,605
Weighted average interest rates	2.33%
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
Covid-19 [Member]
Line of Credit Facility [Abstract]
Maximum borrowing capacity	$ 800,000

Debt, Convertible Senior Notes

Debt, Convertible Senior Notes (Details) - 0.625% Convertible Senior Notes Due 2026 [Member] $ / shares in Units, $ in Thousands		Jun. 18, 2021USD ($)$ / sharesshares	Oct. 29, 2021USD ($)dshares	Jun. 15, 2021$ / shares
Convertible Senior Notes [Abstract]
Interest rate		0.625%	0.625%
Maturity date			Jun. 15, 2026
Periodic interest payment frequency			semi-annually
Period of special interest to be received in the event of default			180 days
Special interest rate to be received for first 90 days		0.25%
Special Interest rate to be received thereafter		0.50%
Conversion rate of common stock (in shares) | shares		5.3153	5.4042
Debt instrument, converted amount		$ 1,000	$ 1,000
Conversion price per share (in dollars per share) | $ / shares		$ 188.14
Common stock premium percentage		25.00%
Sale price per share (in dollars per share) | $ / shares				$ 150.51
Net proceeds from notes offering			291,125
Liability component [Abstract]
Principal			300,000
Less: Debt issuance costs	[1]		8,300
Net carrying amount			291,700
Equity component			$ 53,004
Threshold percentage of stock price trigger			130.00%
Threshold trading days | d			20
Threshold consecutive trading days | d			30
Maximum [Member]
Convertible Senior Notes [Abstract]
Additional principal amount		$ 25,000
[1]	Debt issuance costs are amortized to interest expense using the effective interest method over the expected life of the Notes.

Debt, Summary of Interest Expen

Debt, Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Interest Expense [Abstract]
Amortization of issuance costs	$ 479	$ 0
0.625% Convertible Senior Notes Due 2026 [Member]
Interest Expense [Abstract]
Interest rate effective percentage	1.24%
Coupon interest	$ 474
Amortization of issuance costs	479
Total interest expense	$ 953

Debt, Convertible Note Hedge an

Debt, Convertible Note Hedge and Warrant Transactions (Details) - Convertible Note Hedge Transactions [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Oct. 29, 2021USD ($)$ / sharesshares
Convertible Note Hedge and Warrant Transactions [Abstract]
Number of shares of common stock included in Warrant Transactions (in shares) | shares	1,600,000
Strike price (in dollars per share)	$ 263.39
Portion of net proceeds from offering of Notes used to pay the premium on Convertible Note Hedge Transactions, net of proceeds from Warrant Transactions | $	$ 30,310
Adjusted strike price (in dollars per share)	$ 259.06

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Oct. 29, 2021SegmentLine
Segment Information [Abstract]
Number of product lines | Line	2
Number of reportable operating segments | Segment	1

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020	Jul. 30, 2021
Disaggregation of Revenue [Abstract]
Revenue	$ 784,930	$ 646,454
Gift card breakage	1,105	940
Deferred revenue related to gift cards	88,001		$ 93,098
Revenue recognized for redemption of gift cards	16,807	16,242
Restaurant [Member]
Disaggregation of Revenue [Abstract]
Revenue	615,414	515,224
Retail [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 169,516	$ 131,230

Leases, Summary (Details)

Leases, Summary (Details) $ in Thousands	3 Months Ended
	Oct. 29, 2021USD ($)Period
Leases [Abstract]
Initial lease term	20 years
Maximum [Member]
Leases [Abstract]
Lease renewal option	50 years
Restaurant [Member]
Leases [Abstract]
Initial lease term	10 years
Lease renewal option	5 years
Undiscounted future payments for leases not yet commenced | $	$ 7,053
Restaurant [Member] | Minimum [Member]
Leases [Abstract]
Number of optional renewal periods	4
Restaurant [Member] | Maximum [Member]
Leases [Abstract]
Number of optional renewal periods	5

Leases, Components of Lease Cos

Leases, Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Components of Lease Cost for Operating Leases [Abstract]
Operating lease cost	$ 26,992	$ 26,472
Short term lease cost	167	322
Variable lease cost	588	527
Total lease cost	$ 27,747	$ 27,321

Leases, Supplemental Cash Flow

Leases, Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases (Details) - USD ($) $ in Thousands	Aug. 04, 2020	Oct. 29, 2021	Oct. 30, 2020
Operating cash flow information [Abstract]
Gain on sale and leaseback transactions	$ 217,722	$ 0	$ 217,722
Cash paid for amounts included in the measurement of lease liabilities		22,793	22,266
Noncash information [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities		6,688	311,633
Lease modifications or reassessments increasing or decreasing right-of-use assets		3,377	23,257
Lease modifications removing right-of-use assets		$ (162)	$ (259)

Leases, Weighted-Average Remain

Leases, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details)	Oct. 29, 2021	Oct. 30, 2020
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases [Abstract]
Weighted-average remaining lease term	18 years	18 years 7 months 2 days
Weighted-average discount rate	4.85%	4.79%

Leases, Maturities of Undiscoun

Leases, Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability (Details) - USD ($) $ in Thousands	Oct. 29, 2021	Aug. 04, 2020
Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability [Abstract]
Remainder of 2022	$ 66,730
2023	81,158
2024	65,259
2025	62,269
2026	62,494
Thereafter	891,632
Total future minimum lease payments	1,229,542
Less imputed remaining interest	(434,015)
Total present value of operating lease liabilities	$ 795,527	$ 133,663

Leases, Sale and Leaseback Tran

Leases, Sale and Leaseback Transactions (Details) $ in Thousands	Aug. 04, 2020USD ($)Store	Jul. 29, 2020USD ($)Store	Oct. 29, 2021USD ($)	Oct. 30, 2020USD ($)	Jul. 31, 2009Store	Jul. 30, 2021USD ($)	[1]
Sale Leaseback Transactions [Abstract]
Initial lease term			20 years
Aggregate purchase price, net of closing costs	$ 146,357
Aggregate initial annual rent payment for lease properties	$ 10,393
Percentage of increase in annual rental payments in initial terms	1.00%
Gain on sale and leaseback transaction	$ 217,722		$ 0	$ 217,722
Right-of-use assets, non-cash	175,960
Operating lease right-of-use assets	309,624		966,866			$ 974,477
Operating lease liabilities	$ 133,663		$ 795,527
Maximum [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option			50 years
Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions | Store	62
Aggregate purchase price, net of closing costs		$ 198,083
Sale-leaseback Transactions in 2009 [Member] | Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions | Store					15
Initial lease term			20 years
Lease renewal option			20 years
Sale-leaseback Transactions in 2009 [Member] | Retail Distribution Center [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term			15 years
Lease renewal option			20 years
Sale-leaseback Transactions in 2000 [Member]
Sale Leaseback Transactions [Abstract]
Initial lease term			20 years
Remaining property purchased			$ 3,200
Aggregate initial annual rent payment for lease properties			$ 14,379
Percentage of increase in annual rental payments in initial terms			1.00%
Gain on sale and leaseback transaction			$ 69,954
Right-of-use assets, non-cash			79,049
Operating lease right-of-use assets			261,698
Operating lease liabilities			$ 182,649
Sale-leaseback Transactions in 2000 [Member] | Maximum [Member]
Sale Leaseback Transactions [Abstract]
Lease renewal option			50 years
Sale-leaseback Transactions in 2000 [Member] | Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions | Store		65
Number of stores completed in sale leaseback transaction | Store		64
[1]	This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 30, 2021, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 30, 2021.

Net Income Per Share and Weig_3

Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands	3 Months Ended
	Oct. 29, 2021	Oct. 30, 2020
Net Income Per Share and Weighted Average Shares [Abstract]
Net income per share numerator	$ 33,376	$ 170,680
Net income per share denominator [Abstract]
Weighted average shares (in shares)	23,507,361	23,707,750
Add potential dilution [Abstract]
Nonvested stock awards and units (in shares)	86,521	63,480
Diluted weighted average shares (in shares)	23,593,882	23,771,230

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Oct. 29, 2021USD ($)Property
Loss Contingencies [Abstract]
Accrual for non-performance by primary obligor under lease arrangements	$ 344
Standby Letters of Credit [Member] | Revolving Credit Facility [Member]
Loss Contingencies [Abstract]
Letters of credit outstanding	$ 31,896
Lease Performance Guarantee [Member]
Loss Contingencies [Abstract]
Number of properties for which the Company is liable for lease payments as of result of non-performance by primary obligor | Property	2