Cracker Barrel Old Country Store (CBRL) 10-Q 27 Feb 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jan. 26, 2024	Feb. 20, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jan. 26, 2024
Current Fiscal Year End Date	--08-02
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		22,201,086

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 26, 2024	Jul. 28, 2023	[1]
Current Assets:
Cash and cash equivalents	$ 12,602	$ 25,147
Accounts receivable	41,524	30,446
Inventories	172,702	189,364
Prepaid expenses and other current assets	40,972	37,330
Total current assets	267,800	282,287
Property and equipment	2,412,806	2,380,313
Less: Accumulated depreciation and amortization	1,447,139	1,408,368
Property and equipment - net	965,667	971,945
Operating lease right-of-use assets, net	877,580	889,306
Goodwill	4,690	4,690
Intangible assets	24,498	23,426
Other assets	44,824	46,440
Total assets	2,185,059	2,218,094
Current Liabilities:
Accounts payable	136,388	165,484
Taxes withheld and accrued	26,336	38,835
Other current liabilities	296,113	284,647
Total current liabilities	458,837	488,966
Long-term debt	452,278	414,904
Long-term operating lease liabilities	689,499	702,413
Other long-term obligations	122,478	127,986
Commitments and Contingencies (Note 10)
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
Common stock - 400,000,000 shares of $0.01 par value authorized; 22,201,086 shares issued and outstanding at January 26, 2024, and 22,153,625 shares issued and outstanding at July 28, 2023	222	221
Additional paid-in capital	8,541	3,886
Retained earnings	453,204	479,718
Total shareholders' equity	461,967	483,825
Total liabilities and shareholders' equity	$ 2,185,059	$ 2,218,094
[1] This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 28, 2023, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 28, 2023.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 26, 2024	Jul. 28, 2023
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)	22,201,086	22,153,625
Common stock, shares outstanding (in shares)	22,201,086	22,153,625
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		6 Months Ended
	Jan. 26, 2024	Jan. 27, 2023	Jan. 26, 2024	Jan. 27, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Total revenue	$ 935,401	$ 933,868	$ 1,759,240	$ 1,773,387
Cost of goods sold (exclusive of depreciation and rent)	314,851	326,555	570,410	608,095
Labor and other related expenses	323,196	313,967	627,643	605,675
Other store operating expenses	214,056	208,857	417,741	405,561
General and administrative expenses	52,536	45,518	101,271	91,466
Operating income	30,762	38,971	42,175	62,590
Interest expense, net	5,067	4,408	10,005	7,940
Income before income taxes	25,695	34,563	32,170	54,650
Provision for income taxes (income tax benefit)	(839)	4,072	180	7,030
Net income	$ 26,534	$ 30,491	$ 31,990	$ 47,620
Net income per share:
Basic (in dollars per share)	$ 1.2	$ 1.38	$ 1.44	$ 2.15
Diluted (in dollars per share)	$ 1.19	$ 1.37	$ 1.44	$ 2.14
Weighted average shares:
Basic (in shares)	22,196,758	22,173,280	22,181,305	22,183,527
Diluted (in shares)	22,295,532	22,251,835	22,279,611	22,272,244

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Total
Balances at Jul. 29, 2022	$ 223	$ 0	$ 511,256	$ 511,479
Balances (in shares) at Jul. 29, 2022	22,281,443
Comprehensive Income:
Net income	$ 0	0	17,129	17,129
Total comprehensive income	0	0	17,129	17,129
Cash dividends declared	0	0	(28,689)	(28,689)
Share-based compensation	0	2,422	0	2,422
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(2,380)	0	(2,380)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	34,982
Purchases and retirement of common stock	$ (1)	(42)	(12,405)	(12,448)
Purchases and retirement of common stock (in shares)	(120,958)
Balances at Oct. 28, 2022	$ 222	0	487,291	487,513
Balances (in shares) at Oct. 28, 2022	22,195,467
Balances at Jul. 29, 2022	$ 223	0	511,256	511,479
Balances (in shares) at Jul. 29, 2022	22,281,443
Comprehensive Income:
Net income				47,620
Balances at Jan. 27, 2023	$ 221	0	486,272	486,493
Balances (in shares) at Jan. 27, 2023	22,150,800
Balances at Oct. 28, 2022	$ 222	0	487,291	487,513
Balances (in shares) at Oct. 28, 2022	22,195,467
Comprehensive Income:
Net income	$ 0	0	30,491	30,491
Total comprehensive income	0	0	30,491	30,491
Cash dividends declared	0	0	(29,179)	(29,179)
Share-based compensation	0	2,689	0	2,689
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(20)	0	(20)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	6,167
Purchases and retirement of common stock	$ (1)	(2,669)	(2,331)	(5,001)
Purchases and retirement of common stock (in shares)	(50,834)
Balances at Jan. 27, 2023	$ 221	0	486,272	486,493
Balances (in shares) at Jan. 27, 2023	22,150,800
Balances at Jul. 28, 2023	$ 221	3,886	479,718	$ 483,825	[1]
Balances (in shares) at Jul. 28, 2023	22,153,625			22,153,625
Comprehensive Income:
Net income	$ 0	0	5,456	$ 5,456
Total comprehensive income	0	0	5,456	5,456
Cash dividends declared	0	0	(29,150)	(29,150)
Share-based compensation	0	1,622	0	1,622
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 1	(1,502)	0	(1,501)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	31,487
Balances at Oct. 27, 2023	$ 222	4,006	456,024	460,252
Balances (in shares) at Oct. 27, 2023	22,185,112
Balances at Jul. 28, 2023	$ 221	3,886	479,718	$ 483,825	[1]
Balances (in shares) at Jul. 28, 2023	22,153,625			22,153,625
Comprehensive Income:
Net income				$ 31,990
Balances at Jan. 26, 2024	$ 222	8,541	453,204	$ 461,967
Balances (in shares) at Jan. 26, 2024	22,201,086			22,201,086
Balances at Oct. 27, 2023	$ 222	4,006	456,024	$ 460,252
Balances (in shares) at Oct. 27, 2023	22,185,112
Comprehensive Income:
Net income	$ 0	0	26,534	26,534
Total comprehensive income	0	0	26,534	26,534
Cash dividends declared	0	0	(29,354)	(29,354)
Share-based compensation	0	4,631	0	4,631
Issuance of share-based compensation awards, net of shares withheld for employee taxes	$ 0	(96)	0	(96)
Issuance of share-based compensation awards, net of shares withheld for employee taxes (in shares)	15,974
Balances at Jan. 26, 2024	$ 222	$ 8,541	$ 453,204	$ 461,967
Balances (in shares) at Jan. 26, 2024	22,201,086			22,201,086
[1] This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 28, 2023, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 28, 2023.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jan. 26, 2024	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 2022
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY [Abstract]
Cash dividends declared (in dollars per share)	$ 1.3	$ 1.3	$ 1.3	$ 1.3

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jan. 26, 2024	Jan. 27, 2023
Cash flows from operating activities:
Net income		$ 31,990	$ 47,620
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		54,428	50,361
Amortization of debt issuance costs		874	862
Loss on disposition of property and equipment		2,898	2,225
Share-based compensation		6,253	5,111
Noncash lease expense		30,162	29,845
Amortization of asset recognized from gain on sale and leaseback transactions		6,368	6,368
Changes in assets and liabilities:
Inventories		16,662	25,998
Other current assets		(14,195)	(12,567)
Accounts payable		(29,096)	(34,398)
Taxes withheld and accrued		(12,499)	(29,056)
Other current liabilities		11,407	32,563
Long-term operating lease liabilities		(37,905)	(23,515)
Other long-term assets and liabilities		(5,468)	(595)
Net cash provided by operating activities		61,879	100,822
Cash flows from investing activities:
Purchase of property and equipment		(51,453)	(48,878)
Proceeds from insurance recoveries of property and equipment		373	509
Proceeds from sale of property and equipment		91	226
Net cash used in investing activities		(50,989)	(48,143)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		243,500	90,000
Principal payments under long-term debt		(207,000)	(60,049)
Taxes withheld from issuance of share-based compensation awards		(1,597)	(2,400)
Purchases and retirement of common stock		0	(17,449)
Dividends on common stock		(58,338)	(58,482)
Net cash used in financing activities		(23,435)	(48,380)
Net increase (decrease) in cash and cash equivalents		(12,545)	4,299
Cash and cash equivalents, beginning of period		25,147	45,105
Cash and cash equivalents, end of period		12,602	49,404
Cash paid during the period for:
Interest, net of amounts capitalized		8,351	5,415
Income taxes		5,634	3,855
Supplemental schedule of non-cash investing and financing activities:
Capital expenditures accrued in accounts payable	[1]	3,563	3,257
Dividends declared but not yet paid	[1]	$ 30,387	$ 29,842
[1]See Note 8 for additional supplemental disclosures related to leases.

Condensed Consolidated Financia

Condensed Consolidated Financial Statements	6 Months Ended
	Jan. 26, 2024
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 of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept in the United States. 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 28, 2023 (the “2023 Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as described in the 2023 Form 10-K. References to a year in these Notes to Condensed Consolidated Financial Statemen ts are to the Company’s fiscal year unless otherwise noted. Recent Accounting Pronouncements Not Yet Adopted Segment Disclosures In November 2023, the Financial Accounting Standards Boards (“FASB”) issued new reportable segment disclosure requirements which require incremental segment information related to measuring segment performance on an annual and interim basis. These new disclosure requirements are effective for fiscal periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. These disclosure requirements should be applied on a retrospective basis. The Company is currently evaluating the effect of adopting these new disclosure requirements on its annual consolidated financial statements and related disclosures in 2025 as well as interim disclosures in the first quarter of 2026. Income Tax Disclosures In December 2023, the FASB issued new income tax disclosure requirements which require disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. These new disclosure requirements are effective for annual periods beginning after December 15, 2024 and allow for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of adopting these new disclosure requirements on its consolidated financial statements and related disclosures in 2026.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 26, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	2. Fair Value Measurements The Company’s assets measured at fair value on a recurring basis at January 26, 2024 were as follows: Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 1 $ — $ — $ 1 Deferred compensation plan assets** 25,204 Total assets at fair value $ 25,205 The Company’s assets measured at fair value on a recurring basis at July 28, 2023 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 9,001 $ — $ — $ 9,001 Deferred compensation plan assets** 27,129 Total assets at fair value $ 36,130 * Consists of money market fund investments. ** Represents plan assets invested in mutual funds established under a rabbi trust for the Company’s The Company’s money market fund investments are measured at fair value using quoted market prices. The Company’s deferred compensation plan assets are measured based on net asset value per share as a practical expedient to estimate fair value. The fair values of the Company’s accounts receivable and accounts payable approximate their carrying amounts because of their short duration. The Company did not have any liabilities measured at fair value on a recurring basis at January 26, 2024 and July 28, 2023. 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 January 26, 2024 and July 28, 2023, respectively. 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 $259,704 and $259,311 as of January 26, 2024 and July 28, 2023 , respectively.

Inventories

Inventories	6 Months Ended
	Jan. 26, 2024
Inventories [Abstract]
Inventories	3. Inventories Inventories were comprised of the following as of the dates indicated: January 26, 2024 July 28, 2023 Retail $ 128,344 $ 145,175 Restaurant 25,285 24,427 Supplies 19,073 19,762 Total $ 172,702 $ 189,364

Debt

Debt	6 Months Ended
	Jan. 26, 2024
Debt [Abstract]
Debt	4. Debt On June 17, 2022, the Company entered into a five-year $700,000 revolving credit facility (the “2022 Revolving Credit Facility”). The 2022 Revolving Credit Facility contains an option to increase the revolving credit facility by $200,000. The Company’s outstanding borrowings under the 2022 Revolving Credit Facility were $156,500 and $120,000 on January 26, 2024 and July 28, 2023, respectively. As of January 26, 2024, the Company had $32,466 of standby letters of credit, which reduce the Company’s borrowing availability under the 2022 Revolving Credit Facility (see Note 10 for more information on the Company’s standby letters of credit). As of January 26, 2024, the Company had $511,034 in borrowing availability under the 2022 Revolving Credit Facility. In accordance with the 2022 Revolving Credit Facility, outstanding borrowings bear interest, at the Company’s election, either at (1) the Term Secured Overnight Financing Rate (SOFR) or (2) a base rate equal to the greater of (i) the prime rate, (ii) a rate that is 0.5% in excess of the Federal Funds Rate, and (iii) Term SOFR plus 1.0%, in each case, plus an applicable margin based on the Company’s consolidated total leverage ratio. At January 26, 2024, the weighted average interest rate on the Company’s outstanding borrowings on the 2022 Revolving Credit Facility was 6.96%. The 2022 Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total senior secured leverage ratio and a minimum consolidated interest coverage ratio. At January 26, 2024, the Company was in compliance with all financial covenants under the 2022 Revolving Credit Facility. The 2022 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 2022 Revolving Credit Facility, provided there is no default existing and the total of the Company’s availability under the 2022 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 senior secured leverage ratio is 2.75 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 2.75 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”). The Notes are governed by the terms of an indenture (the “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. 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 January 26, 2024, the conversion rate, as adjusted, was 6.1071 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 Notes offering were $291,125, after deducting the initial purchasers’ discounts and commissions and the Company’s offering fees and expenses. 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 following table includes the outstanding principal amount and carrying value of the Notes as of the dates indicated: January 26, 2024 July 28, 2023 Liability component Principal $ 300,000 $ 300,000 Less: Debt issuance costs (1) 4,297 5,171 Net carrying amount $ 295,703 $ 294,829 (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 1.23%. The following is a summary of interest expense for the Notes for specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Coupon interest $ 474 $ 474 $ 948 $ 948 Amortization of issuance costs 438 431 874 862 Total interest expense $ 912 $ 905 $ 1,822 $ 1,810 During any calendar quarter commencing 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 six months of 2024 or during 2023, 2022 or 2021. 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 January 26, 2024, 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 was 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 underlay 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 January 26, 2024, the strike price, as adjusted, of the Warrant Transactions was $229.24 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 in 2021. Because these transactions meet certain accounting criteria, the Convertible Note Hedge Transactions and Warrant Transactions were recorded in shareholders’ equity, not accounted for as derivatives and are not remeasured each reporting period.

Seasonality

Seasonality	6 Months Ended
	Jan. 26, 2024
Seasonality [Abstract]
Seasonality	5. Seasonality Historically, the revenue and net income of the Company have 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.

Segment Information

Segment Information	6 Months Ended
	Jan. 26, 2024
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	6 Months Ended
	Jan. 26, 2024
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 Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Revenue: Restaurant $ 730,669 $ 718,002 $ 1,391,462 $ 1,380,236 Retail 204,732 215,866 367,778 393,151 Total revenue $ 935,401 $ 933,868 $ 1,759,240 $ 1,773,387 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. 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 and six months ended January 26, 2024, gift card breakage was $5,436 and $8,606, respectively. For the quarter and six months ended January 27, 2023, gift card breakage was $2,183 and $3,488, respectively. Deferred revenue related to the Company’s gift cards was and respectively, at and July Revenue recognized in the Condensed Consolidated Statements of Income for the six months ended and respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was and Loyalty Program During the first quarter of 2024, the Company launched its customer loyalty program, Cracker Barrel Rewards, which allows members to earn points (“pegs”) for each qualifying purchase in store or online. Pegs earned are then converted to rewards upon reaching certain thresholds. These rewards may be redeemed on future restaurant or retail purchases in store or online. The estimation of the standalone selling price of pegs and other rewards issued to customers involves several assumptions, primarily the estimated value of the product for which the reward is expected to be redeemed and the probability that the pegs or reward will expire. These inputs are subject to change over time due to factors such as increased costs or changes in customer behavior. The Company defers a portion of the revenue related to the pegs earned at the time of the original transaction based on the estimated value of the item for which the reward is expected to be redeemed, net of estimated unredeemed pegs. Pegs expire after twelve months. Revenue is recognized for these performance obligations upon redemption of pegs or rewards earned by the customer. As of January 26, 2024, deferred revenue related to the loyalty program was $731 and is included in other current liabilities on the Condensed Consolidated Balance Sheet.

Leases

Leases	6 Months Ended
	Jan. 26, 2024
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”); all the properties qualified for sale and leaseback and operating lease accounting classification. 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 2058. 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. The Company has included lease renewal options in the lease term for calculations of the right-of-use asset and liability for which at the commencement of the lease it is reasonably certain that the Company will exercise those renewal options. Additionally, some of the leases have contingent rent provisions and others require adjustments for inflation or index. 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’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. 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 2024, 2025 and 2026 with undiscounted future payments of $5,988, $11,163 and $8,887, respectively. 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 specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Operating lease cost $ 27,644 $ 27,363 $ 55,412 $ 54,889 Short term lease cost 2,881 2,270 3,075 2,497 Variable lease cost 846 844 1,683 1,954 Total lease cost $ 31,371 $ 30,477 $ 60,170 $ 59,340 The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for the specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27 2023 January 26 2024 January 27 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 24,274 $ 23,761 $ 48,621 $ 47,507 Noncash information: Right-of-use assets obtained in exchange for new operating lease liabilities 2,139 5,474 5,790 9,465 Lease modifications or reassessments increasing right-of-use assets 3,521 4,214 20,438 3,698 Lease modifications removing right-of-use assets (1,270 ) (214 ) (1,414 ) (291 ) The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of dates indicated: January 26 2024 January 27 2023 Weighted-average remaining lease term 16.12 17.22 Weighted-average discount rate 5.17 % 5.04 % The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of January 26, 2024: Year Total Remainder of 2024 $ 47,885 2025 80,076 2026 72,223 2027 68,583 2028 67,441 Thereafter 784,395 Total future minimum lease payments 1,120,603 Less imputed remaining interest (376,619 ) Total present value of operating lease liabilities $ 743,984 Sale and Leaseback Transactions In 2009, the Company completed sale-leaseback transactions involving 15 of its owned Cracker Barrel 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. In 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. The Company purchased the remaining property. 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. In 2021, the Company completed a sale and leaseback transaction involving 62 of its owned Cracker Barrel stores. 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.

Net Income Per Share and Weight

Net Income Per Share and Weighted Average Shares	6 Months Ended
	Jan. 26, 2024
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 B asic 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 shar The Company’s convertible senior notes and related warrants are calculated using the net share settlement option under the if converted method. Because the principal amount of the convertible senior notes will be settled in cash with any excess conversion value settled in cash or shares of common stock, the convertible senior notes have been excluded from the computation of diluted earnings per share because the average market price of the Company’s common stock during the reporting period did not exceed the conversion price of $163.74 as of January 26, 2024. Warrants were excluded from the computation of diluted earnings per share since the warrants’ strike price of $229.24 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 for the specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Net income per share numerator $ 26,534 $ 30,491 $ 31,990 $ 47,620 Net income per share denominator: Weighted average shares 22,196,758 22,173,280 22,181,305 22,183,527 Add potential dilution: Nonvested stock awards and units 98,774 78,555 98,306 88,717 Diluted weighted average shares 22,295,532 22,251,835 22,279,611 22,272,244

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 26, 2024
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 January 26, 2024 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 January 26, 2024

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jan. 26, 2024
Insider Trading Arrangements [Line Items]
Material Terms of Trading Arrangement	During the quarter ended January 26, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” (in each case, as defined in Item 408 of Regulation S-K).
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Condensed Consolidated Financ_2

Condensed Consolidated Financial Statements (Policies)	6 Months Ended
	Jan. 26, 2024
Condensed Consolidated Financial Statements [Abstract]
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Segment Disclosures In November 2023, the Financial Accounting Standards Boards (“FASB”) issued new reportable segment disclosure requirements which require incremental segment information related to measuring segment performance on an annual and interim basis. These new disclosure requirements are effective for fiscal periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. These disclosure requirements should be applied on a retrospective basis. The Company is currently evaluating the effect of adopting these new disclosure requirements on its annual consolidated financial statements and related disclosures in 2025 as well as interim disclosures in the first quarter of 2026. Income Tax Disclosures In December 2023, the FASB issued new income tax disclosure requirements which require disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. These new disclosure requirements are effective for annual periods beginning after December 15, 2024 and allow for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of adopting these new disclosure requirements on its consolidated financial statements and related disclosures in 2026.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 26, 2024
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 January 26, 2024 were as follows: Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 1 $ — $ — $ 1 Deferred compensation plan assets** 25,204 Total assets at fair value $ 25,205 The Company’s assets measured at fair value on a recurring basis at July 28, 2023 Level 1 Level 2 Level 3 Total Fair Value Cash equivalents* $ 9,001 $ — $ — $ 9,001 Deferred compensation plan assets** 27,129 Total assets at fair value $ 36,130 * 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)	6 Months Ended
	Jan. 26, 2024
Inventories [Abstract]
Inventories	Inventories were comprised of the following as of the dates indicated: January 26, 2024 July 28, 2023 Retail $ 128,344 $ 145,175 Restaurant 25,285 24,427 Supplies 19,073 19,762 Total $ 172,702 $ 189,364

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 26, 2024
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 dates indicated: January 26, 2024 July 28, 2023 Liability component Principal $ 300,000 $ 300,000 Less: Debt issuance costs (1) 4,297 5,171 Net carrying amount $ 295,703 $ 294,829 (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 1.23%. The following is a summary of interest expense for the Notes for specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Coupon interest $ 474 $ 474 $ 948 $ 948 Amortization of issuance costs 438 431 874 862 Total interest expense $ 912 $ 905 $ 1,822 $ 1,810

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jan. 26, 2024
Revenue Recognition [Abstract]
Disaggregation of Revenue	Total revenue was comprised of the following for the specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Revenue: Restaurant $ 730,669 $ 718,002 $ 1,391,462 $ 1,380,236 Retail 204,732 215,866 367,778 393,151 Total revenue $ 935,401 $ 933,868 $ 1,759,240 $ 1,773,387

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 26, 2024
Leases [Abstract]
Components of Lease Cost for Operating Leases	The following table summarizes the components of lease cost for operating leases for the specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Operating lease cost $ 27,644 $ 27,363 $ 55,412 $ 54,889 Short term lease cost 2,881 2,270 3,075 2,497 Variable lease cost 846 844 1,683 1,954 Total lease cost $ 31,371 $ 30,477 $ 60,170 $ 59,340
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 specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27 2023 January 26 2024 January 27 2023 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 24,274 $ 23,761 $ 48,621 $ 47,507 Noncash information: Right-of-use assets obtained in exchange for new operating lease liabilities 2,139 5,474 5,790 9,465 Lease modifications or reassessments increasing right-of-use assets 3,521 4,214 20,438 3,698 Lease modifications removing right-of-use assets (1,270 ) (214 ) (1,414 ) (291 )
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 dates indicated: January 26 2024 January 27 2023 Weighted-average remaining lease term 16.12 17.22 Weighted-average discount rate 5.17 % 5.04 %
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 January 26, 2024: Year Total Remainder of 2024 $ 47,885 2025 80,076 2026 72,223 2027 68,583 2028 67,441 Thereafter 784,395 Total future minimum lease payments 1,120,603 Less imputed remaining interest (376,619 ) Total present value of operating lease liabilities $ 743,984

Net Income Per Share and Weig_2

Net Income Per Share and Weighted Average Shares (Tables)	6 Months Ended
	Jan. 26, 2024
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 for the specified periods: Quarter Ended Six Months Ended January 26, 2024 January 27, 2023 January 26, 2024 January 27, 2023 Net income per share numerator $ 26,534 $ 30,491 $ 31,990 $ 47,620 Net income per share denominator: Weighted average shares 22,196,758 22,173,280 22,181,305 22,183,527 Add potential dilution: Nonvested stock awards and units 98,774 78,555 98,306 88,717 Diluted weighted average shares 22,295,532 22,251,835 22,279,611 22,272,244

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands		Jan. 26, 2024	Jul. 28, 2023	Jun. 18, 2021
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		$ 259,704	$ 259,311
Recurring [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Cash equivalents	[1]	1	9,001
Deferred compensation plan assets	[2]	25,204	27,129
Total assets at fair value		25,205	36,130
Liabilities at fair value		0	0
Recurring [Member] | Level 1 [Member]
Assets Liabilities Measured at Fair Value on a Recurring Basis [Abstract]
Cash equivalents	[1]	1	9,001
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	Jan. 26, 2024	Jul. 28, 2023
Inventories [Abstract]
Retail	$ 128,344	$ 145,175
Restaurant	25,285	24,427
Supplies	19,073	19,762
Total	$ 172,702	$ 189,364	[1]
[1] This Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of July 28, 2023, as filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended July 28, 2023.

Debt, Revolving Credit Facility

Debt, Revolving Credit Facility (Details) - 2022 Revolving Credit Facility [Member] - USD ($) $ in Thousands	6 Months Ended
	Jan. 26, 2024	Jul. 28, 2023	Jun. 17, 2022
Line of Credit Facility [Abstract]
Line of credit facility, term	5 years
Maximum borrowing capacity			$ 700,000
Option to increase revolving credit facility			$ 200,000
Outstanding borrowings	$ 156,500	$ 120,000
Amount of standby letters of credit	32,466
Remaining borrowing capacity	$ 511,034
Weighted average interest rates	6.96%
Liquidity requirements	$ 100,000
Leverage ratio, maximum	2.75
Dividends threshold	$ 100,000
Multiplier used in calculating aggregate amount of cash dividends on shares of common stock in any fiscal year	4
Federal Funds Rate [Member]
Line of Credit Facility [Abstract]
Debt instrument, basis spread on variable rate	0.50%
SOFR [Member]
Line of Credit Facility [Abstract]
Debt instrument, basis spread on variable rate	1%

Debt, Convertible Senior Notes

Debt, Convertible Senior Notes (Details) - 0.625% Convertible Senior Notes Due 2026 [Member] - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended
		Jun. 18, 2021	Jan. 26, 2024	Jul. 28, 2023	Jun. 15, 2021
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)		5.3153	6.1071
Debt instrument, converted amount		$ 1,000	$ 1,000
Conversion price per share (in dollars per share)		$ 188.14
Common stock premium percentage		25%
Sale price per share (in dollars per share)					$ 150.51
Net proceeds from notes offering			291,125
Liability component [Abstract]
Principal			300,000	$ 300,000
Less: Debt issuance costs	[1]		4,297	5,171
Net carrying amount			$ 295,703	$ 294,829
[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) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2024 USD ($)	Jan. 27, 2023 USD ($)	Jan. 26, 2024 USD ($) d	Jan. 27, 2023 USD ($)
Interest Expense [Abstract]
Amortization of issuance costs			$ 874	$ 862
0.625% Convertible Senior Notes Due 2026 [Member]
Interest Expense [Abstract]
Interest rate effective percentage	1.23%	1.23%	1.23%	1.23%
Coupon interest	$ 474	$ 474	$ 948	$ 948
Amortization of issuance costs	438	431	874	862
Total interest expense	$ 912	$ 905	$ 1,822	$ 1,810
Threshold percentage of stock price trigger			130%
Threshold trading days | d			20
Threshold consecutive trading days | d			30

Debt, Convertible Note Hedge an

Debt, Convertible Note Hedge and Warrant Transactions (Details) - Convertible Note Hedge Transactions [Member] $ / shares in Units, $ in Thousands	6 Months Ended
	Jan. 26, 2024 USD ($) $ / shares shares
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
Adjusted strike price (in dollars per share)	$ 229.24
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

Segment Information (Details)

Segment Information (Details)	6 Months Ended
	Jan. 26, 2024 Segment Line
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		6 Months Ended
	Jan. 26, 2024	Jan. 27, 2023	Jan. 26, 2024	Jan. 27, 2023	Jul. 28, 2023
Disaggregation of Revenue [Abstract]
Revenue	$ 935,401	$ 933,868	$ 1,759,240	$ 1,773,387
Gift card breakage	5,436	2,183	8,606	3,488
Deferred revenue related to gift cards	$ 105,755		105,755		$ 88,566
Revenue recognized for redemption of gift cards			24,945	27,507
Expiration period for points earned in loyalty program	12 months
Other Current Liabilities [Member]
Disaggregation of Revenue [Abstract]
Deferred revenue related to loyalty program	$ 731		731
Restaurant [Member]
Disaggregation of Revenue [Abstract]
Revenue	730,669	718,002	1,391,462	1,380,236
Retail [Member]
Disaggregation of Revenue [Abstract]
Revenue	$ 204,732	$ 215,866	$ 367,778	$ 393,151

Leases, Summary (Details)

Leases, Summary (Details) $ in Thousands	6 Months Ended
	Jan. 26, 2024 USD ($) 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 in 2024	$ 5,988
Undiscounted future payments for leases not yet commenced in 2025	11,163
Undiscounted future payments for leases not yet commenced in 2026	$ 8,887
Restaurant [Member] | Minimum [Member]
Leases [Abstract]
Number of optional renewal periods | Period	4
Restaurant [Member] | Maximum [Member]
Leases [Abstract]
Number of optional renewal periods | Period	5

Leases, Components of Lease Cos

Leases, Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2024	Jan. 27, 2023	Jan. 26, 2024	Jan. 27, 2023
Components of Lease Cost for Operating Leases [Abstract]
Operating lease cost	$ 27,644	$ 27,363	$ 55,412	$ 54,889
Short term lease cost	2,881	2,270	3,075	2,497
Variable lease cost	846	844	1,683	1,954
Total lease cost	$ 31,371	$ 30,477	$ 60,170	$ 59,340

Leases, Supplemental Cash Flow

Leases, Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 26, 2024	Jan. 27, 2023	Jan. 26, 2024	Jan. 27, 2023
Operating cash flow information [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 24,274	$ 23,761	$ 48,621	$ 47,507
Noncash information [Abstract]
Right-of-use assets obtained in exchange for new operating lease liabilities	2,139	5,474	5,790	9,465
Lease modifications or reassessments increasing right-of-use assets	3,521	4,214	20,438	3,698
Lease modifications removing right-of-use assets	$ (1,270)	$ (214)	$ (1,414)	$ (291)

Leases, Weighted-Average Remain

Leases, Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details)	Jan. 26, 2024	Jan. 27, 2023
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases [Abstract]
Weighted-average remaining lease term	16 years 1 month 13 days	17 years 2 months 19 days
Weighted-average discount rate	5.17%	5.04%

Leases, Maturities of Undiscoun

Leases, Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability (Details) $ in Thousands	Jan. 26, 2024 USD ($)
Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability [Abstract]
Remainder of 2024	$ 47,885
2025	80,076
2026	72,223
2027	68,583
2028	67,441
Thereafter	784,395
Total future minimum lease payments	1,120,603
Less imputed remaining interest	(376,619)
Total present value of operating lease liabilities	$ 743,984

Leases, Sale and Leaseback Tran

Leases, Sale and Leaseback Transactions (Details) - Store	12 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jul. 31, 2009	Jan. 26, 2024
Sale Leaseback Transactions [Abstract]
Initial lease term				20 years
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	62
Sale-leaseback Transactions in 2009 [Member] | Owned Stores [Member]
Sale Leaseback Transactions [Abstract]
Number of owned stores involved in sale-lease back transactions			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
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		65
Number of stores completed in sale leaseback transaction		64

Net Income Per Share and Weig_3

Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jan. 26, 2024	Oct. 27, 2023	Jan. 27, 2023	Oct. 28, 2022	Jan. 26, 2024	Jan. 27, 2023
Reconciliation of Components of Diluted Earnings per Share Computations [Abstract]
Net income per share numerator	$ 26,534	$ 5,456	$ 30,491	$ 17,129	$ 31,990	$ 47,620
Net income per share denominator [Abstract]
Weighted average shares (in shares)	22,196,758		22,173,280		22,181,305	22,183,527
Add potential dilution [Abstract]
Nonvested stock awards and units (in shares)	98,774		78,555		98,306	88,717
Diluted weighted average shares (in shares)	22,295,532		22,251,835		22,279,611	22,272,244
Convertible Senior Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Conversion price (in dollars per share)	$ 163.74				$ 163.74
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Adjusted strike price (in dollars per share)	$ 229.24				$ 229.24

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jan. 26, 2024 USD ($)
Standby Letters of Credit [Member] | Revolving Credit Facility [Member]
Loss Contingencies [Abstract]
Letters of credit outstanding	$ 32,466