Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 02, 2024 | Sep. 13, 2024 | Jan. 26, 2024 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Aug. 02, 2024 | ||
Document Transition Report | false | ||
Entity File Number | 000-25225 | ||
Entity Registrant Name | Cracker Barrel Old Country Store, Inc. | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,696,655,108 | ||
Entity Common Stock, Shares Outstanding | 22,204,312 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Firm ID | 34 | ||
Auditor Location | Nashville, Tennessee | ||
Entity Central Index Key | 0001067294 | ||
Current Fiscal Year End Date | --08-02 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Aug. 02, 2024 | Jul. 28, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 12,035 | $ 25,147 |
Accounts receivable | 39,204 | 30,446 |
Income taxes receivable | 9,882 | 2,062 |
Inventories | 180,958 | 189,364 |
Prepaid expenses and other current assets | 36,135 | 35,268 |
Total current assets | 278,214 | 282,287 |
Property and equipment | ||
Land | 253,816 | 254,813 |
Buildings and improvements | 823,561 | 807,585 |
Restaurant and other equipment | 896,258 | 852,442 |
Leasehold improvements | 449,507 | 438,495 |
Construction in progress | 15,709 | 26,978 |
Total | 2,438,851 | 2,380,313 |
Less: Accumulated depreciation and amortization | 1,479,030 | 1,408,368 |
Property and equipment - net | 959,821 | 971,945 |
Operating lease right-of-use assets, net | 850,835 | 889,306 |
Goodwill | 4,690 | |
Intangible assets | 24,425 | 23,426 |
Other assets | 48,199 | 46,440 |
Total assets | 2,161,494 | 2,218,094 |
Current Liabilities: | ||
Accounts payable | 162,288 | 165,484 |
Current portion of long-term debt | 75 | 75 |
Current operating lease liabilities | 49,837 | 46,336 |
Taxes withheld and accrued | 41,433 | 38,835 |
Accrued employee compensation | 60,385 | 64,821 |
Accrued employee benefits | 28,476 | 24,417 |
Deferred revenues | 87,488 | 95,016 |
Dividend payable | 6,317 | 29,491 |
Other current liabilities | 17,908 | 24,491 |
Total current liabilities | 454,207 | 488,966 |
Long-term debt | 476,581 | 414,904 |
Long-term operating lease liabilities | 675,993 | 702,413 |
Other long-term obligations | 46,852 | 53,730 |
Deferred income taxes | 67,712 | 74,256 |
Commitments and Contingencies (Note 14) | ||
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 | ||
Common stock - 400,000,000 shares of $0.01 par value authorized; 2024 - 22,203,043 shares issued and outstanding; 2023- 22,153,625 shares issued and outstanding | 222 | 221 |
Additional paid-in capital | 12,575 | 3,886 |
Retained earnings | 427,352 | 479,718 |
Total shareholders' equity | 440,149 | 483,825 |
Total liabilities and shareholders' equity | $ 2,161,494 | $ 2,218,094 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 02, 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) | 22,203,043 | 22,153,625 |
Common stock, shares outstanding (in shares) | 22,203,043 | 22,153,625 |
Series A Junior Participating Preferred Stock | ||
Shareholders' Equity: | ||
Preferred stock, shares issued (in shares) | 300,000 | 300,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
CONSOLIDATED STATEMENTS OF INCOME | |||
Total revenue | $ 3,470,762 | $ 3,442,808 | $ 3,267,786 |
Cost of goods sold (exclusive of depreciation and rent) | 1,087,631 | 1,127,617 | 1,049,884 |
Labor and other related expenses | 1,271,555 | 1,208,669 | 1,149,077 |
Other store operating expenses | 831,763 | 797,815 | 758,389 |
General and administrative expenses | 207,062 | 174,091 | 157,433 |
Impairment and store closing costs | 22,942 | 13,999 | |
Goodwill impairment | 4,690 | ||
Operating income | 45,119 | 120,617 | 153,003 |
Interest expense, net | 20,933 | 17,006 | 9,620 |
Income before income taxes | 24,186 | 103,611 | 143,383 |
Provision for income taxes (income tax benefit) | (16,744) | 4,561 | 11,503 |
Net income | $ 40,930 | $ 99,050 | $ 131,880 |
Net income per share - basic (in dollars per share) | $ 1.84 | $ 4.47 | $ 5.69 |
Net income per share - diluted (in dollars per share) | $ 1.83 | $ 4.45 | $ 5.67 |
Weighted average shares outstanding - basic (in shares) | 22,191,961 | 22,167,875 | 23,164,180 |
Weighted average shares outstanding - diluted (in shares) | 22,319,894 | 22,265,399 | 23,246,010 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 40,930 | $ 99,050 | $ 131,880 |
Comprehensive income | $ 40,930 | $ 99,050 | $ 131,880 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Cumulative-effect of change in accounting principle, net of taxes Retained Earnings | Cumulative-effect of change in accounting principle, net of taxes | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Balances at Jul. 30, 2021 | $ 235 | $ 663,398 | $ 663,633 | |||
Balances (in shares) at Jul. 30, 2021 | 23,497,166 | |||||
Comprehensive Income: | ||||||
Net income | 131,880 | 131,880 | ||||
Comprehensive income | 131,880 | 131,880 | ||||
Cash dividends declared | (121,135) | (121,135) | ||||
Share-based compensation | $ 8,198 | 8,198 | ||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes | (2,599) | (2,599) | ||||
Number of shares issued from vesting of share-based compensation awards (in shares) | 32,461 | |||||
Purchases and retirement of common stock | $ (12) | (5,599) | (125,931) | (131,542) | ||
Purchases and retirement of common stock (in shares) | (1,248,184) | |||||
Balances at Jul. 29, 2022 | $ (36,956) | $ (36,956) | $ 223 | 511,256 | 511,479 | |
Balances (in shares) at Jul. 29, 2022 | 22,281,443 | |||||
Comprehensive Income: | ||||||
Net income | 99,050 | 99,050 | ||||
Comprehensive income | 99,050 | 99,050 | ||||
Cash dividends declared | (115,852) | (115,852) | ||||
Share-based compensation | 9,045 | 9,045 | ||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes | (2,448) | (2,448) | ||||
Number of shares issued from vesting of share-based compensation awards (in shares) | 43,974 | |||||
Purchases and retirement of common stock | $ (2) | (2,711) | (14,736) | (17,449) | ||
Purchases and retirement of common stock (in shares) | (171,792) | |||||
Balances at Jul. 28, 2023 | $ 221 | 3,886 | 479,718 | $ 483,825 | ||
Balances (in shares) at Jul. 28, 2023 | 22,153,625 | 22,153,625 | ||||
Comprehensive Income: | ||||||
Net income | 40,930 | $ 40,930 | ||||
Comprehensive income | 40,930 | 40,930 | ||||
Cash dividends declared | (93,296) | (93,296) | ||||
Share-based compensation | 10,298 | 10,298 | ||||
Issuance of share-based compensation awards, net of shares withheld for employee taxes | $ (1) | 1,609 | $ 1,608 | |||
Number of shares issued from vesting of share-based compensation awards (in shares) | 49,418 | 49,418 | ||||
Balances at Aug. 02, 2024 | $ 222 | $ 12,575 | $ 427,352 | $ 440,149 | ||
Balances (in shares) at Aug. 02, 2024 | 22,203,043 | 22,203,043 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
CONSOLIDATED STATEMENTS OF CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||
Cash dividends declared (in dollars per share) | $ 4.15 | $ 5.20 | $ 5.20 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 40,930 | $ 99,050 | $ 131,880 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 111,746 | 104,485 | 103,568 |
Amortization of debt issuance costs | 1,752 | 1,730 | 1,755 |
Loss on disposition of property and equipment | 9,143 | 6,600 | 5,637 |
Impairment | 17,448 | 11,692 | |
Goodwill impairment | 4,690 | ||
Share-based compensation | 10,298 | 9,045 | 8,198 |
Noncash lease expense | 59,523 | 59,767 | 58,498 |
Amortization of asset recognized from gain on sale and leaseback transactions | 12,735 | 12,735 | 12,735 |
Changes in assets and liabilities: | |||
Accounts receivable | (7,477) | 3,404 | (2,039) |
Income taxes receivable | (7,820) | 389 | 18,672 |
Inventories | 8,406 | 23,885 | (74,929) |
Prepaid expenses and other current assets | (867) | (11,043) | (2,771) |
Other assets | (3,566) | (848) | 8,459 |
Accounts payable | (3,196) | (4,387) | 34,695 |
Current operating lease liabilities | 3,501 | (8,235) | 4,120 |
Taxes withheld and accrued | 2,598 | (21,377) | 12,181 |
Accrued employee compensation | (4,448) | 13,151 | (13,129) |
Accrued employee benefits | 4,059 | (585) | 1,278 |
Deferred revenues | (7,528) | 1,401 | 458 |
Other current liabilities | (6,583) | 7,192 | (6,591) |
Long-term operating lease liabilities | (62,566) | (49,634) | (59,227) |
Other long-term liabilities | (7,254) | (2,023) | (32,048) |
Deferred income taxes | (6,544) | (5,937) | (6,147) |
Net cash provided by operating activities | 168,980 | 250,457 | 205,253 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (128,295) | (126,987) | (98,341) |
Proceeds from insurance recoveries of property and equipment | 834 | 1,600 | 1,237 |
Proceeds from sale of property and equipment | 3,134 | 1,068 | 105 |
Acquisition of business, net of cash acquired | (1,500) | ||
Net cash used in investing activities | (124,327) | (124,319) | (98,499) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 406,500 | 180,000 | 230,000 |
Taxes withheld from issuance of share-based compensation awards | (1,608) | (2,448) | (2,599) |
Principal payments under long-term debt | (346,575) | (190,124) | (185,124) |
Purchases and retirement of common stock | (17,449) | (131,542) | |
Deferred financing costs | (2,148) | ||
Dividends on common stock | (116,082) | (116,075) | (114,829) |
Net cash used in financing activities | (57,765) | (146,096) | (206,242) |
Net decrease in cash and cash equivalents | (13,112) | (19,958) | (99,488) |
Cash and cash equivalents, beginning of period | 25,147 | 45,105 | 144,593 |
Cash and cash equivalents, end of period | 12,035 | 25,147 | 45,105 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 18,484 | 13,596 | 7,698 |
Income taxes | 9,212 | 6,486 | 25,948 |
Supplemental schedule of non-cash investing and financing activities: | |||
Capital expenditures accrued in accounts payable | 9,499 | 9,633 | 7,421 |
Dividends declared but not yet paid | $ 7,435 | $ 30,233 | $ 30,456 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 02, 2024 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Cracker Barrel Old Country Store, Inc. and its affiliates (collectively, in the Notes, the “Company”) are principally engaged in the operation and development in the United States (“U.S.”) of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept. Basis of Presentation Fiscal year – The Company’s fiscal year ends on the Friday nearest July 31st and each quarter consists of thirteen weeks unless noted otherwise. The periods presented in the Company’s financial statements are the fiscal years ended August 02, 2024 (“2024”), July 28, 2023 (“2023”) and July 29, 2022 (“2022”), respectively. Each of these periods has 52 weeks except for 2024, which consisted of 53 weeks. Similarly, references in these Notes to a year or quarter are to the Company’s fiscal year or quarter unless expressly noted or the context clearly indicates otherwise. GAAP – The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). Principles of consolidation – The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated. Use of estimates – Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates. Summary of Significant Accounting Policies Cash and cash equivalents – The Company’s policy is to consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Accounts receivable – Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible. Inventories – Cost of restaurant inventory is determined by the first ‑ ‑ Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. The estimate of retail inventory shrinkage is adjusted upon physical inventory counts. Annual physical inventory counts are conducted based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a two-year average of the physical inventories’ results on a store-by-store basis. Property and equipment – Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight ‑ ‑ Years Buildings and improvements 30-45 Restaurant and other equipment 2-10 Leasehold improvements 1-35 Accelerated depreciation methods are generally used for income tax purposes. Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows: 2024 2023 2022 Total depreciation expense $ 110,938 $ 103,691 $ 102,297 Depreciation expense related to store operations* 103,169 96,339 96,243 *Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts. Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized. Impairment of long-lived assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. During 2024 and 2023, the Company recorded impairment charges of $15,616 and $11,692, respectively, for long-lived assets which are included in the impairment and store closing costs line on the Consolidated Statements of Income. Goodwill and other intangible assets – The Company accounts for all transactions that represent business combinations using the acquisition method of accounting, where the identifiable assets acquired and the liabilities assumed are recognized and measured at their fair values on the date the Company obtains control in the acquiree. Such fair values that are not finalized for reporting periods following the acquisition date are estimated and recorded as estimated amounts. Adjustments to these estimated amounts during the measurement period (defined as the date through which all information required to identify and measure the consideration transferred, the assets acquired and the liabilities assumed has been obtained, limited to one year from the acquisition date) are recorded when identified. Goodwill is determined as the excess of the fair value of the consideration conveyed in the acquisition over the fair value of the net assets acquired. Goodwill and other intangibles are evaluated for impairment annually on June 1 or more frequently if events occur or circumstances change that, more likely than not, reduce the fair value of the reporting unit below its carrying value. The Company’s goodwill consisted of its 100% ownership of Maple Street Biscuit Company (“MSBC”), a breakfast and lunch fast casual concept. In 2024, the Company determined that the entire amount of the goodwill was impaired and recorded an impairment charge of $4,690 which is recorded in the goodwill impairment line on the Consolidated Statement of Income. Other intangibles primarily consist of the MSBC tradename and liquor licenses. The MSBC tradename was capitalized as an indefinite-lived intangible asset and, at both August 02, 2024 and July 28, 2023, was $20,960. The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Liquor licenses capitalized as intangible assets were $3,365 and $2,290, respectively, at August 02, 2024 and July 28, 2023. Segment reporting – Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Using these criteria, the Company manages its business on the basis of one reportable operating segment (see Note 6 for additional information regarding segment reporting). Unredeemed gift cards and certificates – Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. Any amounts remitted to states under escheat or similar laws reduce the Company’s deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. See “Revenue recognition” section in this Note and Note 7 for information regarding breakage. 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 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. 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, the Company provides for estimated returns based on return history and sales levels. The Company’s policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax. 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 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. See Note 7 for additional information regarding revenue recognition. Insurance – The Company self-insures a significant portion of its workers’ compensation and general liability programs. The Company purchases insurance for individual workers’ compensation claims that exceed $750 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500. The Company records a reserve for workers’ compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims (“IBNR”). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually during the Company’s fourth quarter and is adjusted by the actuarially determined losses and actual claims payments made subsequent to this full scope actuarial study during the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company’s reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower half of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves. The Company’s group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience. Store pre-opening costs – Start-up costs of a new store are expensed when incurred. Leases – The Company’s leases are classified as either finance or operating 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 its advertising billboards, vehicle fleets and certain equipment under various non-cancellable operating leases. 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 five years The Company elected to not separate lease and non-lease components. Additionally, the Company 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. See Note 8 for additional information regarding leases. Advertising – The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred. Advertising expense for each of the three years was as follows: 2024 2023 2022 Advertising expense $ 112,793 $ 89,798 $ 89,850 Share-based compensation – The Company’s share-based compensation consists of nonvested stock awards and units. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income. Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award’s vesting period, or to the date on which retirement eligibility is achieved, if shorter. Certain nonvested stock awards and units contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed. If a share-based compensation award is modified after the grant date, incremental compensation expense, if any, is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period. Additionally, the Company’s policy is to issue shares of common stock to satisfy exercises of share-based compensation awards. See Note 9 for additional information regarding share-based compensation. Income taxes – The Company’s provision for income taxes (income tax benefit) includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits which are accounted for using the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes (income tax benefit). See Note 12 for additional information regarding income taxes. Net income per share – Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of common shares 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 common stock were exercised or converted into common stock and is based upon the weighted average number of common 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 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 $159.46 as of August 02, 2024. Warrants were excluded from the computation of diluted earnings per share since the warrants’ strike price of $223.24 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 and Note 13 for additional information regarding additional information regarding net income per share. Recent Accounting Pronouncements Not Yet Adopted Segment Disclosures In November 2023, the Financial Accounting Standards Board (“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 the 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 beginning 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 | 12 Months Ended |
Aug. 02, 2024 | |
Fair Value Measurements | |
Fair Value Measurements | 2. Fair Value Measurements Fair value for certain of the Company’s assets and liabilities is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, a three-level hierarchy for inputs is used. These levels are: ● Quoted Prices in Active Markets for Identical Assets (“Level 1”) – quoted prices (unadjusted) for an identical asset or liability in an active market. ● Significant Other Observable Inputs (“Level 2”) – quoted prices for a similar asset or liability in an active market or model-derived valuations in which all significant inputs are observable for substantially the full term of the asset or liability. ● Significant Unobservable Inputs (“Level 3”) – unobservable and significant to the fair value measurement of the asset or liability. The Company’s assets and liabilities measured at fair value on a recurring basis at August 02, 2024 were as follows: Total Fair Level 1 Level 2 Level 3 Value Cash equivalents* $ 1 $ — $ — $ 1 Total $ 1 $ — $ — $ 1 Deferred compensation plan assets** 25,719 Total assets at fair value $ 25,720 The Company’s assets and liabilities measured at fair value on a recurring basis at July 28, 2023 were as follows: Total Fair Level 1 Level 2 Level 3 Value Cash equivalents* $ 9,001 $ — $ — $ 9,001 Total $ 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 non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note 11). The Company did not have any liabilities measured at fair value on a recurring basis at August 02, 2024 and July 28, 2023. 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 accounts receivable and accounts payable at August 02, 2024 and July 28, 2023, 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 amounts at August 02, 2024 and July 28, 2023. 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 as described above. The estimated fair value of the Notes was $267,939 and $259,311 as of August 02, 2024 and July 28, 2023, respectively. Assets Measured at Fair Value on a Nonrecurring Basis In 2024, six Cracker Barrel were determined to be impaired and thirteen MSBC locations were determined to be impaired because of declining operating performance. In 2023, six Cracker Barrel locations were determined to be impaired because of declining operating performance. Fair value of these locations was determined by sales prices of comparable assets or estimates of discounted future cash flows considering their highest and best use. Assumptions used in the cash flow model included projected annual revenue growth rates and projected cash flows, which can be affected by economic conditions and management’s expectations. Additionally, changes in the local and national economies and markets for real estate and other assets can impact the sales prices of the assets. The Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs, and thus, are considered Level 3 inputs. Based on its analysis, the Company recorded impairment charges of $17,448 and $11,692, respectively, in 2024 and 2023, which is included in the impairment and store closing costs line on the Consolidated Statements of Income. In 2024, based on the Company’s analysis of MSBC’s goodwill, the Company concluded that the goodwill was impaired based on changes in the macroeconomic environment, including interest rate and inflationary pressures, and declining financial trends, which resulted in a calculated fair value lower than the goodwill’s carrying value. As part of its analysis, the Company used the discounted cash flow method to estimate fair value. Significant inputs for this method include projected cash flows, growth rate and discount rate. The Company recorded an impairment of the entire goodwill amount of $4,690 in 2024; this amount is recorded in the goodwill impairment line on the Consolidated Statement of Income. |
Inventories
Inventories | 12 Months Ended |
Aug. 02, 2024 | |
Inventories | |
Inventories | 3. Inventories Inventories were comprised of the following at: August 02, 2024 July 28, 2023 Retail $ 138,278 $ 145,175 Restaurant 25,829 24,427 Supplies 16,851 19,762 Total $ 180,958 $ 189,364 |
Debt
Debt | 12 Months Ended |
Aug. 02, 2024 | |
Debt | |
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 also contains an option to increase the revolving credit facility by $200,000. At August 02, 2024 and July 28, 2023, the Company had $180,000 and $120,000, respectively, in outstanding borrowings under the 2022 Revolving Credit Facility. At August 02, 2024, the Company had $32,644 of standby letters of credit, which reduce the Company’s borrowing availability under the 2022 Revolving Credit Facility (see Note 14). At August 02, 2024, the Company had $487,356 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 greatest 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 August 02, 2024, the weighted average interest rate on $180,000 of the Company’s outstanding borrowings was 7.19%. At July 28, 2023, the weighted average interest rate on $120,000 of the Company’s outstanding borrowings was 6.79%. 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 August 02, 2024, the Company was in compliance with all debt 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”) 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. 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 for the payment of dividends to holders of the Company’s common stock. On August 02, 2024, the conversion rate, as adjusted, was 6.2713 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 approximately $291,000, 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 in the Consolidated Balance Sheets as of August 02, 2024 and July 28, 2023. During any calendar quarter preceding 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 immediate quarter following, convert all of a portion of their Notes. The holders of the Notes were not eligible to convert their Notes during 2024, 2023 or 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 August 02, 2024 and July 28, 2023, the Company could not be required to settle the Notes in cash and, therefore, the Notes are classified as long-term debt. The following table includes the outstanding principal amount and carrying value of the Notes as of the periods indicated: August 02, 2024 July 28, 2023 Liability component Principal $ 300,000 $ 300,000 Less: Debt issuance costs 3,419 5,171 Net carrying amount $ 296,581 $ 294,829 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 each of the three years: 2024 2023 2022 Coupon interest $ 1,932 $ 1,896 $ 1,896 Amortization of issuance costs 1,752 1,730 1,755 Total interest expense $ 3,684 $ 3,626 $ 3,651 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. By default, the Warrant Transactions are net share settled and the Company has the option to settle in cash or shares. 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. On August 02, 2024, the strike price, as adjusted, of the Warrant Transactions was adjusted to $223.24 per share as a result of dividends declared since the Notes were issued. 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. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Aug. 02, 2024 | |
Share Repurchases | |
Share Repurchases | 5. Share Repurchases Subject to the limits imposed by the Company’s revolving credit facility, in the fourth quarter of 2022, the Company was authorized by its Board of Directors to repurchase shares of the Company’s outstanding common stock at management’s discretion up to a total value of $200,000. On June 2, 2023, the Company’s Board of Directors renewed this authorization for an additional year which expired on June 2, 2024. In 2024, the Company did not repurchase any shares of its common stock. In 2023, the Company repurchased 171,792 shares of its common stock in the open market at an aggregate cost of $17,449. In 2022, the Company repurchased 1,248,184 shares of its common stock in the open market at an aggregate cost of $131,542. |
Segment Information
Segment Information | 12 Months Ended |
Aug. 02, 2024 | |
Segment Reporting | |
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 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 | 12 Months Ended |
Aug. 02, 2024 | |
Revenue Recognition | |
Revenue Recognition | 7. Revenue Recognition Disaggregation of revenue Total revenue was comprised of the following for each of the three years: 2024 2023 2022 Revenue: Restaurant $ 2,794,128 $ 2,740,866 $ 2,565,628 Retail 676,634 701,942 702,158 Total revenue $ 3,470,762 $ 3,442,808 $ 3,267,786 Gift Card Breakage For 2024, 2023 and 2022, gift card breakage was $11,397, $10,713, and $9,572, respectively. Revenue recognized in the Consolidated Statements of Income for 2024, 2023 and 2022, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $36,958, $40,103, and $42,169, respectively. Deferred revenue related to the Company’s gift cards was $84,854 and $88,556, respectively, at August 02, 2024 and July 28, 2023. 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 August 2, 2024, deferred revenue related to the loyalty program was $1,544 and is included in deferred revenue on the Consolidated Balance Sheet. |
Leases
Leases | 12 Months Ended |
Aug. 02, 2024 | |
Leases | |
Leases | 8. Leases The Company has entered into two Cracker Barrel and three MSBC agreements for real estate leases that are not recorded as right-of-use assets or lease liabilities as it has not yet taken possession. These leases are expected to commence in 2025 and 2026 with undiscounted future payments of $11,292 and $1,323, respectively. The following table summarizes the components of lease cost for operating leases for each of the three years: 2024 2023 2022 Operating lease cost $ 110,661 $ 109,908 $ 108,903 Short term lease cost 3,509 2,947 2,409 Variable lease cost 3,522 3,669 2,673 Total lease cost $ 117,692 $ 116,524 $ 113,985 The following table summarizes supplemental cash flow information and non-cash activity related to the Company’s operating leases for each of the three years: 2024 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 97,014 $ 95,294 $ 92,600 Noncash information: Right-of-use assets obtained in exchange for new operating lease liabilities 14,219 17,378 19,143 Lease modifications or reassessments increasing right-of-use assets 23,532 11,320 11,978 Lease modifications removing right-of-use assets (2,133) (413) (670) Right-of-use asset impairment* (1,832) — — *Included in the Impairment line on the Consolidated Statement of Cash Flows The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of August 02, 2024, July 28, 2023 and July 29, 2022: 2024 2023 2022 Weighted-average remaining lease term 15.88 Years 16.88 Years 17.38 Years Weighted-average discount rate 5.38 % 5.09 % 4.90 % The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of August 02, 2024: Year Total 2025 $ 86,318 2026 74,542 2027 70,152 2028 67,654 2029 65,666 Thereafter 738,625 Total future minimum lease payments 1,102,957 Less imputed remaining interest (377,127) Total present value of operating lease liabilities $ 725,830 Sale and Leaseback Transactions In 2009, the Company completed sale and leaseback transactions involving 15 of its Cracker Barrel stores and its retail distribution center. Under the transactions, the land, buildings and building improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. The leases include specified renewal options for up to 20 additional years In 2020, the Company completed a sale and leaseback transaction involving 64 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. In 2021, the Company completed a sale and leaseback transaction involving 62 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. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Aug. 02, 2024 | |
Share-Based Compensation | |
Share-Based Compensation | 9. Share-Based Compensation Stock Compensation Plans The Company’s employee compensation plans are administered by the Compensation Committee of the Company’s Board of Directors (the “Committee”). The Committee is authorized to determine, at time periods within its discretion and subject to the direction of the Board of Directors, which employees will be granted awards, the number of shares covered by any awards granted, and within applicable limits, the terms and provisions relating to the exercise and vesting of any awards. On November 19, 2020, the Company’s shareholders approved the 2020 Omnibus Incentive Plan (the “2020 Omnibus Plan”) which became effective on that date. The 2020 Omnibus Plan authorizes the following types of awards for employees and non-employee directors: stock options, stock appreciation rights, nonvested stock, restricted stock units, other share-based awards and performance awards. After the effective date of the 2020 Omnibus Plan, no additional awards could be granted under the Company’s 2010 Omnibus Incentive Stock and Incentive Plan (the “Prior Plan”). The 2020 Omnibus Plan allows the Committee to grant awards for an aggregate of 1,033,441 shares, the number of shares that were available for issuance as of September 24, 2020 (the “Cutoff Date”) pursuant to the Prior Plan, plus the number of shares that became available for issuance pursuant to the terms of the Prior Plan following the Cutoff Date and prior to the effective date. However, this share reserve is increased by shares awarded under this and the Prior Plan which are forfeited, expired, settled for cash and shares withheld by the Company in payment of a tax withholding obligation after the effective date of the 2020 Omnibus Plan. Additionally, this share reserve was decreased by shares granted from the 2020 Omnibus Plan after the effective date. At August 02, 2024, the number of shares authorized for future issuance under the Company’s active plan is 982,523. At August 02, 2024, the number of outstanding awards under the 2020 Omnibus Plan and the Prior Plan was 285,817 and 1,259, respectively. The Company’s nonvested stock awards consist of the Company’s common stock, generally accrue dividend equivalents and vest over one The Company’s nonvested stock awards include its long-term performance plans which were established by the Committee for the purpose of rewarding certain officers with shares of the Company’s common stock if the Company achieved certain performance targets. The stock awards under the long-term performance plans are calculated or estimated based on achievement of financial performance measures. The following table summarizes the performance periods and vesting periods for the Company’s nonvested stock awards under its long-term performance plans at August 02, 2024: Vesting Period Long-Term Performance Plan (“LTPP”) Performance Period (in Years) 2024 LTPP 2024 – 2026 3 2023 LTPP 2023 – 2025 3 2022 LTPP 2022 – 2024 3 The following table summarizes the shares that have been accrued under the 2024 LTPP, 2023 LTPP and 2022 LTPP at August 02, 2024: 2024 LTPP 34,290 2023 LTPP 15,492 2022 LTPP 11,139 A summary of the Company’s nonvested stock activity as of August 02, 2024, and changes during 2024 are presented in the following table: Weighted-Average Grant Nonvested Stock Shares Date Fair Value Unvested at July 28, 2023 180,657 $ 114.47 Granted 129,674 70.66 Vested (72,631) 118.01 Forfeited (11,545) 120.18 Unvested at August 02, 2024 226,155 $ 87.92 The following table summarizes the total fair value of nonvested stock that vested for each of the three years: 2024 2023 2022 Total fair value of nonvested stock $ 8,571 $ 4,947 $ 6,166 Compensation Expense The following table highlights the components of share-based compensation expense for each of the three years: 2024 2023 2022 Total compensation expense $ 10,298 $ 9,045 $ 8,198 The following table highlights the total unrecognized compensation expense related to the outstanding nonvested stock awards and nonvested stock units and the weighted-average periods over which the expense is expected to be recognized as of August 02, 2024: Nonvested Stock Awards Total unrecognized compensation $ 5,752 Weighted-average period in years 1.43 During 2024, the Company issued 49,418 shares of its common stock resulting from the vesting of share-based compensation awards. Related tax withholding payments on these share-based compensation awards resulted in a net reduction to shareholders’ equity of $1,608. |
Shareholder Rights Agreement
Shareholder Rights Agreement | 12 Months Ended |
Aug. 02, 2024 | |
Shareholder Rights Agreement | |
Shareholder Rights Agreement | 10. Shareholder Rights Agreement On February 22, 2024, the Company’s Board of Directors unanimously determined to extend the Company’s shareholder rights agreement for a further three-year term, subject to the approval of the Company’s shareholders at the Company’s upcoming 2024 annual meeting. In connection with this determination, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per share, and adopted a shareholder rights agreement, as set forth in the Rights Agreement dated as of February 27, 2024 (the “Rights Agreement”), by and between the Company and Equiniti Trust Company, LLC, as rights agent. The dividend was payable on March 8, 2024 to the shareholders of record on March 8, 2024. The Rights Agreement replaced the Company’s Rights Agreement, dated as of April 9, 2021 (the “2021 Rights Agreement”), and became effective 5:00 p.m., New York City time, on February 27, 2024 (the “Effective Time”). To facilitate the entry into the Rights Agreement, the Board of Directors also approved an Amendment and Termination to the 2021 Rights Agreement, which accelerated the expiration date of the 2021 Rights Agreement from the close of business on April 9, 2024 to immediately prior to the Effective Time, at which the 2021 Rights Agreement expired and became of no further force or effect. Other than extending the term, the Rights Agreement makes no changes to the material terms and conditions of the 2021 Rights Agreement. The Rights The Rights initially trade with, and are inseparable from, the Company’s common stock. The Rights are evidenced only by certificates or book entries that represent shares of common stock. New Rights will accompany any new shares of common stock the Company issues after March 8, 2024 until the Distribution Date (as defined below). Exercise Price Each Right will allow its holder to purchase from the Company one one-hundredth Exercisability The Rights will not be exercisable until ten days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 20% or more of the Company’s outstanding common stock. Certain synthetic interests in securities created by derivative positions – whether or not such interests are considered to be ownership of the underlying common stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) – are treated as beneficial ownership of the number of shares of the Company’s common stock equivalent to the economic exposure created by the derivative. The date when the Rights become exercisable is the “Distribution Date.” Until the Distribution Date, the common stock certificates will also evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After that date, the Rights will separate from the common stock and will be evidenced by book-entry credits or by Rights certificates that the Company will mail to all eligible holders of common stock. Any Rights held by an Acquiring Person will be void and may not be exercised. At August 02, 2024, none of the Rights were exercisable. Consequences of a Person or Group Becoming an Acquiring Person ● Flip in. If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for $600.00 , purchase shares of the Company’s common stock with a market value of $1,200.00 , based on the market price of the common stock prior to such acquisition. ● Flip Over . If the Company is later acquired in a merger or similar transaction after the Distribution Date, all holders of Rights except the Acquiring Person may, for $600.00 , purchase shares of the acquiring corporation with a market value of $1,200.00 , based on the market price of the acquiring corporation’s stock prior to such transaction. ● Notional Shares . Shares held by affiliates and associates of an Acquiring Person, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. Preferred Share Provisions Each one one-hundredth ● will not be redeemable; ● will entitle holders to quarterly dividend payments of $0.01 per share, or an amount equal to the dividend paid on one share of common stock, whichever is greater; ● will entitle holders upon liquidation either to receive $1.00 per share or an amount equal to the payment made on one share of common stock, whichever is greater; ● will have the same voting power as one share of common stock; and ● if shares of the Company’s common stock are exchanged via merger, consolidation, or a similar transaction, will entitle holders to a per share payment equal to the payment made on one share of common stock. The value of one one-hundredth Redemption The Board of Directors may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring Person. If the Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be adjusted if the Company has a stock split or stock dividends of its common stock. Qualifying Offer Provision The Rights would also not interfere with any all-cash, fully financed tender offer, exchange offer of common stock of the offeror meeting certain terms and conditions further described below, or a combination thereof, in each case for all shares of common stock that remain open for a minimum of 60 business days and subject to a minimum condition of a majority of the outstanding shares and provide for a 20-business day “subsequent offering period” after consummation (such offers are referred to as “qualifying offers”). If an offer includes shares of common stock of the offeror, the Rights would not interfere with such offer if such consideration consists solely of freely-tradeable common stock of a publicly-owned United States corporation; such common stock is listed or admitted to trading on the New York Stock Exchange, Nasdaq Global Select Market or Nasdaq Global Market; the offeror has already received stockholder approval to issue such common stock prior to the commencement of such offer or no such approval is or will be required; the offeror has no other class of voting stock outstanding; no person (including such person’s affiliated and associated persons) beneficially owns twenty percent (20%) or more of the shares of common stock of the offeror then outstanding at the time of commencement of the offer or at any time during the term of the offer; and the offeror meets the registrant eligibility requirements for use of a registration statement on Form S-3 for registering securities under the Securities Act of 1933, as amended, including the filing of all reports required to be filed pursuant to the Exchange Act in a timely manner during the twelve (12) calendar months prior to the date of commencement, and throughout the term, of such offer. In the event the Company receives a qualifying offer and the Board of Directors has not redeemed the Rights prior to the consummation of such offer, the consummation of the qualifying offer will not cause the offeror or its affiliates to become an Acquiring Person, and the Rights will immediately expire upon consummation of the qualifying offer. Exchange After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Company’s outstanding common stock, the Board of Directors may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person. Anti-Dilution Provisions The Board of Directors may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, a reclassification of the Preferred Shares or common stock. No adjustments to the Exercise Price of less than 1% will be made. Amendments The terms of the Rights Agreement may be amended by the Board of Directors without the consent of the holders of the Rights. After a person or group becomes an Acquiring Person, the Board of Directors may not amend the agreement in a way that adversely affects holders of the Rights Expiration If the Rights Agreement is approved by the shareholders at the 2024 annual meeting, the Rights will expire on February 27, 2027. If shareholders do not approve the Rights Agreement, it will expire immediately following certification of the vote at the 2024 annual meeting. |
Employee Savings Plans
Employee Savings Plans | 12 Months Ended |
Aug. 02, 2024 | |
Employee Savings Plans | |
Employee Savings Plans | 11. Employee Savings Plans The Company sponsors a qualified defined contribution retirement plan twenty-one non-qualified defined contribution retirement plan Contributions under both plans may be invested in various investment funds at the employee’s discretion. Such contributions, including the Company’s matching contributions described below, may not be invested in the Company’s common stock. In 2024, 2023 and 2022, the Company matched 50% of employee contributions for each participant in the 401(k) Savings Plan up to a total of 5% of the employee’s compensation and matched 25% of employee contributions in the Non-Qualified Savings Plan up to a total of 6% of the employee’s compensation. Employee contributions vest immediately while Company contributions vest 20% annually beginning on the first anniversary of a contribution date and are vested 100% on the fifth anniversary of such contribution date. At the inception of the Non-Qualified Savings Plan, the Company established a Rabbi Trust to fund the plan’s obligations. The market value of the trust assets for the Non-Qualified Savings Plan of $25,719 is included in other assets and the related liability to the participants of $25,719 is included in other long-term obligations in the Consolidated Balance Sheets. Company contributions under both plans are recorded as either labor and other related expenses or general and administrative expenses in the Consolidated Statements of Income. The following table summarizes the Company’s contributions for each plan for each of the three years: 2024 2023 2022 401(k) Savings Plan $ 5,121 $ 4,963 $ 4,713 Non-Qualified Savings Plan 237 230 285 |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 02, 2024 | |
Income Taxes | |
Income Taxes | 12. Income Taxes The components of the provision for income taxes (income tax benefit) for each of the three years were as follows: 2024 2023 2022 Current: Federal $ (10,448) $ 6,925 $ 16,462 State 247 3,573 1,188 Deferred: Federal (3,526) (4,902) (4,543) State (3,017) (1,035) (1,604) Total provision for income taxes (income tax benefit) $ (16,744) $ 4,561 $ 11,503 A reconciliation of the Company’s provision for income taxes (income tax benefit) and income taxes based on the statutory U.S. federal rate of 21.0% in 2024, 2023 and 2022 was as follows: 2024 2023 2022 Provision computed at federal statutory income tax rate $ 5,079 $ 21,758 $ 30,110 State and local income taxes, net of federal benefit 874 2,069 1,452 Employer tax credits for FICA taxes paid on employee tip income (16,926) (16,772) (15,395) Other employer tax credits (3,476) (3,673) (4,929) Tax audit settlement (2,718) — (1,939) Carryback of federal tax credits (1,545) — — Non-deductible executive compensation 1,254 936 1,499 Share-based compensation 548 338 (47) Other-net 166 (95) 752 Total provision for income taxes (income tax benefit) $ (16,744) $ 4,561 $ 11,503 The decrease in the Company’s provision for income taxes in 2024 as compared to 2023 is primarily due to the decrease in income before income taxes and favorable audit settlements in 2024. The decrease in the Company’s provision for income taxes in 2023 as compared to 2022 is primarily due to the decrease in income before income taxes. Significant components of the Company’s net deferred tax liability consisted of the following at: August 02, 2024 July 28, 2023 Deferred tax assets: Compensation and employee benefits $ 5,677 $ 6,406 Accrued liabilities 14,202 15,843 Operating lease liabilities 181,094 186,813 Insurance reserves 8,760 7,360 Inventory 3,515 3,204 Deferred tax credits and carryforwards 33,979 30,720 Other 7,132 11,057 Deferred tax assets $ 254,359 $ 261,403 Deferred tax liabilities: Property and equipment $ 97,014 $ 100,185 Inventory 6,217 6,028 Operating lease right-of-use asset 211,826 221,882 Other 7,014 7,564 Deferred tax liabilities 322,071 335,659 Net deferred tax liability $ 67,712 $ 74,256 The Company has a deferred tax asset of $17,308 reflecting federal income tax credit carryforwards that expire in 2044. The Company has state income tax net operating loss carryforwards (“NOL”) of $104,924 and has recorded a deferred tax asset of $5,737 reflecting this benefit. These state NOLs generally expire in years beginning 2037 and after. The Company believes that adequate amounts of tax, interest and penalties have been provided for potential tax uncertainties; these amounts are included in other long-term liabilities in the Consolidated Balance Sheets. As of August 02, 2024 and July 28, 2023, the Company’s gross liability for uncertain tax positions, exclusive of interest and penalties, was $7,404 and $9,675, respectively. Summarized below is a tabular reconciliation of the beginning and ending balance of the Company’s total gross liability for uncertain tax positions exclusive of interest and penalties: August 02, 2024 July 28, 2023 July 29, 2022 Balance at beginning of year $ 9,675 $ 10,858 $ 14,477 Tax positions related to the current year: Additions 276 710 1,152 Reductions — — — Tax positions related to the prior year: Additions 43 52 17 Reductions (674) (298) (1,241) Settlements (1,433) — (1,942) Expiration of statute of limitations (483) (1,647) (1,605) Balance at end of year $ 7,404 $ 9,675 $ 10,858 If the Company were to prevail on all uncertain tax positions, the reversal of this accrual would be a tax benefit to the Company and impact the effective tax rate. The following table highlights the amount of uncertain tax positions, exclusive of interest and penalties, which, if recognized, would affect the effective tax rate for each of the three years: 2024 2023 2022 Uncertain tax positions $ 5,849 $ 7,644 $ 8,578 The Company had $7,913, $7,896, and $7,133 in interest and penalties accrued as of August 02, 2024, July 28, 2023, and July 29, 2022, respectively. The Company recognized accrued interest and penalties related to unrecognized tax benefits of $17, $764 and $(622) in its provision for income taxes (income tax benefit) on August 02, 2024, July 28, 2023 and July 29, 2022, respectively. In many cases, the Company’s uncertain tax positions are related to tax years that remain subject to examination by the relevant taxing authorities. Based on the outcome of these examinations or as a result of the expiration of the statutes of limitations for specific taxing jurisdictions, it is reasonably possible that the related uncertain tax positions taken regarding previously filed tax returns could decrease from those recorded as liabilities for uncertain tax positions in the Company’s financial statements at August 02, 2024 by approximately $1,000 to $2,000 within the next twelve months. At August 02, 2024, the Company was subject to income tax examinations for its U.S. federal income taxes after 2018 and for state and local income taxes generally after 2019. |
Net Income Per Share and Weight
Net Income Per Share and Weighted Average Shares | 12 Months Ended |
Aug. 02, 2024 | |
Net Income Per Share and Weighted Average Shares | |
Net Income Per Share and Weighted Average Shares | 13. Net Income Per Share and Weighted Average Shares The following table reconciles the components of diluted earnings per share computations: 2024 2023 2022 Net income per share numerator $ 40,930 $ 99,050 $ 131,880 Net income per share denominator: Basic weighted average shares 22,191,961 22,167,875 23,164,180 Add potential dilution: Nonvested stock awards and units 127,933 97,524 81,830 Diluted weighted average shares 22,319,894 22,265,399 23,246,010 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Aug. 02, 2024 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 14. Commitments and Contingencies The Company and its subsidiaries are party to various legal and regulatory proceedings and claims incidental to their business in the ordinary course. In the opinion of management, based upon information currently available, the ultimate liability with respect to these proceedings and claims will not materially affect the Company’s consolidated results of operations or financial position. The Company maintains insurance coverage for various aspects of its business and operations. The Company has elected, however, to retain all or a portion of losses that occur through the use of various deductibles, limits and retentions under its insurance programs. This situation may subject the Company to some future liability for which it is only partially insured, or completely uninsured. The Company intends to mitigate any such future liability by continuing to exercise prudent business judgment in negotiating the terms and conditions of its contracts. See Note 1 for a further discussion of insurance and insurance reserves. Related to its insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers. As of August 02, 2024, the Company had $32,644 of standby letters of credit related to securing reserved claims under workers’ compensation insurance and certain sale and leaseback transactions. All standby letters of credit are renewable annually and reduce the Company’s borrowing availability under its Revolving Credit facility (see Note 4). The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business. The Company believes that the probability of incurring an actual liability under other indemnification agreements is sufficiently remote so that no liability has been recorded in the Consolidated Balance Sheet. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 40,930 | $ 99,050 | $ 131,880 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Aug. 02, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 02, 2024 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Fiscal year | Fiscal year – The Company’s fiscal year ends on the Friday nearest July 31st and each quarter consists of thirteen weeks unless noted otherwise. The periods presented in the Company’s financial statements are the fiscal years ended August 02, 2024 (“2024”), July 28, 2023 (“2023”) and July 29, 2022 (“2022”), respectively. Each of these periods has 52 weeks except for 2024, which consisted of 53 weeks. Similarly, references in these Notes to a year or quarter are to the Company’s fiscal year or quarter unless expressly noted or the context clearly indicates otherwise. |
GAAP | GAAP – The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). |
Principles of consolidation | Principles of consolidation – The Consolidated Financial Statements include the accounts of the Company and its subsidiaries, all of which are wholly owned. All significant intercompany transactions and balances have been eliminated. |
Use of estimates | Use of estimates – Management of the Company has made certain estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting periods to prepare these Consolidated Financial Statements in conformity with GAAP. Management believes that such estimates have been based on reasonable and supportable assumptions and that the resulting estimates are reasonable for use in the preparation of the Consolidated Financial Statements. Actual results, however, could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents – The Company’s policy is to consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
Accounts receivable | Accounts receivable – Accounts receivable represent their estimated net realizable value. Accounts receivable are written off when they are deemed uncollectible. |
Inventories | Inventories – Cost of restaurant inventory is determined by the first ‑ ‑ Valuation provisions are included for retail inventory obsolescence, retail inventory shrinkage, returns and amortization of certain items. The estimate of retail inventory shrinkage is adjusted upon physical inventory counts. Annual physical inventory counts are conducted based upon a cyclical inventory schedule. An estimate of shrinkage is recorded for the time period between physical inventory counts by using a two-year average of the physical inventories’ results on a store-by-store basis. |
Property and equipment | Property and equipment – Property and equipment are stated at cost. For financial reporting purposes, depreciation and amortization on these assets are computed by use of the straight ‑ ‑ Years Buildings and improvements 30-45 Restaurant and other equipment 2-10 Leasehold improvements 1-35 Accelerated depreciation methods are generally used for income tax purposes. Total depreciation expense and depreciation expense related to store operations for each of the three years are as follows: 2024 2023 2022 Total depreciation expense $ 110,938 $ 103,691 $ 102,297 Depreciation expense related to store operations* 103,169 96,339 96,243 *Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. Gain or loss is recognized upon disposal of property and equipment. The asset and related accumulated depreciation and amortization amounts are removed from the accounts. Maintenance and repairs, including the replacement of minor items, are charged to expense and major additions to property and equipment are capitalized. |
Impairment of long-lived assets | Impairment of long-lived assets – The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability of assets is measured by comparing the carrying value of the asset to the undiscounted future cash flows expected to be generated by the asset. If the total expected future cash flows are less than the carrying value of the asset, the carrying value is written down, for an asset to be held and used, to the estimated fair value or, for an asset to be disposed of, to the fair value, net of estimated costs of disposal. Any loss resulting from impairment is recognized by a charge to income. During 2024 and 2023, the Company recorded impairment charges of $15,616 and $11,692, respectively, for long-lived assets which are included in the impairment and store closing costs line on the Consolidated Statements of Income. |
Goodwill and other intangible assets | Goodwill and other intangible assets – The Company accounts for all transactions that represent business combinations using the acquisition method of accounting, where the identifiable assets acquired and the liabilities assumed are recognized and measured at their fair values on the date the Company obtains control in the acquiree. Such fair values that are not finalized for reporting periods following the acquisition date are estimated and recorded as estimated amounts. Adjustments to these estimated amounts during the measurement period (defined as the date through which all information required to identify and measure the consideration transferred, the assets acquired and the liabilities assumed has been obtained, limited to one year from the acquisition date) are recorded when identified. Goodwill is determined as the excess of the fair value of the consideration conveyed in the acquisition over the fair value of the net assets acquired. Goodwill and other intangibles are evaluated for impairment annually on June 1 or more frequently if events occur or circumstances change that, more likely than not, reduce the fair value of the reporting unit below its carrying value. The Company’s goodwill consisted of its 100% ownership of Maple Street Biscuit Company (“MSBC”), a breakfast and lunch fast casual concept. In 2024, the Company determined that the entire amount of the goodwill was impaired and recorded an impairment charge of $4,690 which is recorded in the goodwill impairment line on the Consolidated Statement of Income. Other intangibles primarily consist of the MSBC tradename and liquor licenses. The MSBC tradename was capitalized as an indefinite-lived intangible asset and, at both August 02, 2024 and July 28, 2023, was $20,960. The costs of obtaining non-transferable liquor licenses that are directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets. Liquor licenses capitalized as intangible assets were $3,365 and $2,290, respectively, at August 02, 2024 and July 28, 2023. |
Segment reporting | Segment reporting – Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Using these criteria, the Company manages its business on the basis of one reportable operating segment (see Note 6 for additional information regarding segment reporting). |
Unredeemed gift cards and certificates | Unredeemed gift cards and certificates – Unredeemed gift cards and certificates represent a liability of the Company related to unearned income and are recorded at their expected redemption value. No revenue is recognized in connection with the point-of-sale transaction when gift cards or gift certificates are sold. Any amounts remitted to states under escheat or similar laws reduce the Company’s deferred revenue liability and have no effect on revenue or expense while any amounts that the Company is permitted to retain are recorded as revenue. See “Revenue recognition” section in this Note and Note 7 for information regarding breakage. |
Revenue recognition | 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 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. 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, the Company provides for estimated returns based on return history and sales levels. The Company’s policy is to present sales in the Consolidated Statements of Income on a net presentation basis after deducting sales tax. 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 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. See Note 7 for additional information regarding revenue recognition. |
Insurance | Insurance – The Company self-insures a significant portion of its workers’ compensation and general liability programs. The Company purchases insurance for individual workers’ compensation claims that exceed $750 or $1,000 depending on the state in which the claim originates. The Company purchases insurance for individual general liability claims that exceed $500. The Company records a reserve for workers’ compensation and general liability for all unresolved claims and for an estimate of incurred but not reported claims (“IBNR”). These reserves and estimates of IBNR claims are based upon a full scope actuarial study which is performed annually during the Company’s fourth quarter and is adjusted by the actuarially determined losses and actual claims payments made subsequent to this full scope actuarial study during the fourth quarter. Additionally, the Company performs limited scope actuarial studies on a quarterly basis to verify and/or modify the Company’s reserves. The reserves and losses in the actuarial study represent a range of possible outcomes within which no given estimate is more likely than any other estimate. As such, the Company records the losses at the lower half of that range and discounts them to present value using a risk-free interest rate based on projected timing of payments. The Company also monitors actual claims development, including incurrence or settlement of individual large claims during the interim periods between actuarial studies as another means of estimating the adequacy of its reserves. The Company’s group health plans combine the use of self-insured and fully-insured programs. Benefits for any individual (employee or dependents) in the self-insured program are limited. The Company records a liability for the self-insured portion of its group health program for all unpaid claims based upon a loss development analysis derived from actual group health claims payment experience. The Company also records a liability for unpaid prescription drug claims based on historical experience. |
Store pre-opening costs | Store pre-opening costs – Start-up costs of a new store are expensed when incurred. |
Leases | Leases – The Company’s leases are classified as either finance or operating 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 its advertising billboards, vehicle fleets and certain equipment under various non-cancellable operating leases. 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 five years The Company elected to not separate lease and non-lease components. Additionally, the Company 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. See Note 8 for additional information regarding leases. |
Advertising | Advertising – The Company expenses the costs of producing advertising the first time the advertising takes place. Other advertising costs are expensed as incurred. Advertising expense for each of the three years was as follows: 2024 2023 2022 Advertising expense $ 112,793 $ 89,798 $ 89,850 |
Share-based compensation | Share-based compensation – The Company’s share-based compensation consists of nonvested stock awards and units. Share-based compensation is recorded in general and administrative expenses in the Consolidated Statements of Income. Share-based compensation expense is recognized based on the grant date fair value and the achievement of performance conditions for certain awards. The Company recognizes share-based compensation expense on a straight-line basis over the requisite service period, which is generally the award’s vesting period, or to the date on which retirement eligibility is achieved, if shorter. Certain nonvested stock awards and units contain performance conditions. Compensation expense for performance-based awards is recognized when it is probable that the performance criteria will be met. If any performance goals are not met, no compensation expense is ultimately recognized and, to the extent previously recognized, compensation expense is reversed. If a share-based compensation award is modified after the grant date, incremental compensation expense, if any, is recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. Incremental compensation expense for vested awards is recognized immediately. For unvested awards, the sum of the incremental compensation expense and the remaining unrecognized compensation expense for the original award on the modification date is recognized over the modified service period. Additionally, the Company’s policy is to issue shares of common stock to satisfy exercises of share-based compensation awards. See Note 9 for additional information regarding share-based compensation. |
Income taxes | Income taxes – The Company’s provision for income taxes (income tax benefit) includes employer tax credits for FICA taxes paid on employee tip income and other employer tax credits which are accounted for using the flow-through method. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recognizes (or derecognizes) a tax position taken or expected to be taken in a tax return in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained (or not sustained) upon examination by tax authorities. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company recognizes, net of tax, interest and estimated penalties related to uncertain tax positions in its provision for income taxes (income tax benefit). See Note 12 for additional information regarding income taxes. |
Net income per share | Net income per share – Basic consolidated net income per share is computed by dividing consolidated net income available to common shareholders by the weighted average number of common shares 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 common stock were exercised or converted into common stock and is based upon the weighted average number of common 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 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 $159.46 as of August 02, 2024. Warrants were excluded from the computation of diluted earnings per share since the warrants’ strike price of $223.24 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 and Note 13 for additional information regarding additional information regarding net income per share. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted Segment Disclosures In November 2023, the Financial Accounting Standards Board (“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 the 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 beginning 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. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Nature of Operations and Summary of Significant Accounting Policies | |
Schedule of estimated useful lives of respective assets | Years Buildings and improvements 30-45 Restaurant and other equipment 2-10 Leasehold improvements 1-35 |
Schedule of depreciation expense and depreciation expense related to store operations | 2024 2023 2022 Total depreciation expense $ 110,938 $ 103,691 $ 102,297 Depreciation expense related to store operations* 103,169 96,339 96,243 *Depreciation expense related to store operations is included in other store operating expenses in the Consolidated Statements of Income. |
Schedule of advertising expense | 2024 2023 2022 Advertising expense $ 112,793 $ 89,798 $ 89,850 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Fair Value Measurements | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The Company’s assets and liabilities measured at fair value on a recurring basis at August 02, 2024 were as follows: Total Fair Level 1 Level 2 Level 3 Value Cash equivalents* $ 1 $ — $ — $ 1 Total $ 1 $ — $ — $ 1 Deferred compensation plan assets** 25,719 Total assets at fair value $ 25,720 The Company’s assets and liabilities measured at fair value on a recurring basis at July 28, 2023 were as follows: Total Fair Level 1 Level 2 Level 3 Value Cash equivalents* $ 9,001 $ — $ — $ 9,001 Total $ 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 non-qualified savings plan and is included in the Consolidated Balance Sheets as other assets (see Note 11). |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Inventories | |
Schedule of inventories | August 02, 2024 July 28, 2023 Retail $ 138,278 $ 145,175 Restaurant 25,829 24,427 Supplies 16,851 19,762 Total $ 180,958 $ 189,364 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Debt | |
Schedule of outstanding principal amount and carrying value of the Notes | August 02, 2024 July 28, 2023 Liability component Principal $ 300,000 $ 300,000 Less: Debt issuance costs 3,419 5,171 Net carrying amount $ 296,581 $ 294,829 |
Summary of interest expense for the Notes | 2024 2023 2022 Coupon interest $ 1,932 $ 1,896 $ 1,896 Amortization of issuance costs 1,752 1,730 1,755 Total interest expense $ 3,684 $ 3,626 $ 3,651 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Revenue Recognition | |
Schedule of disaggregation of revenue | 2024 2023 2022 Revenue: Restaurant $ 2,794,128 $ 2,740,866 $ 2,565,628 Retail 676,634 701,942 702,158 Total revenue $ 3,470,762 $ 3,442,808 $ 3,267,786 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Leases | |
Summary of components of lease cost for operating leases | 2024 2023 2022 Operating lease cost $ 110,661 $ 109,908 $ 108,903 Short term lease cost 3,509 2,947 2,409 Variable lease cost 3,522 3,669 2,673 Total lease cost $ 117,692 $ 116,524 $ 113,985 |
Summary of supplemental cash flow information and non-cash activity related to operating leases | 2024 2023 2022 Operating cash flow information: Cash paid for amounts included in the measurement of lease liabilities $ 97,014 $ 95,294 $ 92,600 Noncash information: Right-of-use assets obtained in exchange for new operating lease liabilities 14,219 17,378 19,143 Lease modifications or reassessments increasing right-of-use assets 23,532 11,320 11,978 Lease modifications removing right-of-use assets (2,133) (413) (670) Right-of-use asset impairment* (1,832) — — *Included in the Impairment line on the Consolidated Statement of Cash Flows |
Summary of weighted-average remaining lease term and weighted-average discount rate for operating leases | 2024 2023 2022 Weighted-average remaining lease term 15.88 Years 16.88 Years 17.38 Years Weighted-average discount rate 5.38 % 5.09 % 4.90 % |
Summary of maturities of undiscounted cash flows reconciled to total operating lease liability | Year Total 2025 $ 86,318 2026 74,542 2027 70,152 2028 67,654 2029 65,666 Thereafter 738,625 Total future minimum lease payments 1,102,957 Less imputed remaining interest (377,127) Total present value of operating lease liabilities $ 725,830 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Share-Based Compensation | |
Summary of performance periods and vesting periods for nonvested stock awards under long-term performance plans | Vesting Period Long-Term Performance Plan (“LTPP”) Performance Period (in Years) 2024 LTPP 2024 – 2026 3 2023 LTPP 2023 – 2025 3 2022 LTPP 2022 – 2024 3 |
Summary of accrued long-term performance shares | 2024 LTPP 34,290 2023 LTPP 15,492 2022 LTPP 11,139 |
Summary of nonvested stock activity | Weighted-Average Grant Nonvested Stock Shares Date Fair Value Unvested at July 28, 2023 180,657 $ 114.47 Granted 129,674 70.66 Vested (72,631) 118.01 Forfeited (11,545) 120.18 Unvested at August 02, 2024 226,155 $ 87.92 |
Summary of total fair value of nonvested stock | 2024 2023 2022 Total fair value of nonvested stock $ 8,571 $ 4,947 $ 6,166 |
Schedule of components of share-based compensation expense | 2024 2023 2022 Total compensation expense $ 10,298 $ 9,045 $ 8,198 |
Schedule of total unrecognized compensation | Nonvested Stock Awards Total unrecognized compensation $ 5,752 Weighted-average period in years 1.43 |
Employee Savings Plans (Tables)
Employee Savings Plans (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Employee Savings Plans | |
Schedule of contributions for employee savings plans | The following table summarizes the Company’s contributions for each plan for each of the three years: 2024 2023 2022 401(k) Savings Plan $ 5,121 $ 4,963 $ 4,713 Non-Qualified Savings Plan 237 230 285 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Income Taxes | |
Schedule of components of the provision for income taxes | The components of the provision for income taxes (income tax benefit) for each of the three years were as follows: 2024 2023 2022 Current: Federal $ (10,448) $ 6,925 $ 16,462 State 247 3,573 1,188 Deferred: Federal (3,526) (4,902) (4,543) State (3,017) (1,035) (1,604) Total provision for income taxes (income tax benefit) $ (16,744) $ 4,561 $ 11,503 |
Schedule of reconciliation of provision for income taxes and income taxes based on statutory U.S. federal rate | A reconciliation of the Company’s provision for income taxes (income tax benefit) and income taxes based on the statutory U.S. federal rate of 21.0% in 2024, 2023 and 2022 was as follows: 2024 2023 2022 Provision computed at federal statutory income tax rate $ 5,079 $ 21,758 $ 30,110 State and local income taxes, net of federal benefit 874 2,069 1,452 Employer tax credits for FICA taxes paid on employee tip income (16,926) (16,772) (15,395) Other employer tax credits (3,476) (3,673) (4,929) Tax audit settlement (2,718) — (1,939) Carryback of federal tax credits (1,545) — — Non-deductible executive compensation 1,254 936 1,499 Share-based compensation 548 338 (47) Other-net 166 (95) 752 Total provision for income taxes (income tax benefit) $ (16,744) $ 4,561 $ 11,503 |
Schedule of significant components of net deferred tax liability | Significant components of the Company’s net deferred tax liability consisted of the following at: August 02, 2024 July 28, 2023 Deferred tax assets: Compensation and employee benefits $ 5,677 $ 6,406 Accrued liabilities 14,202 15,843 Operating lease liabilities 181,094 186,813 Insurance reserves 8,760 7,360 Inventory 3,515 3,204 Deferred tax credits and carryforwards 33,979 30,720 Other 7,132 11,057 Deferred tax assets $ 254,359 $ 261,403 Deferred tax liabilities: Property and equipment $ 97,014 $ 100,185 Inventory 6,217 6,028 Operating lease right-of-use asset 211,826 221,882 Other 7,014 7,564 Deferred tax liabilities 322,071 335,659 Net deferred tax liability $ 67,712 $ 74,256 |
Schedule of income tax reconciliation | Summarized below is a tabular reconciliation of the beginning and ending balance of the Company’s total gross liability for uncertain tax positions exclusive of interest and penalties: August 02, 2024 July 28, 2023 July 29, 2022 Balance at beginning of year $ 9,675 $ 10,858 $ 14,477 Tax positions related to the current year: Additions 276 710 1,152 Reductions — — — Tax positions related to the prior year: Additions 43 52 17 Reductions (674) (298) (1,241) Settlements (1,433) — (1,942) Expiration of statute of limitations (483) (1,647) (1,605) Balance at end of year $ 7,404 $ 9,675 $ 10,858 |
Schedule of amount of uncertain tax positions, exclusive of interest and penalties, which, if recognized, would affect effective tax rate | 2024 2023 2022 Uncertain tax positions $ 5,849 $ 7,644 $ 8,578 |
Net Income Per Share and Weig_2
Net Income Per Share and Weighted Average Shares (Tables) | 12 Months Ended |
Aug. 02, 2024 | |
Net Income Per Share and Weighted Average Shares | |
Schedule of computation of basic and diluted earnings per share | 2024 2023 2022 Net income per share numerator $ 40,930 $ 99,050 $ 131,880 Net income per share denominator: Basic weighted average shares 22,191,961 22,167,875 23,164,180 Add potential dilution: Nonvested stock awards and units 127,933 97,524 81,830 Diluted weighted average shares 22,319,894 22,265,399 23,246,010 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Fiscal Year and Inventories (Details) | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Nature of Operations and Summary of Significant Accounting Policies | |||
Number of weeks in current fiscal year | 371 days | 364 days | 364 days |
Percentage of retail inventories valued using retail inventory method | 60% | ||
Average period of physical inventory used for estimating shrinkage | 2 years |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - PPE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Property, Plant and Equipment | |||
Total depreciation expense | $ 110,938 | $ 103,691 | $ 102,297 |
Depreciation expense related to store operations | $ 103,169 | $ 96,339 | $ 96,243 |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful life | 30 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful life | 45 years | ||
Restaurant and other equipment | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful life | 2 years | ||
Restaurant and other equipment | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful life | 10 years | ||
Leasehold improvements | Minimum | |||
Property, Plant and Equipment | |||
Estimated useful life | 1 year | ||
Leasehold improvements | Maximum | |||
Property, Plant and Equipment | |||
Estimated useful life | 35 years |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Asset Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 02, 2024 | Jul. 28, 2023 | |
Impairment of Long-Lived Assets | ||
Impairment | $ 15,616 | $ 11,692 |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 02, 2024 | Jul. 28, 2023 | |
Intangible assets | ||
Goodwill impairment charges | $ 4,690 | |
Maple Street Biscuit Company | ||
Intangible assets | ||
Ownership interest acquired | 100% | 100% |
MSBC Tradename | ||
Intangible assets | ||
Indefinite-lived intangible asset | $ 20,960 | |
Liquor Licenses | ||
Intangible assets | ||
Indefinite-lived intangible asset | $ 3,365 | $ 2,290 |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies - Segments, Revenue Recognition and Insurance (Details) $ in Thousands | 12 Months Ended |
Aug. 02, 2024 USD ($) segment | |
Segment Reporting | |
Number of reportable operating segments | segment | 1 |
Self-insurance | |
Threshold for one level of workers' compensation | $ 750 |
Threshold for second level of workers' compensation | 1,000 |
Threshold for general liability insurance | $ 500 |
Nature of Operations and Summ_9
Nature of Operations and Summary of Significant Accounting Policies - Leases (Details) | 12 Months Ended |
Aug. 02, 2024 period | |
Leases | |
Initial lease term | 20 years |
Maximum | |
Leases | |
Lease renewal option | 50 years |
Restaurants | |
Leases | |
Initial lease term | 10 years |
Lease renewal option | 5 years |
Restaurants | Minimum | |
Leases | |
Number of optional renewal periods | 4 |
Restaurants | Maximum | |
Leases | |
Number of optional renewal periods | 5 |
Nature of Operations and Sum_10
Nature of Operations and Summary of Significant Accounting Policies - Advertising (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Advertising | |||
Advertising expense | $ 112,793 | $ 89,798 | $ 89,850 |
Nature of Operations and Sum_11
Nature of Operations and Summary of Significant Accounting Policies - Net Income Per Share (Details) | Aug. 02, 2024 $ / shares |
Convertible Senior Notes | |
Net income per share | |
Conversion price (in dollars per share) | $ 159.46 |
Warrants | |
Net income per share | |
Adjusted strike price (in dollars per share) | $ 223.24 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Aug. 02, 2024 | Jul. 28, 2023 |
Fair value for certain assets and liabilities | ||
Cash equivalents* | $ 1 | $ 9,001 |
Total | 1 | 9,001 |
Deferred compensation plan assets** | 25,719 | 27,129 |
Total assets at fair value | 25,720 | 36,130 |
Level 1 | ||
Fair value for certain assets and liabilities | ||
Cash equivalents* | 1 | 9,001 |
Total | 1 | 9,001 |
Level 2 | ||
Fair value for certain assets and liabilities | ||
Cash equivalents* | 0 | 0 |
Total | 0 | 0 |
Level 3 | ||
Fair value for certain assets and liabilities | ||
Cash equivalents* | 0 | 0 |
Total | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 USD ($) location | Jul. 28, 2023 USD ($) location | Jun. 18, 2021 | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Impairment charges | $ 17,448 | $ 11,692 | |
Impairment charge | (1,832) | ||
Goodwill impairment | $ 4,690 | ||
Maple Street Biscuit Company | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Number of locations determined to be impaired | location | 13 | ||
Cracker Barrel Old Country Store | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Number of locations determined to be impaired | location | 6 | 6 | |
0.625% Convertible Senior Notes Due 2026 | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Interest rate | 0.625% | 0.625% | |
Level 2 | 0.625% Convertible Senior Notes Due 2026 | Estimated Fair Value | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Fair value of notes | $ 267,939 | $ 259,311 | |
Nonrecurring | Estimated Fair Value | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Impairment charges | 17,448 | 11,692 | |
Recurring | |||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||
Liabilities at fair value | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Aug. 02, 2024 | Jul. 28, 2023 |
Inventories | ||
Retail | $ 138,278 | $ 145,175 |
Restaurant | 25,829 | 24,427 |
Supplies | 16,851 | 19,762 |
Total | $ 180,958 | $ 189,364 |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 17, 2022 | Aug. 02, 2024 | Jul. 28, 2023 | |
2022 Revolving Credit Facility | |||
Line of Credit Facility | |||
Line of credit facility, term | 5 years | ||
Maximum borrowing capacity | $ 700,000 | ||
Option to increase revolving credit facility | $ 200,000 | ||
Outstanding borrowings | $ 180,000 | ||
Amount of standby letters of credit | 32,644 | ||
Remaining borrowing capacity | $ 487,356 | ||
Weighted average interest rate | 7.19% | ||
Liquidity requirements | $ 100,000 | ||
Maximum leverage ratio | 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 | ||
2022 Revolving Credit Facility | Federal Funds Rate | |||
Line of Credit Facility | |||
Debt instrument, basis spread on variable rate | 0.50% | ||
2022 Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Line of Credit Facility | |||
Debt instrument, basis spread on variable rate | 1% | ||
2019 Revolving Credit Facility | |||
Line of Credit Facility | |||
Outstanding borrowings | $ 120,000 | ||
Weighted average interest rate | 6.79% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes (Details) - 0.625% Convertible Senior Notes Due 2026 | 12 Months Ended | |||
Jun. 18, 2021 USD ($) $ / shares shares | Aug. 02, 2024 USD ($) D shares | Jul. 28, 2023 USD ($) | Jun. 15, 2021 $ / shares | |
Convertible Senior Notes | ||||
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 | 6.2713 | ||
Debt instrument, converted amount | $ 1,000,000 | $ 1,000,000 | ||
Conversion price (in dollars per share) | $ / shares | $ 188.14 | |||
Common stock premium percentage | 25% | |||
Sale price per share (in dollars per share) | $ / shares | $ 150.51 | |||
Net proceeds from notes offering | $ 291,000,000 | |||
Threshold percentage of stock price trigger | 130% | |||
Threshold trading days | D | 20 | |||
Threshold consecutive trading days | D | 30 | |||
Liability component | ||||
Principal | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |
Less: Debt issuance costs | 3,419,000 | 5,171,000 | ||
Net carrying amount | $ 296,581,000 | $ 294,829,000 | ||
Maximum | ||||
Convertible Senior Notes | ||||
Additional principal amount | $ 25,000,000 |
Debt - Summary of Interest Expe
Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Interest Expense | |||
Effective interest rate percentage | 1.23% | 1.23% | |
Amortization of issuance costs | $ 1,752 | $ 1,730 | $ 1,755 |
0.625% Convertible Senior Notes Due 2026 | |||
Interest Expense | |||
Coupon interest | 1,932 | 1,896 | 1,896 |
Amortization of issuance costs | 1,752 | 1,730 | 1,755 |
Total interest expense | $ 3,684 | $ 3,626 | $ 3,651 |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) | Aug. 02, 2024 $ / shares shares |
Convertible Note Hedge and Warrant Transactions | |
Strike price (in dollars per share) | $ 600 |
Convertible Note Hedge and Warrant Transactions | |
Convertible Note Hedge and Warrant Transactions | |
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) | $ 223.24 |
Share Repurchases (Details)
Share Repurchases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 28, 2023 | Jul. 29, 2022 | |
Share Repurchases | ||
Maximum amount of share repurchase authorization | $ 200,000 | |
Shares of common stock repurchased (in shares) | 171,792 | 1,248,184 |
Cost of shares repurchased | $ 17,449 | $ 131,542 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Aug. 02, 2024 segment | |
Segment Reporting | |
Number of product lines | 2 |
Number of reportable operating segments | 1 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Disaggregation of Revenue | |||
Total revenue | $ 3,470,762 | $ 3,442,808 | $ 3,267,786 |
Gift card breakage | 11,397 | 10,713 | 9,572 |
Deferred revenue related to gift cards | 84,854 | 88,556 | |
Revenue recognized for redemption of gift cards | $ 36,958 | 40,103 | 42,169 |
Expiration period for reward points earned in loyalty program | 12 months | ||
Deferred revenue related to loyalty program | $ 1,544 | ||
Restaurant | |||
Disaggregation of Revenue | |||
Total revenue | 2,794,128 | 2,740,866 | 2,565,628 |
Retail | |||
Disaggregation of Revenue | |||
Total revenue | $ 676,634 | $ 701,942 | $ 702,158 |
Leases - Summary (Details)
Leases - Summary (Details) $ in Thousands | Aug. 02, 2024 USD ($) agreement |
Leases | |
Undiscounted future payments to begin in next 12 months | $ | $ 11,292 |
Undiscounted future payments to begin in next 24 months | $ | $ 1,323 |
Cracker Barrel Old Country Store | |
Leases | |
Number of lease agreements | agreement | 2 |
Maple Street Biscuit Company | |
Leases | |
Number of lease agreements | agreement | 3 |
Leases - Components of Lease Co
Leases - Components of Lease Cost for Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Components of Lease Cost for Operating Leases | |||
Operating lease cost | $ 110,661 | $ 109,908 | $ 108,903 |
Short term lease cost | 3,509 | 2,947 | 2,409 |
Variable lease cost | 3,522 | 3,669 | 2,673 |
Total lease cost | $ 117,692 | $ 116,524 | $ 113,985 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information and Non-cash Activity Related to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Operating cash flow information: | |||
Cash paid for amounts included in the measurement of lease liabilities | $ 97,014 | $ 95,294 | $ 92,600 |
Noncash information: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 14,219 | 17,378 | 19,143 |
Lease modifications or reassessments increasing (decreasing) right-of-use assets | 23,532 | 11,320 | 11,978 |
Lease modifications removing right-of-use assets | (2,133) | $ (413) | $ (670) |
Right-of-use asset impairment* | $ (1,832) |
Leases - Weighted-Average Remai
Leases - Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details) | Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 |
Leases | |||
Weighted-average remaining lease term | 15 years 10 months 17 days | 16 years 10 months 17 days | 17 years 4 months 17 days |
Weighted-average discount rate | 5.38% | 5.09% | 4.90% |
Leases - Maturities of Undiscou
Leases - Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability (Details) $ in Thousands | Aug. 02, 2024 USD ($) |
Maturities of Undiscounted Cash Flows Reconciled to Total Lease Liability | |
2025 | $ 86,318 |
2026 | 74,542 |
2027 | 70,152 |
2028 | 67,654 |
2029 | 65,666 |
Thereafter | 738,625 |
Total future minimum lease payments | 1,102,957 |
Less imputed remaining interest | (377,127) |
Total present value of operating lease liabilities | $ 725,830 |
Leases - Sale and Leaseback Tra
Leases - Sale and Leaseback Transactions (Details) - store | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2009 | Aug. 02, 2024 | |
Sale Leaseback Transactions | ||||
Initial lease term | 20 years | |||
Maximum | ||||
Sale Leaseback Transactions | ||||
Lease renewal option | 50 years | |||
Owned Stores | ||||
Sale Leaseback Transactions | ||||
Number of owned stores involved in sale-lease back transactions | 62 | 64 | ||
2009 Sale-leaseback Transactions | Owned Stores | ||||
Sale Leaseback Transactions | ||||
Number of owned stores involved in sale-lease back transactions | 15 | |||
Initial lease term | 20 years | |||
2009 Sale-leaseback Transactions | Owned Stores | Maximum | ||||
Sale Leaseback Transactions | ||||
Lease renewal option | 20 years | |||
2009 Sale-leaseback Transactions | Retail Distribution Center | ||||
Sale Leaseback Transactions | ||||
Initial lease term | 15 years | |||
Lease renewal option | 20 years | |||
2000 Sale-leaseback Transactions | ||||
Sale Leaseback Transactions | ||||
Initial lease term | 20 years | |||
2000 Sale-leaseback Transactions | Maximum | ||||
Sale Leaseback Transactions | ||||
Lease renewal option | 50 years |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Compensation Plans (Details) - shares | 12 Months Ended | |
Aug. 02, 2024 | Nov. 19, 2020 | |
Share-Based Payments | ||
Number of shares granted (in shares) | 49,418 | |
2010 Omnibus Plan | ||
Share-Based Payments | ||
Number of shares granted (in shares) | 0 | |
Number of outstanding awards (in shares) | 1,259 | |
2020 Omnibus Plan | ||
Share-Based Payments | ||
Number of shares of common stock originally authorized for issuance (in shares) | 1,033,441 | |
Common stock reserved for future issuance (in shares) | 982,523 | |
Number of outstanding awards (in shares) | 285,817 |
Share-Based Compensation - Nonv
Share-Based Compensation - Nonvested Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Nonvested Stock Awards | |||
Nonvested stock, shares, rollforward | |||
Unvested, beginning of period (in shares) | 180,657 | ||
Granted (in shares) | 129,674 | ||
Vested (in shares) | (72,631) | ||
Forfeited (in shares) | (11,545) | ||
Unvested, end of period (in shares) | 226,155 | 180,657 | |
Nonvested stock, weighted-average grant date fair value rollforward | |||
Unvested, beginning of period (in dollars per share) | $ 114.47 | ||
Granted (in dollars per share) | 70.66 | ||
Vested (in dollars per share) | 118.01 | ||
Forfeited (in dollars per share) | 120.18 | ||
Unvested, end of period (in dollars per share) | $ 87.92 | $ 114.47 | |
Total fair value of nonvested stock | $ 8,571 | $ 4,947 | $ 6,166 |
Nonvested Stock Awards | Minimum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Vesting period | 1 year | ||
Nonvested Stock Awards | Maximum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Vesting period | 3 years | ||
2024 LTPP | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Vesting period | 3 years | ||
Nonvested stock earned (in shares) | 34,290 | ||
2024 LTPP | Minimum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Performance period | 2024 | ||
2024 LTPP | Maximum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Performance period | 2026 | ||
2023 LTPP | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Vesting period | 3 years | ||
Nonvested stock earned (in shares) | 15,492 | ||
2023 LTPP | Minimum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Performance period | 2023 | ||
2023 LTPP | Maximum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Performance period | 2025 | ||
2022 LTPP | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Vesting period | 3 years | ||
Nonvested stock earned (in shares) | 11,139 | ||
2022 LTPP | Minimum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Performance period | 2022 | ||
2022 LTPP | Maximum | |||
Nonvested Stock Awards and Nonvested Stock Units | |||
Performance period | 2024 |
Share-Based Compensation - Comp
Share-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Compensation Expense | |||
Total compensation expense | $ 10,298 | $ 9,045 | $ 8,198 |
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized | |||
Number of shares issued from vesting of share-based compensation awards (in shares) | 49,418 | ||
Tax withholding payment net of cash received from issuance of share based compensation awards | $ (1,608) | $ (2,448) | $ (2,599) |
Nonvested Stock Awards | |||
Total unrecognized compensation expense and weighted-average periods over which the expense is expected to be recognized | |||
Total unrecognized compensation | $ 5,752 | ||
Weighted average period in years | 1 year 5 months 4 days |
Shareholder Rights Agreement (D
Shareholder Rights Agreement (Details) | 12 Months Ended | ||
Feb. 22, 2024 Right $ / shares | Aug. 02, 2024 $ / shares shares | Jul. 28, 2023 $ / shares | |
Shareholder Rights Plan | |||
Shareholders rights plan extension period | 3 years | ||
Number of preferred share purchase right declared as dividend for each share of common stock outstanding | Right | 1 | ||
Par value of common share outstanding (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Rights expiration date | Apr. 09, 2024 | ||
Exercise price of each right (in dollars per share) | $ 600 | ||
Rights exercisable (in shares) | shares | 0 | ||
Exercise price of each right, if a person or group becomes an acquiring person (in dollars per share) | $ 600 | ||
Market value of each right If a person or group becomes an acquiring person (in dollars per share) | 1,200 | ||
Exercise price of each right, if the company is later acquired in a merger (in dollars per share) | 600 | ||
Market value of each right, if the company is later acquired in a merger (in dollars per share) | 1,200 | ||
Redemption price of the right (in dollars per share) | $ 0.01 | ||
Subsequent offering period | 20 days | ||
Number of common stock shares that can be exchanged for each right if rights were extinguished (in shares) | shares | 1 | ||
Minimum | |||
Shareholder Rights Plan | |||
Period before rights can be exercised | 10 days | ||
Percentage of outstanding common stock ownership required to qualify for an "Acquiring Person" | 20% | ||
Offering period | 60 days | ||
Percentage of an ownership of common stock by an Acquiring Person before board of directors may extinguish right | 50% | ||
Percentage of adjustment to exercise price | 1% | ||
Series A Junior Participating Preferred Stock | |||
Shareholder Rights Plan | |||
Shares of a Preferred Share used in Provisions | 0.01 | ||
Common share equivalent for each preferred share portion (in shares) | shares | 1 | ||
Quarterly dividends payments per share (in dollars per share) | $ 0.01 | ||
Amount entitled to receive per share upon liquidation of preferred share (in dollars per share) | $ 1 | ||
Annual 2024 dividend | |||
Shareholder Rights Plan | |||
Dividend declaration date | Feb. 27, 2024 | ||
Dividend payment date | Mar. 08, 2024 | ||
Dividend record date | Mar. 08, 2024 |
Employee Savings Plans (Details
Employee Savings Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
401(k) Savings Plan | |||
Employee Savings Plans | |||
Defined contribution plan, type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | ||
Defined contribution plan, tax status [Extensible List] | us-gaap:QualifiedPlanMember | ||
Requisite service period | 90 days | ||
Minimum age of eligible employees required | 21 years | ||
Percentage of compensation allowed to be deferred by eligible employees | 50% | ||
Percentage of company match to employee contribution | 50% | 50% | 50% |
Percentage of company contributions that vests annually | 20% | 20% | 20% |
Percentage of company contribution that vests on employee's fifth anniversary of employment | 100% | 100% | 100% |
Company's contributions to the plan | $ 5,121 | $ 4,963 | $ 4,713 |
401(k) Savings Plan | Maximum | |||
Employee Savings Plans | |||
Percentage of employee's compensation matched by company | 5% | 5% | 5% |
Non-Qualified Savings Plan | |||
Employee Savings Plans | |||
Defined contribution plan, type [Extensible List] | us-gaap:PensionPlansDefinedBenefitMember | ||
Defined contribution plan, tax status [Extensible List] | us-gaap:NonqualifiedPlanMember | ||
Percentage of compensation allowed to be deferred by eligible employees | 50% | ||
Percentage of eligible bonuses allowed to be deferred | 100% | ||
Percentage of company match to employee contribution | 25% | 25% | 25% |
Percentage of company contributions that vests annually | 20% | 20% | 20% |
Percentage of company contribution that vests on employee's fifth anniversary of employment | 100% | 100% | 100% |
Market value of the trust assets | $ 25,719 | ||
Liability obligations to participants | 25,719 | ||
Company's contributions to the plan | $ 237 | $ 230 | $ 285 |
Non-Qualified Savings Plan | Maximum | |||
Employee Savings Plans | |||
Percentage of employee's compensation matched by company | 6% | 6% | 6% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Current | |||
Federal | $ (10,448) | $ 6,925 | $ 16,462 |
State | 247 | 3,573 | 1,188 |
Deferred | |||
Federal | (3,526) | (4,902) | (4,543) |
State | (3,017) | (1,035) | (1,604) |
Total provision for income taxes | $ (16,744) | $ 4,561 | $ 11,503 |
Reconciliation of provision for income taxes and income taxes | |||
U.S. federal statutory rate | 21% | 21% | 21% |
Provision computed at federal statutory income tax rate | $ 5,079 | $ 21,758 | $ 30,110 |
State and local income taxes, net of federal benefit | 874 | 2,069 | 1,452 |
Employer tax credits for FICA taxes paid on employee tip income | (16,926) | (16,772) | (15,395) |
Other employer tax credits | (3,476) | (3,673) | (4,929) |
Tax audit settlement | (2,718) | (1,939) | |
Carryback of federal tax credits | (1,545) | ||
Non-deductible executive compensation | 1,254 | 936 | 1,499 |
Stock-based compensation | 548 | 338 | (47) |
Other-net | 166 | (95) | 752 |
Deferred tax assets | |||
Compensation and employee benefits | 5,677 | 6,406 | |
Accrued liabilities | 14,202 | 15,843 | |
Operating lease liabilities | 181,094 | 186,813 | |
Insurance reserves | 8,760 | 7,360 | |
Inventory | 3,515 | 3,204 | |
Deferred tax credits and carryforwards | 33,979 | 30,720 | |
Other | 7,132 | 11,057 | |
Deferred tax assets | 254,359 | 261,403 | |
Deferred tax liabilities | |||
Property and equipment | 97,014 | 100,185 | |
Inventory | 6,217 | 6,028 | |
Operating lease right-of-use asset | 211,826 | 221,882 | |
Other | 7,014 | 7,564 | |
Deferred tax liabilities | 322,071 | 335,659 | |
Net deferred tax liability | 67,712 | 74,256 | |
Federal income tax credit carryforwards | 17,308 | ||
State income tax net operating loss carryforwards | 104,924 | ||
Deferred tax asset | 5,737 | ||
Reconciliation of gross liability for uncertain tax positions | |||
Balance at beginning of year | 9,675 | 10,858 | 14,477 |
Tax positions related to the current year | |||
Additions | 276 | 710 | 1,152 |
Tax positions related to the prior year | |||
Additions | 43 | 52 | 17 |
Reductions | (674) | (298) | (1,241) |
Settlements | (1,433) | (1,942) | |
Expiration of statute of limitations | (483) | (1,647) | (1,605) |
Balance at end of year | 7,404 | 9,675 | 10,858 |
Uncertain tax positions | 5,849 | 7,644 | 8,578 |
Potential interest and penalties | |||
Interest and penalties | 7,913 | 7,896 | 7,133 |
Interest and penalties | |||
Interest and penalties related to uncertain tax positions | 17 | $ 764 | $ (622) |
Minimum | |||
Uncertain Tax Positions | |||
Potential decrease of liabilities for uncertain tax positions within next twelve months | 1,000 | ||
Maximum | |||
Uncertain Tax Positions | |||
Potential decrease of liabilities for uncertain tax positions within next twelve months | $ 2,000 |
Net Income Per Share and Weig_3
Net Income Per Share and Weighted Average Shares (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 02, 2024 | Jul. 28, 2023 | Jul. 29, 2022 | |
Net Income Per Share and Weighted Average Shares | |||
Net Income (Loss) | $ 40,930 | $ 99,050 | $ 131,880 |
Net income per share denominator | |||
Basic weighted average shares (in shares) | 22,191,961 | 22,167,875 | 23,164,180 |
Add potential dilution | |||
Nonvested stock awards and units (in shares) | 127,933 | 97,524 | 81,830 |
Diluted weighted average shares (in shares) | 22,319,894 | 22,265,399 | 23,246,010 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Aug. 02, 2024 USD ($) |
Standby Letters of Credit | Revolving Credit Facility | |
Loss Contingencies | |
Amount of standby letters of credit | $ 32,644 |