CBRL - Earnings call transcript Q2 2019 | Cracker Barrel Old Country Store, Inc.

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Operator

Good day, and welcome to the Cracker Barrel Fiscal 2019 Second Quarter Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Adam Hanan, Manager-Investor Relations. Please go ahead, sir.

Adam Hanan

Good morning, and welcome to Cracker Barrel's Second Quarter Fiscal 2019 Conference Call and Webcast. a outlook announcing year. for issued results second we our and the morning, press our release quarter This XXXX fiscal this our fourth for Company's liability on to and the of XXrd exclude press the we occurred of second a In refer in that one-time that will revaluation our the this impact tax non-GAAP and XXXX, occurred net fiscal call, measures quarter. deferred week in adjusted quarter to financial release non-cash from benefits the tax financial these performance, excluding that believes be periods. of Company information provides indicative while prior may Company's its that to The results operating improving more comparability ongoing This information information considered financial prepared isolation is in accordance or be in as with a for intended not substitute GAAP. to a the information last from reconciliation The release the GAAP page to of the includes financials. non-GAAP press

call Principal Officer, with review CFO, President Vice President of Marketing, Don the Vice morning Cochran; a Jill with are outlook. Hoffman; Vice of financials the this Sandy and Sandy CEO, review business, me will President Accounting Cracker and and and Jeff and On Wilson. Barrel's will Senior begin Jill and Senior Golder; the President

the press the the uncertainties of SEC. could results are file at We that in end and many statements, listeners Many We forward-looking call, furnish involve our management then in operating caution may On detail cause actual and and and that our Jill, reports readers Jeff. found Don made are open which uncertainties this expected future management's we of the cases, or in for to affect of results beyond considering known results call and up forward-looking and risks statements in questions are will for risks by materially expectations the beliefs described as of cautionary Sandy, from future control their or be and regarding with the in information. release to statements are the Company's summarized that, description expectations. differ These factors may events. and

the the now no be Finally, to valid Barrel's it, is Cochran. and over update turn Company undertakes this Sandy I'll today's date, applicable CEO, may call and the on shared Cracker obligation to law. as information President call Sandy? required under as of except

Sandy Cochran

Adam. and morning, of announced traffic sales we you, and thank earnings share store This we positive morning, Good and comparable reported $X.XX. growth, per restaurant

restaurant first quarter we outperformed Our improvements the restaurant trends the industry. traffic sales and over reflected and

and speak review We on focus for want and remainder are quarter, an occasions. progress in-store year. a and results dining Cracker quarter our the pleased some for the with plans destination, a we Barrel believe to holiday fiscal are Holidays the to of well does, our an our through as But continued of continue business. highlights and the Jill off-premise expectations. will I for she year our make reputation updated both experience quarter update go-to to full menu, of important as strengthen off-premise provide as our as an driving on before we increased to the for for we time performance whole, expansion our guest as the continue the financial in the

explicitly by continued Our our bean media. second green relish of casserole with highlighting and a promotion fried country digital new was Turkey which TV advertisement quarter limited marketing The time warmth in-store drove only line menu campaign, holidays. between supported cranberry TV featured strategy national connection the of the help to our and which more in line the Cracker menu promotion special also and reinforce incorporating hospitality with the top food, pleased Barrel with and growth while expectations. I'm elements and

growth the occasion in increases platforms and catering it in quarter off-premise, across as three saw businesses. to our large we all with Moving well performed particularly

quarter. we year XXX have in approximately percent the guests meal provide catering underscore Thanksgiving prior occasions. a continued that In of home and trust sales, experience. Christmas delivery ensuring during vans. convenient party customizable and proved infrastructure are we're cooked catering Cracker and in We and business, growth off-premise protect increased to to offerings off-premise n' the processes overall As the the be Heat have our pleased the of large to these sales special points we Serve the We focused Barrel basis our believe to introduced the leverage a compared delicious managers place the and new with in continue growth successful to which a right guest we offering on business that

quarter than expectations. felt knowing was offerings below the planned we with expectations. that with in combined additional that quarter results our second that in sales below the second food the as unfortunately included merchandise we inventory quarter assortments with not into with heading that solid lower Turning our fell after did holiday And our supplemented This quarter softness begin strong would resulted We and in collegiate our levels to in well-positioned themes. Sales categories our our performance retail. strongly guests. resonate our first

we're this to introduction and full is the hourly the This platform, Chicken we in launch offering in system Featuring on will which track simplify Looking Company initiative. favorites and of menu be items currently such from for fried be proven signature country of third Cracker chicken will excited XXX on our will include training is focus steak promotion, which in our guest our significant a core support ahead, offerings. most favorites Signature and enhance our Barrel several major to and about April. dumplings, These over Fried also popular labor highlight investing our and menu in Grandma's quarter to these the I'm store's core operations as menu stores Sampler. our advertising, our

making a to year, meals sales and growth further that tenet in offering an party employee Easter culture forward can experience. this our large be are our we'll the We grow which to is group ongoing a guest Mother's also occasion. expand is as looking potential we're off-premise, experience. of to the never select remain optimistic Thanksgiving experience we the the than guest we occasions, our offering. stores, and For experience employee on and seek smaller about look belief of our to prior customizable as featuring over new Day exceed We'll focused its occasion, A and be our key Christmas,

we the continue As team it be to evolve support we experience. program, hourly will training investing to and recognition our member in employee

highest as mentors. to the employee PAR changes testing program through which will we're improvements our and We As program, to to a tenure better is leadership refer by leverage Personal will is PAR their drive this stands We're these Xs which guest role achieved PAR our we to believe The turn a which enhancing early Responsibility. combination Achievement better and reminder, of X. for lead PAR level experience, and in encouraged results. experience and as a our

For upcoming retail, I'm of optimistic assortments. our about several

as fun, priced easy and the as the merchandise decorate bring playful is ocean guests children's palette well festive offers value the coastal merchandise to our of way the assortment for with our decor. home an their wardrobe theme table, or into to accessories Easter Our apparel soft color and beach feel

and that, sales to turn I'll execute Jill. our the over closing, second pleased in and quarter strength top to initiatives confident with the line plans to in our call our performance in brand's the So improvement remain and in business And our traffic with drive leverage I to I'm growth.

Jill Golder

to income Good like net the reported begin financial earnings and fiscal prior we outlook performance discussing morning's morning, year. second year of and release, million compared $X.XX share XXXX fiscal of share for I everyone, $X.XX. per to then quarter would second quarter per Sandy. of diluted or by XXXX, adjusted you, our our thank this the for In $XX.X diluted

total when million. to year of million, of $XXX.X $XXX.X revenue For increase the quarter, of we reported X% prior revenue compared an

revenue restaurant revenue retail $XXX.X $XXX.X our to to increased X.X% Our X.X% decreased million. and million

store XX one Holler in Our check opening new estimate and was Barrel positive by of Barrel impacted and year in Christmas sales to New total increases price favorable and basis of X.X% the menu Year's comparable weather the quarter. net since X.X% revenue quarter increased by check approximately and from We X.X%. average restaurant & increase basis The sales holidays. unfavorable XX which increase increased points, approximately prior as a X.X%. the by comparable comparable favorability reflected restaurant of the and X.X% shift timing that the restaurant was traffic the offset menu sales XX Cracker location increased impact Cracker new Dash locations points store second driven average in of mix

of our contributed growth our store favorability Coffee The the by menu and results. second were to which promotions. business our compared pleased year sales with to comparable second We the our program, quarter XX% driven over prior grew off-premise off-premise mix was business, again primarily and our Crafted quarter

primarily within coming X.X%, Second categories. and store retail decreased holiday, quarter sales with food decreases comparable decor, our collegiate

the of total quarter. versus quarter goods Moving XX.X% was year Total expenses. prior on in to in cost of revenue the sold XX.X%

and restaurant cost higher prior increase restaurant Our mix in year. mix. the our vegetables basis, food was increase was eggs. prior to sold This primarily in a costs than XX.X% versus increases commodity sales, approximately a due On XX year goods constant fruits, basis of by of menu were X% point quarter, the driven

of in of was primarily quarter. a year cost markdowns. sold prior of to a sales decrease XX% retail in This reduction retail the goods result compared was Our XX.X%

business. operating XX.X% of and million store to $XXX.X million was income in the million the year General operating or at of in XX.X% second expenses in in related year quarter-end. $XXX.X $XXX.X expenses or expenses compared to This the and revenue and year of prior investments XX.X% the basis result year compared in inflation to quarter Operating related at point XX.X% revenue or Our XX $XX.X operating or quarter. Store quarter. in expenditures to point off-premise X.X% quarter basis revenue or $XXX.X quarter. expense X.X% exceeding our $XX was $XXX.X XX.X% increases of XX expenses prior increase of $XXX.X income $XXX.X in wage of administrative of growth were was price of were million store planned and higher revenue capital quarter of year revenue of off-premise by business. compared or was operating million XX.X% to prior million or revenue $XX.X increased to million This primarily compared increases driven million compared support menu depreciation the to or of store million of inventories in the of $XXX.X $XX.X supplies training and retail million X.X% other the in quarter-end income million compared revenue revenue prior Other million of the Labor X.X% income the from were quarter. or prior revenue operating initiatives our prior revenue increase the to quarter. or year were

$XXX.X in was $X.X quarter the quarter. million compared for to for quarter million the EBITDA year expense quarter. to prior prior Net year in compared $X.X Our million interest $XX.X the was the million

Our tax second effective XX.X% tax quarter the negative of for quarter. rate XX.X% prior to a was year GAAP in compared the rate

last of remeasurement of XXXX, reminder, Tax to in were resulted tax deferred year impacted liabilities provisional due approximately by which a and tax change to corporate lowered second Cut Act recording As rate this tax XX% million. income $XX benefit quarter, rate the Jobs a in federal the the and us of we the for

balance at cash year and compared $XXX.X $XXX.X quarter-end. sheet. quarter of fiscal our to We the million to million Turning ended prior with the equivalents

the associated of fiscal the quarter-end. mindful filed our debt in We as total should of the restaurant for range of described today's release this $XXX reports growth risks X% was fiscal and revenue with in store retail our year everyone full approximately earnings respect the With total with and to X%. X%. sales of million XXXX now Our $X.XX comparable uncertainties be at billion SEC. and outlook, expect expect outlook now store comparable sales We to approximately in growth

open to fiscal Barrel eight in stores expect Cracker to new continue We XXXX.

to for approximately food mix commodity continue increased of We on expect the basis a constant fiscal X% costs year.

of for requirements our to now We the approximately this XX% fiscal $XXX expense XXXX expect have time on pricing locked last compared at our We million approximately commodity for XX% year. of in year. depreciation

guidance that to of as invest support continue timing updated of We initiative, for reduction savings. have timing for approximately net capital which $XXX our to be prioritization improvements, business labor some $XX due sustainable and We we of million. well This Chicken CapEx now initiative. our expenditures fiscal openings. the cost unit to plan million. the project interest will $XX a Chicken anticipate of in expense effective approximately training of delayed approximately in We anticipate Fried million of the the tax as in approximately Southern year initiatives, We resulting Signature new in year expect GAAP now expectations model Fried for the XX%. to rate reflects currently We

will compared the we investing Additionally, first-half. of in higher half be to spend expect we back the and advertising in a marketing the year

in We range we driven depreciation continue higher anticipate Taking of initiative. margin the operating this full year, assumptions the also we back of X% of these expense by into the expect rollout to half X.X%. in year account, to the income

expect and per $X.XX. of continue year report $X.XX earnings to full to We share between

Lastly, questions. I out take will in And the you point over operator, assumes winter to guidance much. would your like quarter. normalized turn we call can this activity the so to that I the with very that third that, Thank weather

Operator

first from Stump our Alton Research. comes question [Operator go Longbow with Instructions] Please ahead. And

Alton Stump

two a and year comparable result was obviously quite one both basis on Just impressive wanted side to sequentially. sales ask

drivers Let’s the enabled fared just competitive of something the talk the that, strong picture there there's kind give a of some and how such environment drive else me that comp you but a guys of in quarter? about number out if of

Sandy Cochran

Alton, out you a cut little.

question helped deliver us was, the anything comps? there your to can we think point else is that that I

Alton Stump

Yes.

Sandy Cochran

quarter I Well, had guests, appeal I think turkey both in was we delicious, talked promotion our it that with strong it fried what unique, the and success our was of was scores. the with country value it it's pleased brand resonated really about.

we business to go. holiday Heat the strong We grew and growth which a I strong off-premise Serve, in celebration quarter. very second had on, number our that the particularly to think I meals successful, the is initiatives in to the n' touched were individual of continue we grow had

with cold to So months. fit that holiday momentum with I fit initiative, the capitalize some think Coffee as fit I particularly brand The well our think on works in as to food. we of were especially offers able type of the the both and have well off-premise need, that season, dining, our Crafted the in

of number So think we to just contributed had we our the I performance over a things that quarter.

Alton Stump

you the then we I'll something Obviously back hop the year could sustainable mix the And continue over quick had follow-up quarter. one comps something next two that rest a queue. Is to is there XQ or that in here sizable that should of over and the expect in that - in benefit quarters? was

Jill Golder

growth called my say in the about What that mix, but the know, quarter with out in the we catering the and of remarks, or second in Jill. is with components would I benefited we the off-premise This I that. prepared add-ons some associated clearly from side orders helped

from up benefit to Crafted Coffee continue prior which basis also program, year. We XX the about was over points

So will reminder, would back-half, year rollout of Coffee program full on out to April. as the looking you're say, Crafted we the at the the as wrap a I end of

which That back-half, help our should although that see off-premise incrementality same to we chicken, that dissipate. excited So to see project fried And mix as introduction rates. in you'll grow well. the start to the of said, bone-in the not probably about we're increase

Operator

go SunTrust. Bartlett next comes our with Jake And ahead. Please from question

Jake Bartlett

second what us in back-half? your sales you're of entry maybe help and us sales just understand same-store to maybe point implies that, back trying bone-in positive. quarter, rollout, throughout of you deceleration that having a of the the with given restaurants about trying - if the to were could would kind the guidance the momentum is give why kind chicken the midpoint for half, guidance same-store I'm at of the kind sharp context But into off-premise understand slightly of I just the the of that cadence understand in the pretty given I'm think XXXX

Jill Golder

Jill. your start first question. is with This I'll

the restaurant quarter the look for sales our certainly incorporates X.X%, second of we back-half strong that you guidance updated for that at had. as So

wouldn't of our As to strong initiative you about chicken although an expect that the fried look impact we're be to we'll back-half, we off-premise have launching. excited as bone-in very

quarter, by cadence was so driven what experience, was going at that our And and you that of our both November which so looked about. question, your turkey quarter, strongest driven the the month second of might Sandy the kind in-restaurant is off-premise our help business by talked which fried as the was we to

we weather with had those shifting you and at in were pleased they when performance. and certainly look we months, months. adjust holiday their little each January, timing other you But As line bit a some those between - two relatively December two and were we of with

Jake Bartlett

How then, that cost million half? from year us expect should have back lowered half And of how cutting, million of guess the in in here million. we much to the bit to how little much your terms realized $XX cost your the would cutting on I you've in $XX I think, you plans a much and $XX tell first

Jill Golder

yeah, we from a of of bone-in brought delayed approximately the of make the chicken. the introduction So we timing couple We initiatives more expect said a little cost this the launch cutting fried down of million. initiative, room our some for to $XX that because bit, we've those that year initiatives, of

for the has capital the of been talked the that's lower pushed we the POS example, that timing about. part So of tablets and also out,

from so we first-half relatively more And but a the then are back-half. have standpoint, similar, the cadence the second-half slightly in and

Jake Bartlett

promoting on describe of at the if television on the that in can And kind that initiative, do then if first across maybe the you helped the - nationally or quarter, why? lastly your or point touching in system daily kind on value delights of running some just back-half the your, that plan you on again not,

Don Hoffman

marketing core in focus our the happy is were operational our the our but menu strategy products focus want Thanks our points the price, where feel consider price on of be continues for for And everyday part all of and We we QX reinforce We a biscuit of our big program not Sure. design to differentiated programs. brand. our the I'll on and providing the is in guests that, take we experience. marketing value and those of in only culinary focused everyday importance Jake. guest price quality we Yeah, with appropriate by to to question. highlight communicating an very of certainty approach. to to abundance retail offerings that value and

those to future. elements So appropriate apply when the continue we'll in

Operator

go next with question. Advisory. question Please from your with Telsey Derrington our comes And Bob ahead

Bob Derrington

point for help would that for could guidance assumed that? that you at perspective normal think, year, pattern there? had the weather record normal second to relative How mentioned a know parts the your country, pattern. the snow rains, or your of second, understand what's February most this us I various and I think, that you describe us the to for sales ice we've half Jill, be and considered a assumes of and is you

Jill Golder

Yes, that's a great question.

say we've I is, back-half, a clearly, said, looked we what seen would than quarter quarter, the more have calling the what third weather. we've weather has severe more at normalized as seen weather. normal assumed the February more and as I we're would What a in So

the our of some weather and of standpoint February. help be will from we're the near-term up what better versus seeing this make assumption experienced in assumes that quarter balance So, that a we've impact

Bob Derrington

some Sandy, how and Signature Chicken of Southern on or view your could of kind perspective think your rollout called the - is Chicken, - give program of I that? Fried it's it on you us update the Fried

Sandy Cochran

offering of currently our from it some fried offer homestyle, is is which Fried bone-in - Sundays, it only a we Chicken. call we particular To but Sure. the serve Chicken. Southern the which offering people currently Sunday is on our And chicken differentiate Signature, boneless platform which

lot XXX as as that over about currently it. country, enthusiasm the of with it. the weather pleased in. installed with challenging the it. training some performance And operate lot overall, with the significant pleased here they have with XXX So, field I'm really the so be without guest response I'm got equipment May, are to it some managed our said, launch With of with teams pleased facilities a gone having which teams supporting labor, about additional the be I'm I'm and and of in the offering against at pleased pleased of of through installation we'll any little But marketing we are marketing - had even they focus be our it. a very I'm stores amount we'll on some of point. where with a have and this national that there'll implementation. initially We've across

Bob Derrington

it's per are that the chicken, substantial on in I a not beyond training. other over a think investment, store bone-in leverage in we dimensions just equipment, expect could the fairly other that there it only but to Is to there basis, also time? ways investment

Sandy Cochran

on is we we'll able have we chicken. a platform the - our to week. Signature, equipment, do The with days a the different that offering, why be new name That's Sundays, we'll adding only current offer for homestyle seven be

we're rolling into tenders be hand a the be things offer rubs able days about XX flavoring. like it. offered we'll very That's offering do able sandwiches, a being currently to breaded week do We'll dipped a stores. popular with be field, in pleased So some to eventually or that seven we can and it's to

culinary some build over the thoughts and about to several next really. ideas got this how years has on So the platform team

Operator

question Gregory next comes of question. our your Bank with ahead America. Please go Francfort with And from

Gregory Francfort

had I two questions.

thought might about or investments just you're of new have those investment what's And levered think lessened, would on that is an labor you there. I you that on have of margins. guess, I talked How comp, that the and making? timing I first maybe big training the and delevered some The investments and or is

Jill Golder

This is Jill.

just you I'll quarter give quarter. operating you look the puts as color kind So takes some at of second margins, and on some

bit But number chicken was areas would to fried a in within talked ramp some managers. about than have creep inflation cost to continue. in we it invested expect in seen off-premise, Heat was around training, in sold, of bit different all, it labor, the little a higher particularly of quarter, occasion, first invested the we've the a investments, on around begun that quarter, had of some and delivery, have we've of the of catering those specifically slightly drivers, Serve we n' of for around to that off-premise have were higher sales due our some our selling, which and goods that delivery the off-premise first some little items up the we some wage of X.X%, So country drivers also was that we we been up, we

So off-premise, there area. so had been in advertising, fried increase in our markdown level was Along has an some supplies labor prior our with then some investments we we'll have the see our in our quarter were planned to increase chicken. in see saw news. year. depreciation from some the bone-in quarter, versus with of of shifted higher and we some of the CapEx. There lower launch which employee lower offset were retail quarter we in that sales spending then And the was a the cost given talked in due that in of sold high couple those in of of the things claims advertising activity lower that second helped we in usage, investments of the about second that the back-half, specifically fourth benefits, And our to fact we great continue goods

Gregory Francfort

separate rather of the is was and the cash you big special a the or guys part use may have I on the on more to then yours level. last return the years dividend large at to ability few right a you have is reason just shareholder I'm changing flexibility what to ways And two stock thoughts your are for a and that now been your back pushes And doing Clearly changed. pulls poison curious than of thoughts pill think dividend topic, because between that has shareholders? buy your

Sandy Cochran

one. that take I'll

capital to continues Board priority. have reinvesting one first, number the to allocation the business a review; approach just our is in to balanced and So

is Second sustainable a a commitment regular to competitive dividend.

than to point, over been share a have the Third special a years. few case-by-case dividend available dilution fourth, considered repurchases, then other is not past to cover really on is basis. which your And

available, Board It were about will - not allocation. and will, we options their think subject when have of new some regularly how had. we've special buybacks and dividend previously and not make now if Board that consider that of as I to the facts and previously the whether the some capital do all they about the impact that - that thinks decisions program and will share they'll were should

Operator

Maxim our from with question next ahead And with question. comes Please go Group. Stephen Anderson your

Stephen Anderson

some over have in the the questions But you about cost scheduled of Most fiscal that and savings talk allocated additional in you been to your of three-year contemplate. answered. $X a XXXX, million originally delay of $XX do I pushing see wanted be cost my period? as Will million the out any toward result, savings

Jill Golder

would originally So as have the And fiscal we that target. we look as that horizon, calls, have that XXXX. thought we target, at about our previous through achieve $XX confidence we'd said which get we'll gone million we talked still we've on it over three-year time

yes, may achieve $XX will it do But, year in cost million or two. an that take think we believe Now, additional the we we savings.

Operator

comes And ahead. with Jeff our next from Gordon Farmer go Haskett. question Please

Jeff Farmer

follow-up a off-premise. Just on

second to this could growth back helpful. degree quarter half channel just be in grew slow, that the I'm the there mentioned you But this you said would the year. and what it curious just the you by I think would think I cut slow be rate XX% of in half, will any in color

Jill Golder

that's Yes, question. great a

we the And approach overall our basis of XXX sales. in the annual, X% at year, hope Last this were points. year, about off-premise quarter, is to of X.X% second for grew So sales.

Jeff Farmer

to that Serve, sense quarter-over-quarter magnitude? rate past materially, the as Specific the of I'm to Heat pretty to move mean, I order you slow guys alluded could you get n' second-half, holiday as just growth a that, the trying to

Jill Golder

Yes.

points over in to we basis points XX it would So XXX prior expect of year. to basis slow growth terms

Jeff Farmer

further had on increase impact specifically guys both Christmas And you price the down and on that Serve. the number Heat drilling a the then items. think XX% had just the on n' same-store last question sales Thanksgiving I context, in Any menu

So, any same-store in color Heat provided sales you Serve? can provide quarter n' the on by the benefit to

Jill Golder

catering and grew, all our as XX%. off-premise, guess, at and to-go I look individual we three so channels XX% over so grew Yes, occasion grew

that all they relatively overall to So growth. contributed equally

Operator

Instructions] Advisory. a follow-up And Please is our from Derrington next Telsey Bob go with [Operator ahead. question

Bob Derrington

been can some give and Company's delivery. that? future Sandy, continues there test any from of whether Company contribution the And on you What's have your of to perspective us chatter time the review about kind one that kind of third-party that? color on any

Sandy Cochran

We are.

We currently the test results. and pleased are are with in

getting year. - component of not We I be months quite out the our it XXX and the are about know, that rolling XXX idea dining of we're with third-party offer more I the over next the will of of it to overall, - it end delivery the to way sure one stores But off-premise to to not I'm few think by guests. will we the timing.

Bob Derrington

or product, is nice Does a to of that to play rollout the tie that contributor expected be the that? in into chicken

Sandy Cochran

we unusual if or and - way. it's whether an fried consumption so offer item, itself do chicken that catering basket been play lends in individual that Well, of as it'll the to-go a to a offer but doesn't picnic kind third-party delivery for type meal we've thinking a I necessarily popular be the see off-premise family into about think offer. any

Operator

Please SunTrust. another ahead. have And Bartlett go with follow-up from we question Jake

Jake Bartlett

any in of different time had of where Campfire is than is I that the do length a you to quarter. the years anything the promotion anything passed usually about would commentary the year And talking This are terms on the timing, the different be advertising, helpful? we whether just in fourth this follow-up. around start - going

Sandy Cochran

Chicken we're that's Campfire, Fried Southern we're rolling - our launch. doing Well, not this year

summer. so to be So TV promotion year. there bit the through start really we and with would sooner will this will - supporting go whole Campfire. we going have We'll the Campfire started than is a no But, it it be we're little

Jake Bartlett

And CapEx. question then about I a had

of the at out of pushed guidance? you've what been rollout. I any the about believe, compressed? POS we've What difference really is sense in expected in $XXX that XXXX, is the in go - XXXX think I'm Day just spend the to us that pushing kind as so, XXXX, to into lowering that to million And just really in trying out is years in kind of $XXX was the guidance just had and Analyst has terms million longer-term if CapEx can you XXXX get off, really here that the give from we the But to

Jill Golder

out, for fiscal as as it mentioned, though kind we're to pushing timing restaurants CapEx initiatives, those this somewhat for year. the it at piece of is the another year, you next So of was new our of the looking due XXXX

originally those in year. sooner openings our had of plan, So in fiscal some we next

So this capital. had in timing is of more capital year, the of some of we it so just the that

capital the want three-year that standpoint. So $XXX to I to fiscal in appropriate three a of range. the terms to capital specifically probably years speak million But million from timing $XXX over still of XXXX guidance don't is in

Operator

go Francfort is of with follow-up And our Bank from next Gregory Please America. question another ahead.

Gregory Francfort

of like going seems a where I lot seen, Child is sort you've two tax of the a come refunds trending, due we're of tax then at kind that those was, on maybe do for question. to least in looked it just And positively tax terms Tax and and expect think the of refunds flip One do in how your had season, separate down? - later you much business business positively? impact the of And February quick Credit what to being as follow-ups. maybe pressure have at to I is credit you you've

Sandy Cochran

and guests, whether I'm we know of because more and we spending. and income some coming during think where that's going of kind a that'll that The and didn't tax the to notice hope degree confusing, and for not guests, surprise to our I be some because or later may our getting all are and guests lower our it's refund changed, were the that's of sure going for help, how I refunds for be think they to up come they impact eventually withholdings going question complicated end has the when what of year they not their were were to may they're and been

are we for big not yet. to refunds this clear the tax just I looking us positive think I it's to our not But business at to a point. be think generally,

Gregory Francfort

been this figure trying stuff other the coffee I've on as anybody because then in business. that, And to question was as appreciate out, I confused just my all so.

in of that seeing I'd using talk how the I that mix you and talking like terms just anything contribution this Can were think what customer about of you adoption you're would quarter. kind be gone customers rollouts and how are about helpful? of and

Jill Golder

can to start financial So I mix. just the recap

pleased with been we've So promotion. Coffee the Crafted

it's approximately rolled it delivered So in since consistently out, we've mix. XX basis points

we those program the have has offerings positive. sales feedback believe on very So and different the been our incremental to coffee been overall consumer

Operator

over back session. our like closing concludes this to any conference Sandy turn for remarks. I the question-and-answer to Cochran would And

Sandy Cochran

initiatives us Barrel confident support. your Well, of continue and and our interest most one industry. joining that brands appreciate shareholder drive the the I'm And Cracker business in all thank strongest and today. differentiated strategy you We to returns. for remains will

Operator

presentation. you conference today's The for attending Thank concluded. is now

may now disconnect. You

Cracker Barrel Old Country Store (CBRL) 26 Feb 192019 Q2 Earnings call transcript