Cracker Barrel Reports Comparable Store Sales for November and December

  Cracker Barrel Reports Comparable Store Sales for November and December

Business Wire

LEBANON, Tenn. -- January 13, 2014

In advance of its presentation at the 16th Annual ICR XChange Conference on
January 13, 2014, Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or
the “Company”) (Nasdaq:CBRL) today reported its comparable store sales for the
first two months of its 2014 second quarter. Comparable store restaurant
traffic, average check and comparable store restaurant and retail sales for
the fiscal months of November and December and for the quarter-to-date were as
follows:

                                                               
                                                                  Quarter
                 November       December
                                                                  To Date
Comparable
restaurant        -0.4%           -4.7%       -2.5%
traffic
Average
restaurant        2.9%            2.0%        2.4%
check
Comparable
restaurant        2.5%            -2.7%       -0.1%
sales
Comparable
retail            -2.8%           -2.8%       -2.8%
sales
                                                         

The Company estimates that inclement weather in November and December
negatively impacted quarter-to- date comparable store traffic, restaurant and
retail sales by approximately 1.5 to 2.0 percentage points, with the most
significant impact in December.

“Based upon Knapp-Track sales information, we believe that we outperformed the
casual dining industry in November and December,” said Sandra B. Cochran,
Cracker Barrel President and Chief Executive Officer. “Our sales were
negatively impacted by weather events in three of the four weekends during
this shortened holiday season, and the inclement weather continued through the
first two weeks of our January fiscal month. Holiday travelers are an
important part of our customer base during these two months, and we believe
that the inclement weather reduced travel visits. Our sales during the period
also reflected the continued economic challenges faced by our customers.”

The Company affirmed its previous earnings guidance for its second fiscal
quarter of $1.50 to $1.60 per diluted share. The Company noted that it
expected second quarter earnings to be close to the midpoint of this range.
The Company also noted that its guidance does not include expenses related to
the proxy contest at its recent shareholders’ meeting.

About Cracker Barrel

Cracker Barrel Old Country Store provides a friendly home-away-from-home in
its old country stores and restaurants. Guests are cared for like family while
relaxing and enjoying real home-style food and shopping that’s surprisingly
unique, genuinely fun and reminiscent of America’s country heritage…all at a
fair price. The restaurants serve up delicious, home-style country food such
as meatloaf and homemade chicken n’ dumplins as well as our signature biscuits
using an old family recipe. The authentic old country retail store is fun to
shop and offers unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc.(Nasdaq:CBRL) was established in 1969
in Lebanon, Tenn.and operates 625 company-owned locations in42 states. Every
Cracker Barrel store is open seven days a week with hours Sunday through
Thursday, 6 a.m. – 10 p.m., and Friday and Saturday, 6 a.m. - 11 p.m. For more
information, visit: crackerbarrel.com.

CBRL-F

Except for specific historical information, certain of the matters discussed
in this press release may express or imply projections of revenues or
expenditures, statements of plans and objectives or future operations or
statements of future economic performance. These, and similar statements are
forward-looking statements concerning matters that involve risks,
uncertainties and other factors which may cause the actual performance of
Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ
materially from those expressed or implied by this discussion. All
forward-looking information is subject to completion of our financial
procedures for Q2 FY14 and is provided pursuant to the safe harbor established
under the Private Securities Litigation Reform Act of 1995 and should be
evaluated in the context of these factors. Forward-looking statements
generally can be identified by the use of forward-looking terminology such as
"trends," "assumptions," "target," "guidance," "outlook," "opportunity,"
"future," "plans," "goals," "objectives," "expectations," "near-term,"
"long-term," "projection," "may," "will," "would," "could," "expect,"
"intend," "estimate," "anticipate," "believe," "potential," "regular,"
"should," "projects," "forecasts," or "continue" (or the negative or other
derivatives of each of these terms) or similar terminology and include the
expected effects of operational improvement initiatives, such as new menu
items and retail offerings. Factors which could materially affect actual
results include, but are not limited to: the effects of uncertain consumer
confidence, higher costs for energy, general or regional economic weakness,
weather on sales and customer travel, and discretionary income or personal
expenditure activity of our customers; our ability to identify, acquire and
sell successful new lines of retail merchandise and new menu items at our
restaurants; our ability to successfully implement or sustain plans intended
to improve operational or marketing execution and performance; changes in or
implementation of additional governmental or regulatory rules, regulations and
interpretations affecting tax, wage and hour matters, health and safety,
pensions, insurance or other undeterminable areas; our ability to successfully
implement plans intended to promote or protect our brands and products;
commodity price increases; the ability of and cost to us to recruit, train,
and retain qualified hourly and management employees in an escalating wage
environment; the effects of increased competition at our locations on sales
and on labor recruiting, cost, and retention; workers' compensation, group
health and utility price changes; consumer behavior based on negative
publicity or concerns over nutritional or safety aspects of our food or
products or those of the restaurant industry in general, including concerns
about pandemics, as well as the possible effects of such events on the price
or availability of ingredients used in our restaurants; the effects of our
substantial indebtedness and associated restrictions on our financial and
operating flexibility and ability to execute or pursue our operating plans and
objectives; changes in interest rates or capital market conditions affecting
our financing costs and ability to refinance all or portions of our
indebtedness; the effects of business trends on the outlook for individual
restaurant locations and the effect on the carrying value of those locations;
the availability and cost of suitable sites for restaurant development and our
ability to identify those sites; changes in land, building materials and
construction costs; the actual results of pending, future or threatened
litigation or governmental investigations and the costs and effects of
negative publicity associated with these activities; practical or
psychological effects of natural disasters or terrorist acts or war and
military or government responses; disruptions to our restaurant or retail
supply chain; changes in foreign exchange rates affecting our future retail
inventory purchases; implementation of new or changes in interpretation of
existing accounting principles generally accepted in the United States of
America; and other factors described from time to time in our filings with the
Securities and Exchange Commission, press releases, and other communications.

Any forward-looking statement made by us herein, or elsewhere, speaks only as
of the date on which made. We expressly disclaim any intent, obligation or
undertaking to update or revise any forward-looking statements made herein to
reflect any change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statements are based.

Contact:

Cracker Barrel Old Country Store, Inc.
Investor:
Lawrence E. Hyatt, 615-235-4432
or
Media:
Andy Merrill, 212-886-9304