Cracker Barrel sells Maple Street Biscuit, raises fiscal 2026 outlook

Corporate Action
โดย Yahoo Finance·Read original
Summary · why it matters

Cracker Barrel announced the sale of its Maple Street Biscuit Company business and a sale-leaseback of 26 restaurant locations, moves aimed at sharpening focus on its core brand and reducing debt. The company transferred the Maple Street trademark and 35 restaurant assets to Biscuit Belly, LLC, while the remaining 16 Maple Street locations will close. Maple Street contributed less than 2% of Cracker Barrel's annual revenue, and the divestiture is expected to improve adjusted EBITDA beginning in fiscal 2027. Cracker Barrel anticipates non-cash charges of $37 million to $39 million in the fiscal fourth quarter, plus cash charges of $6 million to $8 million, with some costs carrying into fiscal 2027. The sale-leaseback deal generated roughly $77 million in net proceeds, which will be used to pay down debt. The company now projects it will hit or top the upper bound of its fiscal 2026 revenue guidance of $3.27 billion to $3.30 billion and beat its adjusted EBITDA target of $120 million to $125 million. Cracker Barrel stock rose 9% to $58.20 in after-hours trading.

Impact on stocks 1

Consumer Discretionary▲ · 1 stocks

Off-coverage companies 2

Maple Street Biscuit CompanyPrivate▼ Negative
Capitalrelevance

Maple Street Biscuit Company is being sold and partially closed, indicating it was underperforming or non-core.

Biscuit Belly, LLCPrivate± Mixed
relevance

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