Cracker Barrel completes $77M sale-leaseback of 26 stores and divests Maple Street Biscuit Company, raises outlook

CRACKER BARREL OLD COUNTRY STORE, INC

• Sale-leaseback of 26 Cracker Barrel stores generated net proceeds of approximately $77 million, to be used for debt repayment.
• Divestiture of Maple Street Biscuit Company assets to Biscuit Belly, LLC; 35 locations sold and 16 remaining to be closed.
• Expected non-cash charges of $37M-$39M and cash exit costs of $6M-$8M related to MSBC divestiture.
• Company raises fiscal 2026 outlook, expects to exceed high end of revenue range and exceed adjusted EBITDA guidance of $120M-$125M.
• Comparable store restaurant sales decreased ~2.5% and retail sales increased ~0.5% in first 11 weeks of Q4.