Cracker Barrel Old Country Store Inc. (Lebanon, Tenn.) plans to remodel 25-30 of its restaurants this fiscal year with an eye toward undertaking a wider-scale update to their look. The chain unveiled that plan in a news release updating its strategic transformation plan.
“I am excited about our strategic transformation plans to drive relevancy, deliver food and experiences guests love, and grow profitability,” said President and CEO Julie Masino. “… Executing this strategy will require increased investment in our business, and we have reduced our dividend so that we can allocate capital to generate organic growth and drive meaningful value creation over time.”
When it comes to evolving its stores’ look and feel, the company says it will work on “delivering an exceptional guest experience through operational excellence and improved store design and atmosphere.”
The restaurateur also said its capital expenditures over the three-year period of fiscal 2025 through fiscal 2027 will total $600 million-$700 million, “assuming the company’s store remodel initiative accelerates significantly following the test of 25-30 stores in fiscal 2025.”
Established in 1969, Cracker Barrel has grown to operate about 660 company-owned namesake locations in 44 states. (It also owns the 40-unit fast-casual Maple Street Biscuit Co. )