6 unchanged sentences
Accounts receivable
+Added: Income taxes receivable
Prepaid expenses and other current assets
8 unchanged sentences
Accounts payable
−Removed: Accrued employee compensation
Other current liabilities
9 unchanged sentences
Common stock – 400,000,000 shares of $ 0.01 par value authorized;
−Removed: 22,242,228 shares issued and outstanding at November 01, 2024, and 22,203,043 shares issued and outstanding at August 02, 2024
+Added: 22,263,481 shares issued and outstanding at January 31, 2025, and 22,203,043 shares issued and outstanding at August 02, 2024
Additional paid-in capital
8 unchanged sentences
Quarter Ended
+Added: Six Months Ended
Total revenue
22 unchanged sentences
Balances at November 01, 2024
+Added: Comprehensive Income:
+Added: Total comprehensive income
+Added: Cash dividends declared - $ 0.25 per share
+Added: Share-based compensation
+Added: Issuance of share-based compensation awards, net of shares withheld for employee taxes
+Added: Balances at January 31, 2025
Shareholders’
6 unchanged sentences
Balances at October 27, 2023
+Added: Comprehensive Income:
+Added: Total comprehensive income
+Added: Cash dividends declared - $ 1.30 per share
+Added: Share-based compensation
+Added: Issuance of share-based compensation awards, net of shares withheld for employee taxes
+Added: Balances at January 26, 2024
See Notes to unaudited Condensed Consolidated Financial Statements.
1 unchanged sentence
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Three Months Ended
+Added: Six Months Ended
Cash flows from operating activities:
10 unchanged sentences
Other current liabilities
+Added: Long-term operating lease liabilities
Other long-term assets and liabilities
−Removed: Net cash used in operating activities
+Added: Net cash provided by operating activities
Cash flows from investing activities:
8 unchanged sentences
Dividends on common stock
−Removed: Net cash provided by financing activities
+Added: Net cash used in financing activities
Net decrease in cash and cash equivalents
37 unchanged sentences
Fair Value Measurements
−Removed: The Company’s assets measured at fair value on a recurring basis at November 01, 2024 were as follows:
+Added: The Company’s assets measured at fair value on a recurring basis at January 31, 2025 were as follows:
Cash equivalents*
10 unchanged sentences
The fair values of the Company’s accounts receivable and accounts payable approximate their carrying amounts because of their short duration.
−Removed: The Company did no t have any liabilities measured at fair value on a recurring basis at November 01, 2024 and August 02, 2024.
−Removed: The fair value of the Company’s variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amount at November 01, 2024 and August 02, 2024, respectively.
+Added: The Company did no t have any liabilities measured at fair value on a recurring basis at January 31, 2025 and August 02, 2024.
+Added: The fair value of the Company’s variable rate debt, based on quoted market prices, which are considered Level 1 inputs, approximates its carrying amount at January 31, 2025 and August 02, 2024, respectively.
The Company’s financial instruments that are not remeasured at fair value include the 0.625 % convertible Senior Notes (see Note 4).
The Company estimates the fair value of the Notes through consideration of quoted market prices of similar instruments, classified as Level 2.
−Removed: The estimated fair value of the Notes was $ 275,625 and $ 267,939 as of November 01, 2024 and August 02, 2024, respectively.
+Added: The estimated fair value of the Notes was $ 289,125 and $ 267,939 as of January 31, 2025 and August 02, 2024, respectively.
Assets Measured at Fair Value on a Nonrecurring Basis
−Removed: In the first quarter of 2025, two Maple Street Biscuit Company (“MSBC”) locations were determined to be impaired because of declining operating performance.
+Added: In the first six months of 2025, three Maple Street Biscuit Company (“MSBC”) locations and two Cracker Barrel locations were determined to be impaired because of declining operating performance.
Fair value of these locations was determined by sales prices of comparable assets or estimates of discounted future cash flows considering their highest and best use.
2 unchanged sentences
The Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs, and thus, are considered Level 3 inputs.
−Removed: Based on its analysis, the Company recorded impairment charges of $ 700 in the first quarter of 2025, which are included in the impairment and store closing costs line on the Condensed Consolidated Statement of Income.
+Added: Based on its analysis, the Company recorded impairment charges of $ 2,863 in the first six months of 2025, which are included in the impairment and store closing costs line on the Condensed Consolidated Statements of Income.
Inventories were comprised of the following as of the dates indicated:
−Removed: November 01, 2024
+Added: January 31, 2025
August 02, 2024
1 unchanged sentence
The 2022 Revolving Credit Facility contains an option to increase the revolving credit facility by $ 200,000 .
−Removed: The Company’s outstanding borrowings under the 2022 Revolving Credit Facility were $ 230,000 and $ 180,000 on November 01, 2024 and August 02, 2024, respectively.
−Removed: As of November 01, 2024, the Company had $ 34,004 of standby letters of credit, which reduce the Company’s borrowing availability under the 2022 Revolving Credit Facility (see Note 10 for more information on the Company’s standby letters of credit).
−Removed: As of November 01, 2024, the Company had $ 435,996 in borrowing availability under the 2022 Revolving Credit Facility.
+Added: The Company’s outstanding borrowings under the 2022 Revolving Credit Facility were $ 174,000 and $ 180,000 on January 31, 2025 and August 02, 2024, respectively.
+Added: As of January 31, 2025, the Company had $ 34,004 of standby letters of credit, which reduce the Company’s borrowing availability under the 2022 Revolving Credit Facility (see Note 10 for more information on the Company’s standby letters of credit).
+Added: As of January 31, 2025, the Company had $ 491,996 in borrowing availability under the 2022 Revolving Credit Facility.
In accordance with the 2022 Revolving Credit Facility, outstanding borrowings bear interest, at the Company’s election, either at (1) the Term Secured Overnight Financing Rate (SOFR) or (2) a base rate equal to the greatest of (i) the prime rate, (ii) a rate that is 0.5 % in excess of the Federal Funds Rate, and (iii) Term SOFR plus 1.0 % , in each case, plus an applicable margin based on the Company’s consolidated total leverage ratio.
−Removed: At November 01, 2024, the weighted average interest rate on the Company’s outstanding borrowings on the 2022 Revolving Credit Facility was 6.63 % .
+Added: At January 31, 2025, the weighted average interest rate on the Company’s outstanding borrowings on the 2022 Revolving Credit Facility was 6.20 % .
The 2022 Revolving Credit Facility contains customary financial covenants, which include maintenance of a maximum consolidated total senior secured leverage ratio and a minimum consolidated interest coverage ratio.
−Removed: At November 01, 2024, the Company was in compliance with all financial covenants under the 2022 Revolving Credit Facility.
+Added: At January 31, 2025, the Company was in compliance with all financial covenants under the 2022 Revolving Credit Facility.
The 2022 Revolving Credit Facility also imposes restrictions on the amount of dividends the Company is permitted to pay and the amount of shares the Company is permitted to repurchase.
12 unchanged sentences
The conversion rate is subject to customary adjustments upon the occurrence of certain events, including the payment of dividends to holders of the Company’s common stock.
−Removed: As of November 01, 2024, the conversion rate, as adjusted, was 6.3035 shares of the Company’s common stock per $ 1,000 principal amount of Notes.
+Added: As of January 31, 2025, the conversion rate, as adjusted, was 6.3313 shares of the Company’s common stock per $ 1,000 principal amount of Notes.
In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
2 unchanged sentences
The following table includes the outstanding principal amount and carrying value of the Notes as of the dates indicated:
−Removed: November 01, 2024
+Added: January 31, 2025
August 02, 2024
6 unchanged sentences
Quarter Ended
+Added: Six Months Ended
Coupon interest
2 unchanged sentences
During any calendar quarter commencing after September 30, 2021, in which the closing price of the Company’s common stock exceeds 130 % of the applicable conversion price of the Notes on at least 20 of the last 30 consecutive trading days of the quarter, holders may in the quarter immediately following, convert all or a portion of their Notes.
−Removed: The holders of the Notes were not eligible to convert their Notes during the first three months of 2025 or during 2024, 2023, 2022 or 2021.
+Added: The holders of the Notes were not eligible to convert their Notes during the first six months of 2025 or during 2024, 2023, 2022 or 2021.
When a conversion notice is received, the Company has the option to pay or deliver the conversion amount entirely in cash or a combination of cash and shares of the Company’s common stock.
−Removed: Accordingly, as of November 01, 2024, the Company could not be required to settle the Notes and, therefore, the Notes are classified as long-term debt.
+Added: Accordingly, as of January 31, 2025, the Company could not be required to settle the Notes and, therefore, the Notes are classified as long-term debt.
Convertible Note Hedge and Warrant Transactions
4 unchanged sentences
The strike price was initially $ 263.39 per share and is subject to certain adjustments under the terms of the Warrant Transactions.
−Removed: As of November 01, 2024, the strike price, as adjusted, of the Warrant Transactions was $ 222.10 per share as a result of dividends declared since the Notes were issued.
+Added: As of January 31, 2025, the strike price, as adjusted, of the Warrant Transactions was $ 221.13 per share as a result of dividends declared since the Notes were issued.
As these transactions meet certain accounting criteria, the Convertible Note Hedge Transactions and Warrant Transactions were recorded in shareholders’ equity, not accounted for as derivatives and are not remeasured each reporting period.
17 unchanged sentences
Quarter Ended
+Added: Six Months Ended
Total revenue
15 unchanged sentences
The Company recognizes gift card breakage by applying its estimate of the rate of gift card breakage over the period of estimated redemption.
−Removed: For the quarter ended November 01, 2024, gift card breakage was $ 9,189 .
−Removed: For the quarter ended October 27, 2023, gift card breakage was $ 3,170 .
−Removed: Deferred revenue related to the Company’s gift cards was $ 72,613 and $ 84,854 , respectively, at November 01, 2024 and August 02, 2024.
−Removed: Revenue recognized in the Condensed Consolidated Statements of Income for the three months ended November 01, 2024 and October 27, 2023, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $ 14,358 and $ 14,847 .
+Added: For the quarter and six months ended January 31, 2025, gift card breakage was $ 363 and $ 9,552 , respectively.
+Added: For the quarter and six months ended January 26, 2024, gift card breakage was $ 5,436 and $ 8,606 , respectively.
+Added: Deferred revenue related to the Company’s gift cards was $ 99,252 and $ 84,854 , respectively, at January 31, 2025 and August 02, 2024.
+Added: Revenue recognized in the Condensed Consolidated Statements of Income for the six months ended January 31, 2025 and January 26, 2024, respectively, for the redemption of gift cards which were included in the deferred revenue balance at the beginning of the fiscal year was $ 23,865 and $ 24,945 , respectively.
Loyalty Program
7 unchanged sentences
Revenue is recognized for these performance obligations upon redemption of pegs or rewards earned by the customer.
−Removed: As of November 01, 2024 and August 02, 2024, deferred revenue related to the loyalty program was $ 3,062 and $ 1,544 , respectively, and is included in other current liabilities on the Condensed Consolidated Balance Sheet.
+Added: As of January 31, 2025 and August 02, 2024, deferred revenue related to the loyalty program was $ 4,273 and $ 1,544 , respectively, and is included in other current liabilities on the Condensed Consolidated Balance Sheets.
The Company has ground leases for its leased stores and office space leases that are recorded as operating leases under various non-cancellable operating leases.
14 unchanged sentences
The Company has entered into real estate leases for one Cracker Barrel and two MSBC locations that are not recorded as right-of-use assets or lease liabilities as we have not yet taken possession.
−Removed: These leases are expected to commence in 2025 and 2026 with undiscounted future payments of $ 1,170 and $ 10,210 , respectively.
+Added: These leases are expected to commence in 2026 with undiscounted future payments of $ 11,380 .
The Company has elected not to separate lease and non-lease components.
5 unchanged sentences
Quarter Ended
+Added: Six Months Ended
Operating lease cost
4 unchanged sentences
Quarter Ended
+Added: Six Months Ended
Operating cash flow information:
5 unchanged sentences
The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for operating leases as of dates indicated:
−Removed: November 01, 2024
−Removed: October 27, 2023
+Added: January 31, 2025
+Added: January 26, 2024
Weighted-average remaining lease term
Weighted-average discount rate
−Removed: The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of November 01, 2024:
+Added: The following table summarizes the maturities of undiscounted cash flows reconciled to the total operating lease liability as of January 31, 2025:
Remainder of 2025
16 unchanged sentences
The Company’s convertible senior notes and related warrants are calculated using the net share settlement option under the if converted method.
−Removed: Because the principal amount of the convertible senior notes will be settled in cash with any excess conversion value settled in cash or shares of common stock, the convertible senior notes have been excluded from the computation of diluted earnings per share because the average market price of the Company’s common stock during the reporting period did not exceed the conversion price of $ 158.64 as of November 01, 2024.
+Added: Because the principal amount of the convertible senior notes will be settled in cash with any excess conversion value settled in cash or shares of common stock, the convertible senior notes have been excluded from the computation of diluted earnings per share because the average market price of the Company’s common stock during the reporting period did not exceed the conversion price of $ 157.95 as of January 31, 2025.
Warrants were excluded from the computation of diluted earnings per share since the warrants’ strike price of $ 221.13 was greater than the average market price of the Company’s common stock during the period.
2 unchanged sentences
Quarter Ended
+Added: Six Months Ended
Net income per share numerator
2 unchanged sentences
Add potential dilution:
−Removed: Nonvested stock awards and units
+Added: Nonvested stock awards and units and stock options
Diluted weighted average shares
3 unchanged sentences
Related to its insurance coverage, the Company is contingently liable pursuant to standby letters of credit as credit guarantees to certain insurers.
−Removed: As of November 01, 2024, the Company had $ 34,004 of standby letters of credit related to securing reserved claims under workers’ compensation insurance and certain sale and leaseback transactions.
+Added: As of January 31, 2025, the Company had $ 34,004 of standby letters of credit related to securing reserved claims under workers’ compensation insurance and certain sale and leaseback transactions.
All standby letters of credit are renewable annually and reduce the Company’s borrowing availability under its 2022 Revolving Credit Facility.
1 unchanged sentence
The Company enters into certain indemnification agreements in favor of third parties in the ordinary course of business.
−Removed: The Company believes that the probability of incurring an actual liability under such indemnification agreements is sufficiently remote that no such liability has been recorded in the Condensed Consolidated Balance Sheet as of November 01, 2024.
+Added: The Company believes that the probability of incurring an actual liability under such indemnification agreements is sufficiently remote that no such liability has been recorded in the Condensed Consolidated Balance Sheet as of January 31, 2025.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.