Cracker Barrel Old Country Store Inc. (Lebanon, Tenn.) plans to open between 15 to 20 new Maple Street Biscuit Company restaurants through the end of its coming fiscal year, and only three to four new units of its family-oriented flagship brand. The chain disclosed that information in its financial results for the first quarter of fiscal 2023, ended Oct. 28.
Cracker Barrel acquired Maple Street Biscuit in 2019 in an all-cash transaction for $36 million. It operates nearly 40 company-owned and franchise restaurants. “The acquisition accelerates our penetration in the breakfast and lunch-focused fast casual category and provides growth for delivering shareholder value,” said Cracker Barrel CEO Sandy Cochran when that deal was announced.
In its latest quarter, Cracker Barrel reported total revenue of $839.5 million, a 7% increase over a year ago, while net income was $17.1 million, a drop of 47%.
“While the increased macroeconomic uncertainty and persistent inflationary pressures merit caution, we believe our value proposition and strong guest experience position us well to navigate the environment,” Cochran said in the earnings release.
Established in 1969, Cracker Barrel operates more than 660 company-owned Cracker Barrel Old Country Store locations in 45 states and also owns the fast-casual Maple Street Biscuit Company.