UNITED STATES
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Cracker Barrel Old Country Store, Inc.
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Cracker Barrel Old Country Store, Inc. (the “Company”) issued the following supplemental information to Institutional Shareholder Services on April 5, 2014.
CRACKER BARREL OLD COUNTRY STORE, INC. (NASDAQ:CBRL)
SUPPLEMENTAL INFORMATION REQUESTED BY ISS - APRIL 4, 2014
Participants in Knapp-Track™ Indexes.
Attachments 1 and 2 set forth the restaurant concepts that participate in the Knapp-Track Casual and Family Dining Indexes. We have been advised by Knapp-Track that they do not publicly disclose the relative weighting of the participants in each index. As indicated, the Family Dining Index currently contains 18 restaurant concepts, of which almost half (8) are either cafeteria or buffet concepts. The Casual Dining Index contains 58 restaurant concepts, and we believe is a better comparison for midscale, full-service restaurants.
Cracker Barrel Earnings Per Store vs. Steak ‘n Shake (Page 4 of Addendum To Spring 2014 Investor Presentation).
This will confirm that Cracker Barrel has not closed any stores in the time periods covered by this presentation.
Technomic Consumer Brand Metrics Study (Page 18 of Spring 2014 Investor Presentation).
Technomic includes over 30 restaurant concepts in its Consumer Brand Metrics Study. Every calendar quarter, Technomic samples 1,440 respondents per concept. The data presented represents total responses over the three years 2011 through 2013. The nine chains selected for comparison were chosen based upon competition for customers and meal occasions. In order to maintain consistency, the methodology used and chains selected for comparison are the same as those used by the Company in similar presentations during the past two years. During that time, Cracker Barrel’s relative performance has increased from being the leader in seven of ten categories, to being the leader in nine of ten categories.
Companies Chosen for TSR Comparison (Page 12 of Spring 2014 Investor Presentation) And Concepts Chosen for Technomic Consumer Brand Metrics Comparison (Page 18 or Spring 2014 Investor Presentation).
Attachment 3 provides a list of the companies included in the peer group for the multi-year TSR comparison, and the restaurant concepts chosen for the Technomic Consumer Brand Metrics comparison. We began providing the TSR comparison in 2012, and for the purpose of consistency have maintained the same peer set.
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Attachment 1
KNAPP-TRACK™ PARTICIPANTS LIST – CASUAL DINING 2014
| 1-Abuelo’s Mexican Food Embassy | 30- Joe’s Crab Shack | |
| 2- Acapulco | 31- Johnny Rockets | |
| 3- BJ’s | 32- Logan’s Roadhouse | |
| 4- Bahama Breeze | 33- Longhorn Steak | |
| 5- Bailey’s | 34- Maggiano’s | |
| 6- Benihana | 35- Max & Erma’s | |
| 7- Bertucci’s | 36- Miller’s Ale House | |
| 8- Bonefish Grill | 37- Ninety-Nine Restaurants | |
| 9- Bravo Cucina Italiana | 38- Not Your Average Joe’s | |
| 10- Brickhouse Tavern + Tap | 39- O’Charley’s | |
| 11- Brio Tuscan Grill | 40- Old Chicago | |
| 12- Cantina Laredo | 41- Olga’s Kitchen | |
| 13- Carrabba’s Italian Grill | 42- Olive Garden | |
| 14- Champps | 43- Outback Steakhouse | |
| 15- Chevys | 44- P.F. Chang’s China Bistro | |
| 16- Chili’s | 45- Quaker Steak & Lube | |
| 17- Daily Grill | 46- RA Sushi | |
| 18- Dave & Buster’s | 47- Red Lobster | |
| 19- Don Pablo’s | 48- Rock Bottom Brewery | |
| 20- El Chico | 49- Ruby Tuesday | |
| 21- El Fenix | 50- Shakey’s Pizza | |
| 22- El Torito | 51- Silver Diner | |
| 23- Firebirds | 52- Smokey Bones | |
| 24- Fox & Hound | 53- TGI Friday’s | |
| 25- Good Eats | 54- The Keg | |
| 26- Gordon Biersch Brewery | 55-Tony Roma’s | |
| 27- Granite City Food & Brewery | 56- Twin Peaks | |
| 28- Hard Rock Café | 57- Uno Chicago Grill | |
| 29- Houlihan’s | 58- Wagamama | |
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Attachment 2
KNAPP-TRACK™ PARTICIPANTS LIST-FAMILY DINING - 2014
| 1- Baker’s Square |
| 2- Bob Evan’s Farms |
| 3- Cracker Barrel Old Country Store |
| 4- Chuck E. Cheese’s* |
| 5- CiCi’s Pizza |
| 6- Denny’s |
| 7- Fire Mountain |
| 8- Friendly’s Ice Cream |
| 9- Furr’s |
| 10- Golden Corral |
| 11- Home Town Buffet |
| 12- Old Country Buffet |
| 13- Piccadilly Restaurants |
| 14- Ryan’s |
| 15- Shari’s Restaurants |
| 16- Sizzler |
| 17- Souplantation |
| 18- Sweet Tomatoes |
| 19- Village Inn |
| * | Chuck E. Cheese was recently removed from the Knapp-Track Family Index when it was acquired by Apollo. |
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Attachment 3
Companies Chosen for TSR Comparison And Concepts Chosen for Technomic Consumer Brand Metrics Comparison
| Companies in TSR Comparison (Pg. 12) |
Concepts in Brand Metrics Comparison (Pg. 18) |
Comment/Explanation | ||
| Brinker (EAT) | Chili’s | Included in both | ||
| Texas Roadhouse (TXRH) | Included in TSR comparison for consistency of presentation with prior years. | |||
| Bob Evans (BOBE) | Bob Evans | Included in both | ||
| Denny’s (DENN) | Denny’s | Included in both | ||
| Cheesecake Factory (CAKE) | At $2.4B, CAKE’s market cap is comparable to CBRL’s. However, we believe that we serve a different customer, so did not include them in the Brand Metrics comparison. | |||
| Biglari Holdings (BH) | Steak ‘n Shake | Included in both | ||
| Darden (DRI) | Olive Garden Red Lobster |
Included in both | ||
| Ruby Tuesday (RT) | Included in TSR comparison for consistency of presentation with prior years. | |||
| Applebee’s IHOP |
We believe Applebee’s and IHOP compete with Cracker Barrel for customers. Given Dine Equity’s (DINE) financial restructuring of the past two years, we did not include them in the TSR comparison. | |||
| Outback Steak House | Outback’s corporate parent, Bloomin’ Brands (BLMN) went public in August 2012, after the beginning of the time period represented by the TSR comparison. |
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