Cracker Barrel 2012 Annual Report Download - page 7

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we set a company sales record on Thanksgiving – which
we then were able to improve upon with a record-breaking
Mother’s Day. We could not have achieved all of this
without the solid dedication of our 70,000 employees, who
made it their purpose to provide an outstanding experience
for each guest.
Our fourth priority was to employ innovative tactics to drive
retail sales, with a focus on delivering value and creating a
further connection to the brand for our guests. We focused
on merchandising our stores with unique and nostalgic
items. We saw growth in one of the strongest categories,
apparel and accessories. We also developed and grew
By focusing on the fifth priority,we have been reducing
expenses while maintaining our superior standard for
guest service. We have eliminated annual general and
administrative and labor expenses - through such initiatives
as a restructuring of home office employees in July 2011
and a realignment of our restaurant and retail field
leadership in April 2012. We also completed the first
phase of implementation of a labor management system
for store managers to improve their direction of weekly
training, productivity,and execution. Additionally,we
completed the rollout of a new transportation management
system, which we believe will continue to improve
efficiency in the distribution of our retail merchandise. As
a result of these initiatives and others, operating income
increased as a percentage of revenues from 6.9% in fiscal
2011 to 7.4% in fiscal 2012.
The sixth and final priority has been and continues to be
enhancing shareholder value using a balanced approach to
in the company through capital expenditures. We repaid
$25 million in long term debt. Direct shareholder return was
enhanced by the repurchase of over 265,000 shares and an
80% increase in our quarterly dividend to $0.40.
proprietary product lines, including our branded ButterfliesTM
doll line, a unique and fun collection featuring $19.99 dolls
with their own personalities, stories, and accessories.
Another example is our Cracker Barrel branded food items,
such as pancake and cornbread mixes and cobbler fillings.
We plan to continue building these collections and focus
on other quality and value-oriented gift items.
the dining area, and service in the retail store. In addition,
5
receiving your order,timeliness of check out, cleanliness of
capital allocation. During fiscal 2012, we reinvested $80 million