Cracker Barrel 2013 Annual Report Download - page 19

Total revenue beneted from the opening of 8, 13 and 11
stores in 2013, 2012 and 2011, respectively, partially oset by
the closing of one store in 2011. Total revenue in 2012 also
beneted from the additional week in 2012, which resulted in
an increase in revenues of $51,059.
e following table highlights comparable store sales*
results over the past two years:
Period to Period Increase
2013 vs 2012 2012 vs 2011
(596 Stores) (591 Stores)
Restaurant 3.1% 2.2%
Retail 2.9 1.6
Restaurant & Retail 3.0 2.1
* Comparable store sales consist of sales of stores open at least six full
quarters at the beginning of the year and are measured on comparable
calendar weeks.
Our comparable store restaurant sales increased from 2012
to 2013 resulting from a higher average check of 2.5%,
including a 2.2% average menu price increase, and an increase
in guest trac of 0.6%. Our comparable store restaurant sales
increased from 2011 to 2012 resulting from a higher average
check of 2.4%, including a 2.2% average menu price increase,
partially oset by a decrease in guest trac of 0.2%.
We believe that the comparable store retail sales increase
from 2012 to 2013 resulted primarily from strong per-
formance in certain retail merchandise categories and the
increase in guest trac. We believe that the comparable store
retail sales increase from 2011 to 2012 resulted from a
more appealing retail merchandise selection than in the prior
year and the growth of apparel, accessories and proprietary
product lines.
Cost of Goods Sold
e following table highlights the components of cost of goods
sold in dollar amounts for the past three years:
2013 2012* 2011
Cost of Goods Sold:
Restaurant $ 571,825 $ 553,478 $ 511,728
Retail 282,859 274,006 260,743
Total Cost of Goods Sold $ 854,684 $ 827,484 $ 772,471
* 2012 consists of 53 weeks while all other periods presented consist of
52 weeks.
e following table highlights restaurant cost of goods sold
as a percentage of restaurant revenue for the past three years:
2013 2012 2011
Restaurant Cost of Goods Sold 27.2% 26.9% 26.5%
e increase from 2012 to 2013 was primarily the result of
food commodity ination of 3.4% partially oset by our
menu price increase referenced above and a reduction in food
waste. e reduction in food waste from 2012 to 2013
accounted for a 0.2% decrease in restaurant cost of goods sold
as a percentage of restaurant revenue. e increase from
2011 to 2012 was primarily the result of food commodity
ination of 4.5% partially oset by our menu price increase
referenced above.
We presently expect the rate of commodity ination to be
approximately 2% in 2014 as compared to 2013. We expect to
oset the eects of food commodity ination through a
combination of menu price increases, supply contracts and
other cost reduction initiatives.
e following table highlights retail cost of goods sold as a
percentage of retail revenue for the past three years:
2013 2012 2011
Retail Cost of Goods Sold 52.4% 52.1% 52.1%
e increase in retail cost of goods sold as a percentage of
retail revenue in 2013 as compared to 2012 resulted from
lower initial markup on certain retail merchandise partially
oset by lower freight and shrinkage.
2012 to 2013
Increase (Decrease) as a
Percentage of Total Revenue
Lower initial markup on certain merchandise 0.6%
Freight (0.2%)
Retail inventory shrinkage (0.1%)
Retail cost of goods sold as a percentage of retail revenue
remained at in 2012 as compared to 2011.
Restructurings
In April 2012, we restructured and streamlined our eld
organization to beer align our restaurant and retail operations
under central leadership. e restructuring of the eld
organization and related changes in our headquarters in
Lebanon, Tennessee, resulted in the elimination of
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