Cracker Barrel 2014 Annual Report Download - page 4

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$6.00
$4.00
$3.00
$2.00
$0
$5.00
$ 1.00
Fiscal Year
2012(b)
2010 2013(c)
2011(a)
Fiscal 2011 adjusted for charges related to an impairment, severance and the proxy contest.
Fiscal 2012 adjusted for charges related to severance and the proxy contest, and on a 52-week basis.
Fiscal 2013 adjusted for charges related to severance, the proxy contest, and retroactive
reinstatement of the work opportunities tax credit.
Fiscal 2014 adjusted for charges related to proxy contests.
(a)
(b)
(c)
(d)
2014(d)
Cracker Barrel Old Country Store, Inc.
Earnings Per Diluted Share
$2.00
$1.50
$ .50
Since FY 2010
$0
Declared Dividends Per Share
20112010 2012 2013 2014
Fiscal Year
$3.50
$3.00
$2.50
$1.00
Cracker Barrel Old Country Store, Inc.
Declared Dividends Per Share Since FY 2010
1 Operating income determined in accordance with GAAP
was $208.4 million, or 7.8% of total revenue, for 2014 and
$201.5 million, or 7.6% of total revenue, for 2013. Diluted
earnings per share in accordance with GAAP were $5.51 for
2014 and $4.90 for 2013. The GAAP amount for 2014
includes proxy contests expenses and their related tax effects.
The GAAP amount for 2013 includes proxy contest
expenses, other items and their related tax effects. Please
see selected financial data for further explanation.
expenses, we improved our operating margins to 7.9%
from 7.8% in the prior fiscal year1. This improvement
was the result of the many cost savings initiatives that
we implemented as part of our strategic plan. Our
adjusted earnings per diluted share grew 13.3% to
$5.63, compared to $4.97 in fiscal 2013. During 2014,
we directly increased shareholder return by growing
our regular quarterly dividend by over 33% to $1.00,
resulting in an annual yield of approximately 4.0%.
Pleasing People®
We believe that Cracker Barrel Old Country Store®
is one of the most unique and differentiated brands
in full-service dining. This belief is supported by
Technomic Inc. research regarding customer ratings
of brand uniqueness. We also believe that our
organizational culture is uniquely capable of delivering
the Cracker Barrel brand. This culture begins with
our mission of Pleasing People. The Pleasing People
mission is demonstrated by our employees and is
evidenced in our guests’ and employees’ survey
responses about their experience at Cracker Barrel.
Overall guest and employee satisfaction remained
high during fiscal 2014. Guests’ perceptions of overall
value once again showed a year-over-year increase.
Among our front-line store employees, employee
morale and sentiment toward the company remained
high. More than 80% of our hourly and management