Cracker Barrel’s Board Urges Shareholders to Vote the WHITE Card “FOR ONLY” Cracker Barrel’s 10 Recommended Director Nominees in Advance of Company’s Annual Meeting This Week

The Company’s Strategic Transformation Plan Is Taking Hold and Showing Results

Carl Berquist and Meg Crofton Have Been Change Agents and Bring Valuable Experience and Skillsets to Cracker Barrel (NASDAQ:)’s Board

Election of Sardar Biglari and Milena Albert-Perez Would Jeopardize the Company’s Momentum

2024 Annual Meeting of Shareholders Scheduled for November 21, 2024; For Additional Information on How to Vote Visit CrackerBarrelShareholders.com

LEBANON, Tenn., Nov. 18, 2024 /PRNewswire/ — Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) today reminds all shareholders to vote the universal WHITE proxy card “FOR ONLY” Cracker Barrel’s 10 Recommended Director Nominees to protect the value of their investment; continue the momentum of the Company’s strategic transformation plan; and ensure Cracker Barrel remains a beloved and relevant restaurant brand for many years to come.

In casting your vote, Cracker Barrel reminds you that:

Cracker Barrel’s strategic transformation plan is building momentum across operations as demonstrated by our preliminary first quarter FY 2025 results and reaffirmation of our FY 2025 outlook. Fiscal 2025 is off to a strong start, with early favorable results on our strategic initiatives and comparable store sales and traffic results that outperformed the Casual Dining industry.

The Board and management team continue to act with urgency in implementing our long-term strategic transformation plan designed to return Cracker Barrel to growth and profitability. We are carefully pacing the investments that are part of the plan by methodically testing initiatives and scaling the initiatives with the highest demonstrated returns.

Sardar Biglari continues to misrepresent Cracker Barrel’s capital spending plan. We are NOT spending $600 – $700 million on store remodels over the next three years as Mr. Biglari falsely claims. Our strategic plan contemplates spending $225 – $325 million in incremental capital (i.e., over and above our normal rates of capital spending). Store remodels are only a part of this incremental amount. Other investments include improvements to our technology and highly successful loyalty program in order to drive traffic.

Carl Berquist and Meg Crofton are change agents for the Board and the business, while also serving as important sources of stability and institutional knowledge. With Mr. Berquist’s support and under Ms. Crofton’s leadership as the Chair of the…