Cracker Barrel says its revenue in 2012 climbed nearly four percent, to $2.58 billion. (Image: Wikimedia Commons”
Lebanon-based Cracker Barrel says sales increased nearly four percent in the final quarter of its fiscal year. Company executives talked up the results during a conference call with investors today. However, they were less willing to talk about a looming battle with their largest shareholder.
San Antonio investor Sardar Biglari says Cracker Barrel’s management isn’t doing enough to increase profits and drive more customers into its restaurants. With better leadership, Biglari says the company could increase its profit by more than a billion dollars. While she wouldn’t directly address Biglari’s concerns, CEO Sandy Cochran closed her conference call with this statement, reminding investors of the company’s uptick in profits.
“I’m pleased with the progress that we’ve made on our strategic priorities in 2012. And I remain confident that we have the right strategy and the right leadership to move this brand forward and increase shareholder value.”
Biglari owns about 17 and a half percent of the restaurant’s stock. The company took steps earlier this year to stop him from buying more, in fear he could gain a controlling interest. Meanwhile, Biglari has announced plans to nominate himself and an associate to Cracker Barrell’s board during the company’s annual meeting in November.
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