Cracker Barrel Old Country Store, inc (CBRL) Q4 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
One would be hard-pressed to find any restaurant not affected in some way by the ongoing labor crisis.
In a national survey of 2,500 operators, the National Restaurant Association found 84 percent have staffing levels below pre-pandemic levels, and 90 percent said recruiting and retaining employees will likely be more difficult after the pandemic is over than it was before it began. Because of this, more than half of full-service operators and 42 percent of quick-service operators said they are unable to open at maximum-allowed capacity.
Operator
Good day, and welcome to the Cracker Barrel Fiscal Year 2021 Third Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Jessica Hazel, Senior Director, Investor Relations. Please go ahead.
Jessica Hazel
Senior Director, Investor Relations
Thank you. Good morning, and welcome to Cracker Barrel s third quarter fiscal 2021 conference call and webcast.
This morning, we issued a press release announcing our third quarter results. In this press release and on this call, we will refer to non-GAAP financial measures for the third quarter ended April 30, 2021. The third quarter non-GAAP financial measures are adjusted to exclude the non-cash amortization of the asset recognized from the gains on our sale-leaseback transactions and the related tax impacts. The Company believes that
The board of directors of Cracker Barrel Old Country Store grew to 11 last week thanks to the election of the president of Union Square Hospitality Group, the holding company for restaurants run by Shake Shack founder Danny Meyer.
The addition of Darryl âChipâ Wade comes five months after Cracker Barrel CEO Sandy Cochran and the companyâs board
saw off the latest proxy challenge from activist investor Sardar Biglari. The latter, who has been a major shareholder of Lebanon-based Cracker Barrel for a decade, had called on the company to add more specific restaurant operating experience to its board and had unsuccessfully nominated a New Jersey-based industry veteran.
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