The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jake Rowland Bartlett - Truist Securities, Inc., Research Division - Analyst
: Mine is really about the run rate of the business. I know still -- a lot has changed from the first half of the month of November to the back half with
the store closings really in the last 2 weeks. Could you help us understand? It seems -- I would think that the trends have decelerated much lower
in the back half of the month versus that negative 20%. But any help there would be useful and helpful.
And also just to clarify, you've said that Thanksgiving had very strong Heat n' Serve. But was Thanksgiving sales -- did that help or hurt relative to
that negative 20%? So potentially kind of excluding Thanksgiving, maybe even the run rate could be a little bit lower.
Question: Jake Rowland Bartlett - Truist Securities, Inc., Research Division - Analyst
: Yes, that is helpful. I was actually -- I'm also focused on the sales level as we try to think about the run rate of the business. November was negative
20%, but is it fair to assume that it's significantly lower as you exit the month?
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DECEMBER 03, 2020 / 4:00PM, CBRL.OQ - Q1 2021 Cracker Barrel Old Country Store Inc Earnings Call
Question: Jake Rowland Bartlett - Truist Securities, Inc., Research Division - Analyst
: Right. But I guess could you tell us what the -- in terms of current trends, what the last 2 weeks versus the first 2 weeks of the month, just given
how much has changed?
Question: Jake Rowland Bartlett - Truist Securities, Inc., Research Division - Analyst
: Okay. And the holiday, was that a plus or a minus in terms of that 20% trend?
Question: Jake Rowland Bartlett - Truist Securities, Inc., Research Division - Analyst
: I'm not getting the answer but I'll move on.
Question: Jake Rowland Bartlett - Truist Securities, Inc., Research Division - Analyst
: Got it. Okay. I appreciate that. Just 1 question on pricing. 1% menu pricing, and it seems like inflation. I don't think you gave your outlook for labor
cost inflation, which would be helpful. But the 2% to 2.5% commodities implies some deleverage. So is that 1% what you plan for the year? Or is
that just a timing issue and you'll take more pricing later in the year?
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DECEMBER 03, 2020 / 4:00PM, CBRL.OQ - Q1 2021 Cracker Barrel Old Country Store Inc Earnings Call
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