When Cracker Barrel Old Country Store Inc. bought Maple Street Biscuit Company in October, it promised to leave Maple Street’s restaurant operations basically intact.
However, C.L. King & Associates analyst Todd Brooks said in a research report last week that Cracker Barrel is considering one major change for Maple Street’s 33 restaurants: opening on Sundays, according to WJCT News partner The Jacksonville Daily Record.
When Cracker Barrel bought Maple Street for $36 million, it said it was targeting annual sales of about $1 million per restaurant and earnings before interest, taxes, depreciation and amortization of at least 17% of sales.
“Currently, the MSBC units are not at these targeted economics, but they are also currently closed on Sundays,” Brooks said in his report.
“Cracker Barrel will test opening two of the units on Sundays to confirm if the additional operating day will quickly get the concept to the targeted unit economics,” he said.
As a private company, Maple Street had not reported financial data, but Cracker Barrel’s latest quarterly report showed Maple Street’s business produced about $3.9 million in sales for the quarter.
Brooks also said in his report that Maple Street CEO Scott Moore and other executives are relocating from their corporate office in Orange Park to Cracker Barrel’s headquarters outside of Nashville, Tennessee.
An expanded version of this story is at JaxDailyRecord.com.
