Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) today announced that Laura A. Daily has been appointed as Senior Vice President of Retail. Daily will join the Company on May 7, and will have responsibility for all aspects of the Company's retail merchandising, planning and allocation functions. She will report to Sandra B. Cochran, President and Chief Executive Officer.

Daily has over 20 years of experience as a merchant with a number of retail organizations. Most recently, she served as Vice President for Ballard Designs, an Internet and catalog home furnishings retailer that is part of HSN, Inc., where she was in charge of all merchandising and trends for the company. Daily was an integral part of taking Ballard from a small, privately held company to becoming part of a large, publicly traded and nationally recognized brand. She previously held merchandising, planning and store operations positions with Spiegel, Inc., and Carson Pirie Scott.

"We're pleased to have someone with Laura's talent and extensive experience joining Cracker Barrel," said Cochran. "Laura brings with her a strong brand perspective that will strengthen the appeal of Cracker Barrel's merchandise. Her retail merchandising track record and deep understanding of customers and what they want are of great value as we build on our retail sales momentum and position the Company for continued growth."

The Company also announced that it has restructured and streamlined its field organization to better align its restaurant and retail operations under central leadership. Nicholas V. Flanagan, the Company's Senior Vice President of Operations, will now have direct responsibility for both restaurant and retail operations. The restructuring of the field organization and related changes in the Company's home office have resulted in the elimination of approximately 20 positions.

"Cracker Barrel is a strong and highly differentiated brand, and the combination of dining and shopping is integral to the guest experience," Cochran said. "We believe the organization changes announced today permit us to enhance the guest experience by putting operational decision-making closer to the guest. Once fully implemented, we expect these changes to generate approximately $5 million dollars of annual pretax savings, of which about 70 percent will be realized as reductions to general and administrative expenses, and the balance as reductions to other store operating expenses. We believe these changes will permit us to better leverage our cost structure as we continue to grow in the future."

In recognizing the personal impact of this restructuring on those affected, Cochran said, "We thank these employees for their commitment and contributions to Cracker Barrel, in some cases over many years."

All affected employees will receive severance pay in accordance with the Company's policies. The Company estimates that severance and other charges related to these organization changes will reduce income from operations in the third quarter of the 2012 fiscal year by approximately $1.6 million, and reduce net earnings per diluted share by approximately $0.05. These charges were not included in the Company's previously issued guidance.

About Cracker Barrel

Cracker Barrel Old Country Store® provides a friendly home-away-from-home in its old country stores and restaurants. Guests are cared for like family while relaxing and enjoying real home-style food and shopping that's surprisingly unique, genuinely fun and reminiscent of America's country heritage...all at a fair price. The restaurants serve up delicious, home-style country food such as meatloaf and homemade chicken n' dumplins as well as the Company's signature biscuits using an old family recipe. The authentic old country retail store is fun to shop and offers unique gifts and self-indulgences.

Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) was established in 1969 in Lebanon, Tenn. and operates 612 company-owned locations in 42 states. Every Cracker Barrel unit is open seven days a week with hours Sunday through Thursday, 6 a.m. - 10 p.m., and Friday and Saturday, 6 a.m. - 11 p.m. For more information, visit: crackerbarrel.com.

Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These, and similar statements are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of Cracker Barrel Old Country Store, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology and include the expected effects of operational improvement initiatives, such as new menu items and retail offerings. Factors which could materially affect actual results include, but are not limited to: the effects of uncertain consumer confidence, higher costs for energy, general or regional economic weakness, weather on sales and customer travel, and discretionary income or personal expenditure activity of our customers; our ability to identify, acquire and sell successful new lines of retail merchandise and new menu items at our restaurants; our ability to successfully implement or sustain plans intended to improve operational or marketing execution and performance; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, wage and hour matters, health and safety, pensions, insurance or other undeterminable areas; our ability to successfully implement plans intended to promote or protect our brands and products; commodity price increases; the ability of and cost to us to recruit, train, and retain qualified hourly and management employees in an escalating wage environment; the effects of increased competition at our locations on sales and on labor recruiting, cost, and retention; workers' compensation, group health and utility price changes; consumer behavior based on negative publicity or concerns over nutritional or safety aspects of our food or products or those of the restaurant industry in general, including concerns about pandemics, as well as the possible effects of such events on the price or availability of ingredients used in our restaurants; the effects of our substantial indebtedness and associated restrictions on our financial and operating flexibility and ability to execute or pursue our operating plans and objectives; changes in interest rates or capital market conditions affecting our financing costs and ability to refinance all or portions of our indebtedness; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; changes in land, building materials and construction costs; the actual results of pending, future or threatened litigation or governmental investigations and the costs and effects of negative publicity associated with these activities; practical or psychological effects of natural disasters or terrorist acts or war and military or government responses; disruptions to our restaurant or retail supply chain; changes in foreign exchange rates affecting our future retail inventory purchases; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America; and other factors described from time to time in our filings with the Securities and Exchange Commission, press releases, and other communications.

Any forward-looking statement made by us herein, or elsewhere, speaks only as of the date on which made. We expressly disclaim any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

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Cracker Barrel Old Country Store, Inc.
Investors:
Lawrence E. Hyatt, (615) 235-4432
or
Media:
Julie K. Davis, (615) 443-9266