Michael A Woodhouse, chairman and CEO of Cracker Barrel, said: “We believe our financial reporting is appropriate and in compliance with SEC disclosure requirements, including the applicable guidance on segment reporting.
“We view our restaurant and retail operations as two related and substantially integrated product lines that allow our stores to deliver a unique, integrated customer experience. Many of the operating expenses of a store cannot be broken down between restaurant and retail operations. We manage our business on the basis of one reportable operating segment.
“Given the integrated nature of our operations, as we have discussed with Mr Biglari on several occasions, our management have carefully considered and have concluded that separate segment disclosure of our restaurant and retail businesses is neither required nor appropriate. This issue was specifically reviewed with the SEC in the past, and we determined that our financial disclosure was appropriate and consistent with SEC guidelines.”
Source: Cracker Barrel Old Country Store
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