Cracker Barrel Old Country Store Inc (CBRL) shares are getting a nice pop in Monday's after-hours session after the company announced a couple of strategic moves and updated its fiscal 2026 outlook.

First up: a sale-leaseback deal. Cracker Barrel sold 26 company-owned store locations to an institutional real estate investor, netting roughly $77 million. The company plans to use that cash to reduce its debt. It's a classic move — monetize real estate you own, then lease it back to keep operating. The proceeds go straight to the balance sheet.

Second: Cracker Barrel is getting out of the Maple Street Biscuit Company business. It sold the trademark and 35 locations to Biscuit Belly, and it's closing the remaining 16 Maple Street stores. That exit comes with some costs — non-cash charges of about $37 million to $39 million in the fourth quarter, plus another $6 million to $8 million in charges related to winding down. But the company says the divestiture will start boosting adjusted EBITDA in fiscal 2027.

“Our sale-leaseback transaction will allow us to opportunistically reduce debt while monetizing a portion of our owned real estate at an attractive valuation. Divesting Maple Street sharpens our focus on the core Cracker Barrel brand and is expected to improve profitability,” said Julie Masino, president and CEO of Cracker Barrel.

On the operational side, Cracker Barrel gave a quick update on the first 11 weeks of its fiscal fourth quarter. Comparable store restaurant sales were down about 2.5%, but retail sales at those same stores were up about 0.5%. Overall, the company now expects to achieve or exceed the high end of its revenue range for fiscal 2026, and to beat its adjusted EBITDA guidance. Previously, Cracker Barrel guided for total revenue of $3.27 billion to $3.30 billion and adjusted EBITDA of $120 million to $125 million.

Investors liked what they heard. Cracker Barrel shares were up 5.79% in after-hours trading, sitting at $56.50 at the time of publication Monday.