Biglari seeks changes to Cracker Barrel reporting norms

(Reuters) - Cracker Barrel Old Country Store Inc's (CBRL.O) largest shareholder called for management to publicly disclose operating information for both its businesses, after rejecting the company's offer to view this privately.

In a letter to the operator of country-themed restaurants and gift shops, investor Sardar Biglari expressed displeasure over the company's failure to report separate operating segments for its restaurant and retail businesses as mandated by the Securities and Exchange Commission.

Kevin Callahan, a spokesman for U.S. markets regulator, said the SEC would not be able to comment on the matter.

Biglari, who through Biglari Holdings (BH.N) operates the Steak n Shake and Western Sizzlin restaurant chains, controls about 9.3 percent of Cracker Barrel's outstanding stock.

In the letter, Biglari stated that following his objections the company had offered to let him view inside information, which he declined, insisting that the information be made available equally to all shareholders.

He argued that since the chain breaks out revenue and management differences between the two segments in its filings, it was unreasonable of the company to claim that more detailed segmental information was not available.

"I assure you that disaggregating the financial data of the retail business from the restaurant business is imperative and integral to conducting robust investment analysis," Biglari wrote in his letter.

Shares of Lebanon, Tennessee-based Cracker Barrel were trading down 1 percent at $41.05 Wednesday on Nasdaq.

(Reporting by Meenakshi Iyer in Bangalore; Editing by Anthony Kurian)