Cracker Barrel Old Country Store Inc. on Thursday said it would stop working with the consultancy that advised it on a logo change and restaurant overhaul that backfired over the summer, raising further questions about the Americana-themed restaurant chain's path forward.
Chain had hired marketing firm Prophet to refresh its image and restaurants; Cracker Barrel shifts executives in operations, menu roles.
“Shareholders need to send a strong message to the board for failing to get rid of a manager who is worse than mediocre,” according to a proxy statement.
A hotly debated rebrand has depressed sales at Cracker Barrel since mid-August. The restaurant chain is trying to move on.
CBRL's Q4 results show an earnings miss but a revenue beat, with shares sliding nearly 10% due to weak traffic and macro headwinds.
Sardar Biglari's eighth proxy battle waged at Cracker Barrel follows the branding uproar at the restaurant chain.
Cracker Barrel's stock slid nearly 10% after its Q4 earnings report on Wednesday had mixed results. While it missed on earnings, the report showed revenue beat expectations, and loyalty sign-ups surged.
The Tennessee-based restaurant chain pivoted back to traditional branding and signage after customers expressed strong opposition to modern logo and store redesigns.
Cracker Barrel Old Country Store (CBRL) came out with quarterly earnings of $0.74 per share, missing the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $0.98 per share a year ago.
The CEO says the restaurant chain is listening to guests and is optimistic after the logo controversy.
Shares of Cracker Barrel Old Country Store Inc. fell after hours on Wednesday after the Americana-themed restaurant chain forecast falling traffic for the fiscal year ahead and sales that were below Wall Street's expectations, as it deals with blowback over efforts to change its logo and remodel its stores.
Get earnings reminders, our top analysis on Cracker Barrel Old Country Store, market updates, and brand-new stock recommendations delivered directly to your inbox.