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10.12.25 - 19:54
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"Bud Light" Moment Hits Cracker Barrel: Stock Crushed, Traffic Slides, Guidance Slashed (ZeroHedge)
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"Bud Light" Moment Hits Cracker Barrel: Stock Crushed, Traffic Slides, Guidance Slashed
Cracker Barrel shares are lower in premarket trading after posting softer-than-expected quarterly sales and cutting full-year revenue and profit guidance. Customer traffic dropped more than anticipated, driven in part by backlash after the casual dining chain effectively "Bud Lighted" itself with a disastrous woke rebranding.
The rebranding ...
... which was eventually reversed and the marketing 'expert' resigned, appears to have a lasting impact on sales.
First-quarter results swung to an adjusted loss of 74 cents per share versus a profit a year ago, slightly better than the Bloomberg Consensus estimate. Revenue dipped 6% and missed forecasts, with comparable sales for both restaurants and retail declining more than expected.
Wall Street analysts were spooked by the 7.3% decline in customer traffic for the quarter.
Snapshot: First quarter results (courtsey of Bloomberg):
Adj...
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10.12.25 - 19:01
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Cracker Barrel Cuts Outlook Following Logo Backlash (Bloomberg)
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Cracker Barrel Old Country Store Inc. expects sales to fall faster than it previously forecast, showing the country-themed restaurant chain is still struggling following backlash to its failed logo change earlier this year. (Source: Bloomberg)...
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