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Cracker Barrel Lowers Revenue Forecast as Traffic Falls After Logo Blowup
Cracker Barrel reversed logo and menu changes after a $94 million loss in one day, restoring iconic items like Uncle Herschel’s Favorite Breakfast, CEO said.
- On Tuesday, Cracker Barrel reversed course after a one-day $94,000,000 loss that sent its stock price down to $54.50, backtracking on the logo redesign announced in August.
- The proposed redesign replaced rustic decor with a stripped-back aesthetic, removing longtime mascot Uncle Herschel and Old Country Store branding, which sparked backlash after Cracker Barrel announced simplification in August.
- Quarterly revenue for the three months ending Oct. 31 fell 5.7% to $797.2 million, missing the $800 million analysts polled by FactSet expected as same-store restaurant sales dropped 4.7% and retail shop sales 8.5%.
- A director resigned Thursday amid shareholder rebukes, as Gilbert Davila stepped down after rejection; shareholders last month chose to retain CEO Julie Felss Masino, suspending remodels and restoring Uncle Herschel's Favorite Breakfast.
- Amid heavy online criticism, influencers and MAGA Republicans branded the decision as woke, and the stock experienced sharp intraday swings, including a 7.15% decline.
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38 Articles
Associated Press News+34 Reposted by 34 other sources
Cracker Barrel lowers revenue forecast as traffic falls after logo blowup
Cracker Barrel posted lower-than-expected sales in its fiscal first quarter and lowered its revenue forecast for the year as it continued to feel the fallout from a botched plan to revamp its logo and restaurants.
·United States
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Coverage Details
Total News Sources38
Leaning Left5Leaning Right8Center22Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
14%
C 63%
R 23%
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