Core Insights - Braze Inc (NYSE:BRZE) shares increased significantly in pre-market trading after the company raised its FY2026 adjusted EPS and sales guidance due to better-than-expected third-quarter revenue [1] - The company reported quarterly adjusted earnings of $0.06 per share, meeting analyst estimates, while quarterly revenue reached $190.84 million, surpassing the Street estimate of $184.08 million [1] - Following these announcements, Braze shares jumped 14.2% to $35.00 in pre-market trading [1] Company Performance - Braze's quarterly adjusted earnings were $0.06 per share, aligning with analyst expectations [1] - The reported quarterly revenue of $190.84 million exceeded the anticipated $184.08 million [1] - The positive financial results led to a 14.2% increase in share price during pre-market trading [1]

Market Overview - U.S. stocks showed mixed performance as traders prepared for the Federal Reserve meeting, with major indexes consolidating near recent highs after a strong year-end run for value stocks [1] - The Dow Jones Industrial Average decreased by almost 0.4% to 47,560.29, while the S&P 500 fell 0.09% to 6,840.51, and the Nasdaq increased by 0.1% to 23,576.48 [1] GameStop Corp. (NYSE:GME) - GameStop's stock declined by 1.03% to close at $23.11, with intraday trading between a high of $24.00 and a low of $23.10, remaining within its 52-week range of $19.93 to $35.81 [2] - The company reported third-quarter revenue of $821 million, missing estimates and down 4.5% year-over-year, while adjusted earnings of 24 cents exceeded expectations [3] - Hardware and software sales decreased, but collectibles sales increased, and operating income improved to $41.3 million from a loss in the previous year [3] - GameStop ended the quarter with $8.8 billion in cash and securities, including $519.4 million in Bitcoin, and did not hold an earnings call [3] JPMorgan Chase & Co. (NYSE:JPM) - JPMorgan's shares fell by 4.67% to $300.51, with intraday trading between a high of $318.80 and a low of $300.02, remaining below its recent 52-week high of $322.25 [4] - Investors are analyzing how the upcoming rate decision could influence the bank's growth phase, particularly regarding net interest margins and fee-driven businesses [5] AeroVironment - AeroVironment's stock eased by 0.37% to finish at $281.42, with intraday trading between a high of $291.50 and a low of $278.50, significantly above its 52-week low of $102.25 [6] - The company reported second-quarter revenue of $472.5 million, surpassing estimates, but adjusted EPS was 44 cents, below the expected 78 cents [7] - AeroVironment lowered its fiscal 2026 EPS outlook while slightly raising revenue guidance, leading to a decline in shares during extended trading [7] GE Vernova Inc. (NYSE:GEV) - GE Vernova's shares increased by 0.55% to close at $625.30, with intraday trading between $636.88 and $613.20, close to the upper end of its 52-week range of $252.25 to $677.29 [8] - The stock was positively influenced by a multi-year investor update, where the company doubled its dividend and set ambitious revenue targets through 2028 [9] - GE Vernova's 2025 revenue outlook is projected at $36–$37 billion, with 2026 guidance of $41–$42 billion, and an expected 2028 revenue of $52 billion, up from a previous forecast of $45 billion [10] - The company reported 18 GW of gas turbine contracts this quarter and anticipates its backlog to grow from $135 billion to $200 billion by 2028, while raising its cumulative free cash flow outlook to at least $22 billion [10] Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) - Cracker Barrel's stock rose by 1.43% to end at $27, with intraday trading between a high of $28.21 and a low of $26.82, trading just above its 52-week low of $25.62 [11] - The company reported first-quarter revenue of $797.19 million and an adjusted loss of 74 cents per share, both missing expectations, with sales down 5.7% from last year [12][13] - Cracker Barrel reduced its fiscal 2026 revenue outlook to $3.2–$3.3 billion and declared a 25-cent quarterly dividend, while the CEO indicated ongoing operational changes to stabilize traffic and margins [12][13]

Market Overview - US stock futures remained stable as investors awaited the Federal Reserve's final policy decision of the year, with Dow Jones, S&P 500, and Nasdaq 100 futures all falling below the flatline [1] - Investors are cautious, with a nearly 90% chance priced in for a third consecutive quarter-point rate cut by the Federal Reserve [2] Federal Reserve Insights - FOMC members are divided on the need for easier policy, with some advocating for support of a cooling labor market while others warn of potential inflation risks [3] - The post-meeting statement and Chair Jerome Powell's press conference are highly anticipated for insights on future policy direction [3] Company Performance - GameStop (GME) stock fell 6% after missing quarterly revenue estimates, reporting $821 million in revenue compared to $860.3 million in the same quarter last year, and analysts had expected $987 million [9] - GE Vernova (GEV) shares rose 6% after the company doubled its dividend, indicating strong demand for natural gas-fired power [11] - Cracker Barrel (CBRL) stock dropped 8% after reporting lower-than-expected sales and trimming its revenue forecast for the fiscal first quarter [5][6] Commodity Market - Global bond yields reached their highest levels since 2009, indicating investor concerns about the end of interest-rate cutting cycles in the US [4] - Silver prices surged past $60 an ounce, driven by supply tightness and expectations of further monetary easing by the Federal Reserve [4][12]

Core Insights - Cracker Barrel Old Country Store reported a revenue of $797.19 million for the quarter ended October 2025, reflecting a year-over-year decline of 5.7% [1] - The earnings per share (EPS) for the same period was -$0.74, compared to $0.45 a year ago, indicating a significant drop in profitability [1] - The reported revenue fell short of the Zacks Consensus Estimate of $801.06 million, resulting in a surprise of -0.48%, while the EPS exceeded expectations by 5.13% [1] Financial Performance Metrics - Comparable-store sales for the restaurant segment decreased by 4.7%, which was better than the three-analyst average estimate of -5.2% [4] - Comparable-store sales for the retail segment saw a decline of 8.5%, worse than the three-analyst average estimate of -5.2% [4] - Company-owned units totaled 656, slightly below the average estimate of 657 by three analysts [4] - The total number of stores at the end of the period was 710, compared to the average estimate of 717 based on two analysts [4] - Retail revenues were reported at $146.53 million, which is a 9.5% year-over-year decline and below the average estimate of $152.64 million [4] - Restaurant revenues amounted to $634.84 million, representing a year-over-year decline of 7.1%, also falling short of the three-analyst average estimate of $648.49 million [4] Stock Performance - Over the past month, Cracker Barrel's shares have returned -8.5%, contrasting with the Zacks S&P 500 composite's increase of +1.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Cracker Barrel posted lower-than-expected sales in its fiscal first quarter and trimmed its revenue forecast for the year as it continued to feel the fallout from a botched plan to revamp its logo and restaurants.The Lebanon, Tennessee-based restaurant chain said Tuesday its revenue fell 5.7% to $797.2 million in the three months ending Oct. 31. That was lower than the $800 million Wall Street anticipated, according to analysts polled by FactSet. The company swung to a net loss of about $25 million, compare ...

Core Insights - Cracker Barrel Old Country Store reported a quarterly loss of $0.74 per share, which was better than the Zacks Consensus Estimate of a loss of $0.78, representing an earnings surprise of +5.13% [1] - The company posted revenues of $797.19 million for the quarter ended October 2025, missing the Zacks Consensus Estimate by 0.48% and down from $845.09 million a year ago [2] - Cracker Barrel shares have declined approximately 49.6% year-to-date, contrasting with the S&P 500's gain of 16.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.07 on revenues of $926.5 million, and for the current fiscal year, it is $1.53 on revenues of $3.43 billion [7] - The estimate revisions trend for Cracker Barrel was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Retail - Restaurants industry, to which Cracker Barrel belongs, is currently ranked in the bottom 21% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was $797.2 million, down 5.7% from the prior year quarter [23] - Adjusted EBITDA was $7.2 million, or 0.9% of total revenue, compared to $45.8 million, or 5.4% of total revenue in the prior year [27] - GAAP earnings per diluted share were -$1.10, and adjusted earnings per diluted share were -$0.74 [27] Business Line Data and Key Metrics Changes - Restaurant revenue decreased 4.8% to $650.6 million, with comparable store restaurant sales down 4.7% [23] - Total retail revenue decreased 9.4% to $146.6 million, with comparable store retail sales down 8.5% [23] - Off-premise sales accounted for 18.1% of restaurant sales [23] Market Data and Key Metrics Changes - Traffic declined approximately 11% in the quarter, with a consistent trend between -10% and -11% over the last couple of months [28][62] - The company noted a decline in consumer sentiment and overall industry traffic compared to the summer [52] Company Strategy and Development Direction - The company is focusing on improving food quality and guest experience, with a multi-pronged plan to connect with guests through menu, messaging, and loyalty programs [11][12] - A restructuring of the corporate support center is underway to streamline operations and reduce costs, aiming for annualized G&A savings of approximately $20 million-$25 million [30] - The company is committed to maintaining food quality while pursuing cost savings and operational efficiency [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a difficult macro and industry backdrop, with plans to regain trust and confidence from guests [5][6] - The outlook for fiscal 2026 anticipates total revenue of $3.2 billion to $3.3 billion, reflecting a slower recovery than previously expected [29] - Management emphasized the importance of delivering consistent quality and hospitality to drive traffic recovery [34][68] Other Important Information - The company has launched several promotional initiatives, including a military discount and a toy promotion for kids' meals, to drive traffic [15][17] - The Cracker Barrel Rewards Loyalty Program has grown to over 10 million members, accounting for 40% of tracked sales [18] Q&A Session Summary Question: Advertising Spend Reduction - Management explained that the reduction in advertising spend is to align with current traffic levels and reduce non-guest-facing costs, with a planned decrease of $12 million-$16 million in advertising expenses for Q2 to Q4 [37][38] Question: Holiday Season Plans - Management confirmed that they are actively working to drive traffic during the holiday season with promotions and menu items that resonate with guests [41][45] Question: Updated Traffic Guidance - Management indicated that the updated traffic guidance for the year includes expectations of a decline of 8% to 10%, with potential recovery in the back half of the year [50][51] Question: Macro Pressures Impact - Management noted that consumer sentiment has softened and overall industry traffic has decreased, but performance across income cohorts has remained relatively stable [52][53] Question: Challenges with Operations Initiative - Management acknowledged challenges with the rollout of the operations initiative, which impacted food consistency and guest experience, leading to a rollback of certain changes [54][55] Question: Menu Innovation and Future Offerings - Management expressed confidence in upcoming menu innovations and the return of popular items, emphasizing a focus on guest feedback and maintaining quality [66][75]

Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was $797.2 million, down 5.7% from the prior year quarter [23] - Adjusted EBITDA was $7.2 million, or 0.9% of total revenue, compared to $45.8 million, or 5.4% of total revenue in the prior year [27] - GAAP earnings per diluted share were negative $1.10, and adjusted earnings per diluted share were negative $0.74 [27] Business Line Data and Key Metrics Changes - Restaurant revenue decreased 4.8% to $650.6 million, with comparable store restaurant sales down 4.7% [23] - Total retail revenue decreased 9.4% to $146.6 million, with comparable store retail sales down 8.5% [23] - Off-premise sales accounted for 18.1% of restaurant sales [23] Market Data and Key Metrics Changes - Traffic declined approximately 11% in Q2, with a consistent trend of negative 10% to negative 11% over the last couple of months [28][62] - The company noted a decline in consumer sentiment and softer labor numbers compared to previous months [52] Company Strategy and Development Direction - The company is focusing on improving food quality and guest experience, with operational changes and menu adjustments [5][8] - A restructuring of the corporate support center is underway to streamline operations and reduce costs [20] - The company is implementing cost-saving measures while ensuring food quality and guest experience are not compromised [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a difficult macro and industry backdrop affecting performance, with plans to regain trust and confidence from guests [5][21] - The outlook for fiscal 2026 anticipates total revenue of $3.2-$3.3 billion, reflecting a slower recovery than previously expected [29] - Adjusted EBITDA for the full year is projected to be approximately $70 million-$110 million, depending on traffic recovery [31] Other Important Information - The company has launched several promotional initiatives to drive traffic, including a military discount and holiday promotions [15][16] - The Cracker Barrel Rewards Loyalty Program has grown to over 10 million members, accounting for 40% of tracked sales [18] Q&A Session Summary Question: Advertising spend reduction rationale - Management explained that the reduction in advertising spend is to align with current traffic levels and reduce non-guest-facing costs, with a planned decrease of $12-$16 million in advertising expenses for Q2 to Q4 [37][38] Question: Incremental plans for the holiday season - Management emphasized a commitment to driving traffic through great in-store experiences and promotions, including a toy promotion that integrates restaurant and retail [41][45] Question: Updated traffic guidance for the year - Management confirmed that the updated traffic guidance reflects a decline of approximately 8%-10%, with the potential for recovery in the second half of the year [50][51] Question: Impact of operational initiative challenges - Management acknowledged that challenges in rolling out operational initiatives did impact same-store sales and traffic, leading to a decision to revert to prior processes [54][55] Question: Disaggregating macro pressures on sales - Management indicated that while macro pressures are evident, the brand's recovery efforts and promotional initiatives are also influencing traffic trends [62][63]

Financial Data and Key Metrics Changes - Total revenue for Q1 2026 was $797.2 million, down 5.7% from the prior year quarter [23] - Adjusted EBITDA was $7.2 million, or 0.9% of total revenue, compared to $45.8 million, or 5.4% of total revenue in the prior year [27] - GAAP earnings per diluted share were negative $1.10, and adjusted earnings per diluted share were negative $0.74 [27] Business Line Data and Key Metrics Changes - Restaurant revenue decreased 4.8% to $650.6 million, with comparable store restaurant sales down 4.7% [23] - Total retail revenue decreased 9.4% to $146.6 million, with comparable store retail sales down 8.5% [23] - Off-premise sales accounted for 18.1% of restaurant sales [23] Market Data and Key Metrics Changes - Traffic was down approximately 11% in Q2, with a decline of 7.3% in comparable store traffic for Q1 [28][23] - The company noted a decline in consumer sentiment and overall industry traffic compared to the summer months [46] Company Strategy and Development Direction - The company is focusing on improving food quality and guest experience through operational changes and menu adjustments [5][10] - A restructuring of the corporate support center is underway to streamline operations and reduce costs [20][31] - The company plans to leverage its loyalty program, which has over 10 million members, to drive traffic and enhance guest engagement [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging macro and industry backdrop, impacting traffic and sales [5][46] - The company anticipates total revenue for fiscal 2026 to be between $3.2 billion and $3.3 billion, reflecting a slower recovery than previously expected [30] - Management expressed confidence in returning to growth over time and creating long-term value for stakeholders [34] Other Important Information - The company has implemented a military discount program and various promotional offers to drive traffic [16][18] - The company is focusing on cost savings while ensuring food quality and guest experience are not compromised [20][31] Q&A Session Summary Question: About the cut in advertising spend - Management explained that the reduction in advertising spend is to align with current traffic levels and reduce non-guest-facing costs, with a planned decrease of $12-$16 million in advertising expenses for Q2 to Q4 [36][38] Question: Plans for the December holiday window - Management emphasized a commitment to regaining traffic momentum and highlighted ongoing efforts to enhance guest experiences and brand trust [39][40] Question: Updated guidance for traffic for the year - Management confirmed that the updated traffic guidance reflects a decline of 8% to 10%, with the potential for recovery in the latter half of the year [45] Question: Macro pressures on sales versus rebranding effects - Management noted that while macro pressures are impacting sales, some initiatives have provided short-term traffic boosts, but sustainability remains a concern [50][51] Question: Menu innovation and upcoming offerings - Management expressed confidence in upcoming menu innovations and the return of popular items, aiming to enhance guest experiences and drive traffic [56][60]

Cracker Barrel faced a social-media backlash. It now faces "unique and ongong headwinds†in its business. ...