Biglari (BH) Prnewswire·2024-11-14 18:55Core Insights - Cracker Barrel's preliminary Q1 2025 earnings announcement raises concerns about the company's direction and performance [1] - The adjusted EBITDA margin for Q1 2025 was 5.4%, which is 70 basis points lower than Q1 2023 and similar to Q1 2024, indicating that the transformation plan may not be effective [2] - Management did not change its FY 2025 guidance, expecting revenue and adjusted EBITDA to be similar to or lower than FY 2024, despite significant capital expenditures [3] - The Board's attempt to present a positive outlook contrasts with the unchanged guidance, reflecting a lack of confidence from analysts and investors regarding the $700 million transformation plan [3] - The Q1 2025 results highlight ongoing concerns and the urgent need for change, with shareholders urged to take action to protect their investments [4]