Cracker Barrel Is Still Feeling the Effects of Its Rebranding Debacle. Stock Hits Lowest Level Since 2009.

Core Insights - Cracker Barrel Old Country Store is experiencing significant financial difficulties following a controversial logo change and restaurant revamp, leading to a sharp decline in share price and mixed financial results [2][3][8] Financial Performance - The company reported a 5.8% decline in first-quarter fiscal 2026 revenue, totaling $797.2 million, which was approximately $1.8 million below estimates [4] - Comparable store sales for restaurants decreased by 4.7%, while retail comparable store sales fell by 8.5%, both missing forecasts [4] - The adjusted loss per share was 74 cents, which was better than anticipated [4] Strategic Changes and Challenges - CEO Julie Masino highlighted "unique and ongoing headwinds" facing the company, prompting adjustments in operational initiatives, menu, and marketing strategies to enhance customer experience [5] - Following customer backlash, the company reverted to its original logo and previous meal offerings after the initial changes were poorly received [6] Revised Financial Outlook - The company has lowered its full-year adjusted EBITDA guidance to a range of $70 million to $110 million, down from a previous estimate of $150 million to $190 million [7] - Revenue projections have also been reduced to between $3.20 billion and $3.30 billion, compared to earlier expectations of $3.35 billion to $3.45 billion [7] Stock Performance - Cracker Barrel's shares have lost over 60% of their value since reaching a high in late July, hitting their lowest level since early 2009 [8]