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LEBANON, Tenn. - Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) shares plunged 11.7% after the restaurant chain reported worse-than-expected first quarter fiscal 2026 results and slashed its full-year outlook amid ongoing operational challenges.
The company reported an adjusted loss of -$0.74 per share for the quarter ended October 31, missing analyst expectations of -$0.68. Revenue fell 5.7% YoY to $797.2 million, below the consensus estimate of $807.85 million. Comparable store restaurant sales decreased 4.7%, while retail sales dropped 8.5% compared to the same period last year.
"First quarter results were below our expectations amid unique and ongoing headwinds," said Cracker Barrel President and Chief Executive Officer Julie Masino. "Although our recovery will take time, our teams are more committed than ever, and we are confident that we will regain momentum."
The disappointing performance prompted management to significantly reduce its fiscal 2026 outlook. The company now expects full-year revenue between $3.2 billion and $3.3 billion, down from its previous guidance of $3.35 billion to $3.45 billion and below analyst expectations of $3.38 billion.
Cracker Barrel also slashed its adjusted EBITDA forecast to $70 million to $110 million, compared to its previous outlook of $150 million to $190 million. The company is implementing cost-cutting measures, including $20-25 million in annualized savings from corporate restructuring and reducing advertising expenses by $12-16 million.
The company maintained its quarterly dividend of $0.25 per share, payable on February 11, 2026, to shareholders of record as of January 16, 2026.
Cracker Barrel ended the quarter with total debt of $550.3 million and available liquidity of $485 million.
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