- Julie Masino steps down as CEO of Cracker Barrel, and David Deno has been appointed as the new CEO.
- Traffic at locations is yet to fully recover from the backlash against its failed rebrand last year despite signs of improvement, company executives said on the restaurant chain's most recent earnings call.
- Comparable store restaurant sales decreased 2.6%, which included a traffic decline of 6.7%, said Cracker Barrel CFO Craig Pommells.
- Cracker Barrel's performance is down about 18% from a year ago, remaining well below its pre-rebrand levels.
- Masino said, "Q3 results exceeded our expectations, driven by our operating and cost actions, while guest-facing metrics continue to improve, and position us for further traffic recovery."
David Deno will take over as CEO of Cracker Barrel on August 10, following Julie Masino's resignation. The company is still recovering from a failed rebrand that has significantly impacted its performance.15
During the most recent earnings call, executives noted that traffic at locations has not fully rebounded from the backlash against the rebrand, despite some signs of improvement. Comparable store restaurant sales fell by 2.6%, with a traffic decline of 6.7%, according to CFO Craig Pommells.3
Masino stated, "Q3 results exceeded our expectations, driven by our operating and cost actions, while guest-facing metrics continue to improve, and position us for further traffic recovery." However, the company remains down about 18% from a year ago, significantly below pre-rebrand levels.
As Deno steps into his new role, he faces the challenge of revitalizing the brand and restoring customer confidence in the wake of the rebranding controversy.
“Cracker Barrel's comparable store restaurant sales decreased 2.6%, with a traffic decline of 6.7%, according to CFO Craig Pommells. Despite Q3 results exceeding expectations, the chain's performance is down about 18% from a year ago, remaining well below pre-rebrand levels.”
Fox Business
