Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc. has seen its stock surge 78.1% over the past six months, outperforming the Zacks Retail - Restaurants industry's 9.5% decline, and the company's recovery efforts are gaining traction. The rally is supported by stronger guest metrics, improved menu and loyalty strategies, and disciplined cost management, which led management to raise its fiscal 2026 revenue and adjusted EBITDA guidance. In the third quarter of fiscal 2026, total revenues were $797.4 million, with comparable restaurant sales down 2.6% but average check up 4.3%. The company also reported that its loyalty program has grown to nearly 12 million members, with member-tracked sales exceeding 40% of sales. Cost control remains central, with restructuring expected to generate $20-$25 million in annualized G&A savings, and the company ended the quarter with $541.3 million in available credit capacity. Despite these positives, risks remain from persistent traffic weakness and negative comparable restaurant sales, and the stock trades at a forward P/S multiple of 0.35, well below the industry average of 3.33. CBRL currently holds a Zacks Rank #1 (Strong Buy).

Cracker Barrel Old Country Store named David Deno as its next chief executive officer on Monday, replacing Julie Masino, who is stepping down from the role and from the company's board effective August 10, 2026. Masino will continue with Cracker Barrel in a transitional advisory role until October 9. Deno brings more than four decades of restaurant and retail industry experience, most recently serving as chief executive of Bloomin' Brands from 2019 to 2024, where he led international expansion, and previously holding senior operations and finance roles at Yum! Brands and Pizza Hut. Carl Berquist, independent chairman of Cracker Barrel's board, cited Deno's track record in announcing the appointment, expressing confidence he will drive operational and financial momentum. Masino's exit follows activist shareholder pressure over a logo change and restaurant remodels, though shareholders voted to retain her in November, and the company recently posted third-quarter adjusted earnings of 29 cents per diluted share on revenue of $797.4 million, exceeding analyst expectations and raising its full-year forecast.

Cracker Barrel announced the sale of its Maple Street Biscuit Company business and a sale-leaseback of 26 restaurant locations, moves aimed at sharpening focus on its core brand and reducing debt. The company transferred the Maple Street trademark and 35 restaurant assets to Biscuit Belly, LLC, while the remaining 16 Maple Street locations will close. Maple Street contributed less than 2% of Cracker Barrel's annual revenue, and the divestiture is expected to improve adjusted EBITDA beginning in fiscal 2027. Cracker Barrel anticipates non-cash charges of $37 million to $39 million in the fiscal fourth quarter, plus cash charges of $6 million to $8 million, with some costs carrying into fiscal 2027. The sale-leaseback deal generated roughly $77 million in net proceeds, which will be used to pay down debt. The company now projects it will hit or top the upper bound of its fiscal 2026 revenue guidance of $3.27 billion to $3.30 billion and beat its adjusted EBITDA target of $120 million to $125 million. Cracker Barrel stock rose 9% to $58.20 in after-hours trading.

Several companies made notable premarket moves following their latest earnings reports. Novartis shares jumped 4% after the Swiss pharmaceutical company posted second-quarter core earnings of $2.41 per share on revenue of $14.41 billion, both exceeding StreetAccount consensus estimates. General Motors gained more than 1% after reporting adjusted earnings of $3.57 per share on revenue of $48.03 billion, topping LSEG forecasts. 3M surged more than 5% as the conglomerate beat second-quarter expectations and raised its full-year guidance. Domino's Pizza slipped 1% after earnings of $4.07 per share missed the LSEG consensus of $4.17 per share, though revenue of $1.19 billion slightly beat estimates. Nebius Group rallied 6% after Nvidia disclosed a 9.3% stake in the AI cloud company. Taiwan Semiconductor Manufacturing rose more than 3% on a Nikkei Asia report that it will raise chipmaking service prices by up to 10% next year. Crown Holdings climbed more than 2% after beating top- and bottom-line estimates with earnings of $2.49 per share on revenue of $3.67 billion. Steel Dynamics dipped 1% despite an earnings beat, as it recorded an additional non-cash impairment charge of $16 million. Cracker Barrel Old Country Store added more than 1% after saying it expects to achieve or exceed the high end of its fiscal 2026 revenue range and exceed its adjusted EBITDA outlook.

Global asset management firm D.E. Shaw increased its stake in Cracker Barrel Old Country Store to 7.3% from 5.1%, now holding 1,631,772 shares. The new acquisition adds to a round of buying in June. D.E. Shaw has been an opportunistic investor in Cracker Barrel over the years but has always held a passive stake, in contrast to other investors like Sardar Biglari. Shares of Cracker Barrel are up more than 100% in 2026 after a stumble late in 2025, with short interest at 27.2% of the total float adding to volatility. The restaurant operator is expected to report fiscal fourth quarter earnings in early September.

Cracker Barrel has rebounded nearly a year after a failed rebrand attempt by bringing back traditional menu items and introducing Americana-themed merchandise. Store traffic declines have slowed and the company raised its full-year revenue outlook, sending its stock soaring on Wednesday. The turnaround follows widespread backlash to a 2025 rebrand that retired the iconic Old Timer logo and planned to modernize restaurant décor, prompting calls for the CEO's resignation and a billboard along Interstate 40 in Nashville. The company suspended remodels and logo changes, then leaned into nostalgia with a partnership with America250, limited-time offerings, new menu items, and a reimagined rocking chair.