Cracker Barrel posted lower-than-expected sales in its fiscal first quarter and trimmed its revenue forecast for the year as it continued to feel the fallout from a botched plan to revamp its logo and restaurants.
The Lebanon, Tennessee-based restaurant chain said Tuesday its revenue fell 5.7% to $797.2 million in the three months ending Oct. 31. That was lower than the $800 million Wall Street anticipated, according to analysts polled by FactSet.
Cracker Barrel said its same-store restaurant sales dropped 4.7% while sales in its retail shops dropped 8.5%. Those declines were also slightly higher than analysts forecast.
