Posted on 05/23/2024 8:08:46 PM PDT by algore
An iconic American eatery's stock has plummeted in recent week after the company's CEO said the restaurant is no longer 'relevant'.
Cracker Barrel, the Southern country-themed restaurants with 662 locations across the nation, has been diminishing in popularity over the past decade - with its loyal clientele of elderly people failing to return after the pandemic.
The business tanked even more when its chief executive Julie Felss Masino told investors, 'We're just not as relevant as we once were.'
While speaking on an investor call, Masino, who took over the CEO position nine months ago, admitted, 'Some of our recipes and processes haven't evolved in decades.'
Since the call, the 54-year-old company's shares fell by nearly 20 percent.
On Thursday, Cracker Barrel traded as low as $45.35 - a 52-week low that marked its lowest level in over a decade.
The stock closed today at $45.67 - down 2.1 per cent since Masino's comments.
Cracker Barrel's yearly dividend was slashed from $1.30 per share to just 25 cents.
Last Thursday, the Southern eatery announced plans to spend $700 million over the next three years to drive up its popularity.
The restaurant rose to prominence after it was founded in 1969 as patrons flocked to its all-American dishes, like biscuits and gravy and fried chicken.
(Excerpt) Read more at dailymail.co.uk ...
They should start offering only donner kababs and masala.
Never a good sign.
They put a rainbow rocking chair on the porch for pride month in their ads.
Sorry not so interested in going. And I liked it.
People don’t do sit down meals like they used to. We are all too busy doing screen time in our free time.
Silly lady. As a CEO, learn not to stick your foot in your mouth.
One of the few places you could reliably get some halfway decent okra around here.
Restaurants (non fast food) are jam packed here.
Things a CEO should never say out loud, especially on an investor call: “We just aren’t relevant. Our clientele died during COVID and didn’t come back. Our recipes suck.”
[Yeah, get rid of that old apple pie stuff already.
They should start offering only donner kababs and masala.]
“People don’t do sit down meals like they used to. We are all too busy doing screen time in our free time.”
Pre pandemic there were several traditional restaurants near me that had a Sunday Brunch Buffet
I would go to these once or twice a month with kids or friends, they were always packed with people like me.
Now there are none.
There used to be pizza restaurants that would have an all you can eat weekday lunch special with salad bar, pizza nad chicken, but no more.
I think someone could make money doing something like this again ?
And they need a transgender spokesman.
Her past experience was with Taco Bell and Starbucks. That seems more her speed.
Yes, and gulab jamun instead of apple pie.
Maybe Cracker Barrel should do more LGBTQ+ stuff to turn away traditional Americans.
Idiots...🙄🙄🙄🤣
After hearing what she had to say and looking at her picture, I predict that she will soon bring in Dylan Mulvaney to help turn things around.
Looks like Marie Harfff it up!
I’d hit it
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