Cracker Barrel Old Country Store (NASDAQ: CBRL) saw its shares plummet 11.48% in after-hours trading following the release of its fiscal first-quarter results, which fell short of analyst expectations.
The company reported an adjusted loss of $0.74 per share, missing the IBES estimate of $0.47. Revenue for the quarter declined to $797.2 million, down from $845.1 million a year earlier and below the consensus estimate of $802.22 million. Adjusted EBITDA also came in significantly lower at $7.2 million versus the expected $48.5 million.
CEO Julie Masino cited "unique and ongoing headwinds," including operational challenges and the fallout from a botched logo redesign earlier this year. The company is implementing cost-saving measures to improve financial performance but acknowledged the recovery will take time.
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