Is Cracker Barrel’s long-term strategy of modernization and barbell pricing already working? For the second quarter in a row, the Lebanon, Tenn.-based casual-dining company has reported positive same-store sales, according to its preliminary earnings released on Thursday for the first quarter ended Nov. 1.
Cracker Barrel reported a quarter-over-quarter uptick in same-store sales, from a modest increase of 0.4% in the fourth quarter of 2024 to 2.9% for the first quarter of 2025. The company also reported positive revenue growth of 2.6% to $845.1 million, making it the second quarter in a row of positive revenue growth as well.
"Our fiscal year is off to a strong start, as our strategic transformation plan continues to take hold and helped deliver financial results that were in line with our expectations,” CEO Julie Masino said in a statement. “Additionally, we are pleased that our comparable store sales and traffic results outperformed the casual dining industry.”
Cracker Barrel’s same-store sales this quarter outperformed almost all other casual-dining brands, including BJ’s, Bloomin’ Brands, Cheesecake Factory, Red Robin, and Dine Brands.
Masino began implementing changes to the casual-dining brand last May, when she unveiled a strategic transformation plan for Cracker Barrel, which included a brand evolution, menu and pricing makeover, and digital investment. While Masino’s modernization plan received some backlash on social media, with critics wary of the CEO watering down a storied, homestyle brand, the strategy appears to be working, at least in the short-term.
“We are building momentum across our operations, and while we have more work to do, we are encouraged and energized by the early favorable results of our strategic initiatives,” Masino said. “We are highly confident that we are on the right path to drive growth and deliver meaningful value creation for our shareholders."
Cracker Barrel will report its first quarter 2025 results on Dec. 4, with the company expected to reaffirm its fiscal outlook for 2025, including revenues of $3.4 billion to $3.5 billion.
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