Sales fall as customers grow accustomed to markdowns
Not even the rocking chairs and knickknacks at Cracker Barrel Old Country Store Inc. are immune to the disease spreading through the retail sector.
The Lebanon, Tenn.-based chain of roadside family-dining restaurants, which includes retail areas, said on Tuesday that same-store retail sales fell 4.7 percent in the third quarter ended April 28.
That was considerably worse than Cracker Barrel’s restaurant sales. Same-store restaurant sales fell 0.4 percent in the quarter, with traffic declining 2.1 percent.
Speaking on the company’s earnings call Tuesday morning, Cracker Barrel executives suggested that some of the same problems afflicting casual dining — notably heavy discounting — are far worse in the retail world.
“As much as we believe tha...
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