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Cracker Barrel (CBRL) is trading lower today after reporting its Q4 (Jul) results. The Old Country Store missed EPS expectations and was its largest miss in seven quarters. Revenue was slightly above consensus estimates at $868 mln but declined 2.9% yr/yr. FY26 guidance was light, with revenue below consensus and traffic projected to fall 4-7%.

• Restaurant comps of +5.4% (+1% in Q3) marked its fifth consecutive quarter of positive comp growth, though it was almost entirely driven by pricing. Retail comps fell -0.8% (-3.8% in Q3).
• Management quantified the impact of its controversial rebrand in late August. Before the logo change, traffic was down just 1%; since then, traffic has dropped 8%. Q1 traffic is expected to decline 7-8%, with improvement weighted toward the back half of FY26.
• The company is shifting back to its heritage and leaning heavily into its guest experience in an effort to restore traffic.
• CBRL also announced a new $100 mln share repurchase program, perhaps seeing some value in the stock as it works on its turnaround efforts.

Briefing.com Analyst Insight

The Q4 EPS miss and weak traffic outlook underscore the uphill battle Cracker Barrel faces. The rebrand misstep triggered a sharp drop in near-term traffic, and while management is guiding to improvement later in FY26, comps remain heavily reliant on pricing rather than guest count. The new buyback reflects confidence in the turnaround, but consistent traffic recovery and stronger execution will be key to restoring sentiment.