Cracker Barrel to Raise Prices Amid Declining Sales and Relevance
Cracker Barrel plans to raise menu prices by 5% after reporting a 1.9% revenue drop in the third quarter, as the CEO admits the chain is "just not as relevant" as before. The company aims to revamp its restaurants and update its menu to regain relevance and appeal to younger customers while maintaining its traditional base. Despite disappointing earnings, Cracker Barrel's stock rose 3% as earnings per share beat analyst estimates.