Cracker Barrel Introduces Flavor-packed Summer Menu
$CBRL
Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), a well-known name in the restaurant industry, has recently launched an array of new seasonal menu items to mark the beginning of summer. Known for its homestyle meals and unique shopping experience, the company has introduced the Bee Sting Chicken Tenders and Bee Sting Chicken Sandwich, available until August 4. These new offerings feature a house-made sauce that balances heat and honey sweetness, adding a unique twist to the company’s signature fried chicken tenders and sandwiches. The Bee Sting Chicken Tenders start at $12.99, while the Bee Sting Chicken Sandwich is priced at $11.99, both served with a choice of sides and buttermilk biscuits or corn muffins. In addition to these new chicken dishes, Cracker Barrel has expanded its menu with other summer delights.
The new Watermelon Lemonade, priced at $3.49, offers a refreshing twist with watermelon puree added to the company’s signature lemonade. For those seeking a more spirited option, the Watermelon Spritzer, starting at $6.99, combines pureed watermelon with Roscato Moscato wine and a splash of Sprite. The company has also introduced a 10 oz. New York Strip Steak with a savory garlic butter sauce, available in various combinations, including steak and eggs, steak and chicken and steak and shrimp. Mimosa pitchers, available in orange, strawberry, or peach flavors, are now offered to enhance the summer dining experience.
Vice President of Marketing Communications, Julia Perry, highlighted the company’s commitment to offering craveable, homestyle meals that cater to guests’ tastes. The new menu additions, including the Bee Sting Chicken Tenders and Sandwich, are designed to provide a sweet heat kick, blending honey, buffalo and smoky southern seasonings. The company aims to offer a variety of options for breakfast, lunch and dinner, ensuring that guests can enjoy their favorite homestyle meals throughout the summer. In celebration of National Buttermilk Biscuit Day on May 14, Cracker Barrel is offering free biscuits with the purchase of select breakfast menu items. The company, which has been serving handmade biscuits for nearly 55 years, conducted a nationwide survey to uncover the different ways people enjoy their biscuits.
The survey revealed that most states prefer butter or gravy as a topping, while some states favor bacon, sausage, eggs, or jelly. The survey also found that 2 out of 5 Americans believe biscuits go well with any meal and nearly half prefer both sweet and savory toppings. Cracker Barrel’s biscuits are made with high-quality ingredients and baked fresh daily, ensuring a perfect texture and taste. Cracker Barrel continues to innovate and adapt to changing consumer preferences.
The live webcast will be available to the public, offering a glimpse into the plans for growth and development. Established in 1969 in Lebanon, Tennessee, Cracker Barrel operates approximately 660 locations across 44 states and owns the fast-casual Maple Street Biscuit Company. The company’s commitment to providing a caring and friendly home-away-from-home experience, along with high-quality homestyle food, remains at the core of its operations. The recent financial performance has shown mixed results. In the second quarter of fiscal 2024, Cracker Barrel reported adjusted earnings per share (EPS) of $1.37, beating the consensus estimate of $1.29.
However, the EPS declined from $1.48 in the prior-year quarter. Quarterly revenues of $935.4 million exceeded the consensus mark of $916 million, with a slight year-over-year increase of 0.2%. The company experienced a 1.2% increase in comparable store restaurant sales, while comparable store retail sales declined by 5.3%. Cracker Barrel remains focused on enhancing guest experience and optimizing marketing efforts. Cracker Barrel’s financial outlook for fiscal 2024 includes projected revenues in the range of $3.5 to $3.6 billion and adjusted operating income between $125 and $135 million.
The company anticipates commodity inflation in the range of 0% to 2% and hourly wage inflation of approximately 5%. Cracker Barrel plans to open two new Cracker Barrel units and nine to eleven new Maple Street Biscuit Company units during the fiscal year, with capital expenditures projected between $120 and $135 million. The new summer menu and ongoing strategic initiatives reflect its commitment to providing high-quality, homestyle meals and a unique dining experience. The company’s focus on innovation, guest satisfaction and financial performance positions it well for continued growth and success in the competitive restaurant industry.
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