Cracker Barrel posted lower-than-expected sales in its fiscal first quarter and trimmed its revenue forecast for the year as it continued to feel the fallout from a botched plan to revamp its logo and restaurants.
The Lebanon, Tennessee-based restaurant chain said Tuesday its revenue fell 5.7% to $797.2 million in the three months ending Oct. 31. That was lower than the $800 million Wall Street anticipated, according to analysts polled by FactSet.
The company swung to a net loss of about $25 million, compared to year-earlier profit of $4.8 million.
Cracker Barrel shares fell more than 10% in after-hours trading Tuesday.
Cracker Barrel said its same-store restaurant sales dropped 4.7% while sales in its retail shops dropped 8.5%. Those declines were also slightly higher than analys

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