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Cracker Barrel plans to make some significant changes to the menu its customers love and the pricing they have come to expect with a new “strategic transformation plan.”
The company released new details about these upcoming changes on May 16, 2024. Cracker Barrel stated that the company will implement several fundamental shifts in its upcoming restructuring plan. It plans on adding “three overarching business imperatives: driving relevancy, delivering food and an experience guests love, and growing profitability.”
The company expects its third and fourth quarter fiscal 2024 financial results will be below its previous expectations. Therefore, to improve its bottom line, Cracker Barrel has created a plan to refine the brand, change the menu, and optimize the overall dining experience for both customers and employees in the near future.
Cracker Barrel President and Chief Executive Officer Julie Masino said of the upcoming changes, “I am excited about our strategic transformation plans to drive relevancy, deliver food and experiences guests love, and grow profitability. Cracker Barrel is an iconic brand with an exceptionally strong foundation, and I firmly believe our plans will allow us to capitalize on our strengths and deliver long-term success.”
She continued, “Executing this strategy will require increased investment in our business, and we have reduced our dividend so that we can allocate capital to generate organic growth and drive meaningful value creation over time. Our Board, our management, and our teams are excited about our plans and are already hard at work to make them a reality.”
Some of these changes include some new seasonal menu items, including Bee Sting Chicken Tenders and a Bee Sting Chicken Sandwich. The chicken is drizzled with a sweet heat honey glaze and served with the sides of a customer’s choice. Also new to the menu are Watermelon Lemonades, Watermelon Spritzers, Mimosa Pitchers, and a 10-ounce New York Strip Steak served with two sides and buttermilk biscuits or corn muffins.
Another change involves strategic pricing initiatives, according to Masino. Per Nation’s Restaurant News, Masino said, “We believe there’s a large opportunity to improve the way we price both across the menu and across doors to hit the sweet spot where pricing at a store is optimized based on consumer willingness to pay competitor prices and store operating costs. We understand the lower-end consumer is challenged, and value is and will remain an important part of the brand. We will work vigorously to protect it.”
This news came just before the election of Cheryl Henry to the company’s board of directors, effective immediately, according to a press release. Henry is replacing director William Moreton, who stepped down from the board for personal reasons effective May 28, 2024.
Established in 1969 in Lebanon, Tennessee, Cracker Barrel and its affiliates operate approximately 660 company-owned Cracker Barrel Old Country Store locations in 44 states.
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