LEBANON, Tenn. – Cracker Barrel (NASDAQ:CBRL) Old Country Store, Inc. (NASDAQ:CBRL) announced the appointment of Sarah Moore as its new Chief Marketing Officer, effective the coming Monday. Moore, with a nearly two-decade track record in the hospitality industry, is set to leverage her expertise in marketing and brand building to further Cracker Barrel’s strategic growth.
Moore transitions to Cracker Barrel from MGM Resorts (NYSE:MGM) International, where she recently held the role of Senior Vice President of Marketing. Her career at MGM spanned over 16 years, during which she oversaw marketing strategies for a range of hospitality brands. Her efforts were instrumental in advancing MGM’s digital marketing, customer loyalty programs, and innovative marketing approaches.
Julie Felss Masino, President and CEO of Cracker Barrel, expressed confidence in Moore’s ability to enhance the company’s brand appeal and guide its strategic transformation. Moore’s appointment is seen as a move to reinforce Cracker Barrel’s position in the hospitality industry.
In her statement, Moore shared her enthusiasm for joining a brand she has long admired, emphasizing her commitment to enriching the customer experience and broadening the brand’s reach. She aims to blend Cracker Barrel’s traditional hospitality with innovative marketing to attract both loyal and new guests.
Moore’s academic background includes a Bachelor of Science in Marketing from Roger Williams University. Her personal life is marked by her marriage to a U.S. Army Reserve Lieutenant Colonel and entrepreneurship partner, with whom she is raising two daughters.
Cracker Barrel, founded in 1969 and headquartered in Lebanon, Tennessee, operates approximately 660 company-owned locations across 44 states. The company is known for its combination of homestyle food and unique retail offerings.
This announcement is based on a press release statement from Cracker Barrel Old Country Store, Inc.
In other recent news, Cracker Barrel Old Country Store, Inc. reported its third-quarter fiscal results, which showed a revenue of $817.1 million and an adjusted EBITDA of $47.9 million. Despite missing the same-store sales expectations, the company reported an adjusted earnings per share beat, primarily due to tax benefits.
Truist Securities subsequently revised its outlook on Cracker Barrel, reducing the price target to $46 from the previous $51 while maintaining a Hold rating on the stock. This revision follows the company's updated financial projections for the full fiscal year, which aims for a total revenue between $3.47 and $3.51 billion and an adjusted EBITDA in the range of $200 million to $220 million.
Truist's analysis suggests that Cracker Barrel's financial outcomes may continue to face challenges until there is an uptick in spending by lower-income consumers and a reduction in competitive discounting.
The firm also predicts that the company is likely to experience margin compression in fiscal year 2025 due to a resurgence of food cost inflation. These are recent developments for the company, which is taking steps to address issues and improve its financial outlook for the future.
InvestingPro Insights
As Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) welcomes Sarah Moore as the new Chief Marketing Officer, investors and stakeholders are keeping a close eye on the company's financial health and market performance.
According to InvestingPro data, Cracker Barrel currently holds a market capitalization of 980.01M USD, indicating its size and significance in the sector. With a P/E Ratio of 16.23, the company shows a valuation that investors may find appealing, especially considering the adjusted P/E Ratio over the last twelve months as of Q3 2024 is 11.83, suggesting a potentially undervalued stock.
An InvestingPro Tip highlights the company's significant return over the last week, with a 1 Week Price Total Return of 13.53%. This surge reflects a positive market reaction that could be associated with strategic moves such as Moore's appointment or other internal developments. Moreover, Cracker Barrel has maintained dividend payments for an impressive 43 consecutive years, boasting a current dividend yield of 2.15%, a testament to its commitment to shareholder returns.
Still, it is important to note that another InvestingPro Tip points out that the company's short-term obligations exceed its liquid assets, which could indicate potential liquidity challenges in the near future. Investors may want to monitor how Moore's marketing strategies and the company's operational adjustments address this financial aspect.
For those looking to delve deeper into Cracker Barrel's financials and stock performance, InvestingPro offers additional insights and tips. Currently, there are six more InvestingPro Tips available, which can provide a more comprehensive understanding of the company's outlook. To explore these tips, interested parties can visit https://www.investing.com/pro/CBRL and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, enhancing their investment research with valuable data and expert analysis.
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