Cracker Barrel (CBRL): The zero-growth turnaround mandate [Q4 2026]

Cracker Barrel's flat revenue and margin "beat" were manufactured by price hikes, a one-time tariff refund, and offsetting legal items, not operational strength.

• Zero new stores: CBRL is freezing all new store openings while still guiding CapEx above $100M next fiscal year, redirecting spend to maintenance and tech at existing units.
• Revenue flat, but manufactured: Q4 revenue held near $849M only via a 4.4% menu price hike offsetting steep traffic declines, especially among lower-income diners.

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