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Cracker Barrel (CBRL) Unveils New Menu Items for Fall Season
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Cracker Barrel Old Country Store, Inc. (CBRL - Free Report) recently announced the launch of new menu items and limited-time seasonal beverages for the fall season. The company stated that the items will be available in stores and online.
Considering bacon as a staple in breakfast, lunch and dinner, the company launched two new dishes — Bacon Mac n' Cheese and Bacon n' Egg Hashbrown Casserole. Bacon Mac n' Cheese comes with toppings including crispy bacon, parsley, green onions and parmesan cheese. Meanwhile, Bacon n' Egg Hashbrown Casserole is based on the company’s Hashbrown Casserole griddled and layered with Colby cheese, scrambled eggs, bacon along with fried onions, tomatoes and green onions.
Coming to beverages, the company announced the return of Pumpkin Pie Latte and Huckleberry Tea, with availability stated until Nov 29. Pumpkin Pie Latte contains crafted coffee with sweet, seasonal pumpkin pie flavors, topped with whipped cream and a sprinkling of pumpkin pie spice. Meanwhile, Huckleberry Tea comprises of a blend of a freshly brewed iced tea and wild berries.
With respect to the launches, Cracker Barrel senior vice president and chief marketing officer, Jennifer Tate, stated "This fall, we look forward to our guests returning to our stores to enjoy these brand-new items as well as fan favorites that are all crafted with care – our secret ingredient."
Menu Innovations to Drive Growth
Cracker Barrel is continuously focusing on rejuvenating its menu, which serves as the backbone of the company’s riveting growth potential. It is also heavily focusing on seasonal promotions and limited-time offers to boost its top-line performance, as these are appealing to regular users and less-frequent guests.
During second-quarter fiscal 2021, the company introduced box meals, which include new meatloaf sliders. It is focusing on home-style meal offerings that are likely to attract customers during and after the pandemic. During third-quarter fiscal 2021, the company added Hand-Breaded Fried Chicken Tenders, Sweet n' Smoky Glazed Tenders, Barrel Bites, Sangria and Blue Moon to its menu. Coming to the beer and wine tableside beverage program, the initiative has expanded to approximately 405 stores in fiscal third quarter. Going forward, the company expects to expand this initiative at nearly 600 stores with full rollout expected by first-quarter fiscal 2022.
Price Performance
Image Source: Zacks Investment Research
Shares of Cracker Barrel have gained 2.6% so far this year compared with the industry's 13.3% growth. The dismal performance was primarily due to the coronavirus pandemic. Although traffic improved sequentially in third-quarter fiscal 2021, it is still below pre-pandemic level. Nevertheless, focus on off-premise initiatives, such as curbside delivery, third-party delivery and family meal baskets, bodes well. Going forward, the company expects improvement in sales and operating margin on the back of stimulus spending, pent-up demand, continued vaccinations and a lower COVID-19 caseload. Earnings estimates for 2021 have moved up in the past 60 days, depicting analysts’ optimism regarding the stock growth potential.
Some other better-ranked stocks in the same space include Fiesta Restaurant Group, Inc. , Brinker International, Inc. (EAT - Free Report) and Jack in the Box Inc. (JACK - Free Report) , each carrying a Zacks Rank #2 (Buy).
Fiesta has a trailing four-quarter earnings surprise of 76.3%, on average.
Brinker has a three-five year earnings per share growth rate of 10%.
Jack in the Box’s 2021 earnings are expected to increase 54.8%.
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Cracker Barrel (CBRL) Unveils New Menu Items for Fall Season
Cracker Barrel Old Country Store, Inc. (CBRL - Free Report) recently announced the launch of new menu items and limited-time seasonal beverages for the fall season. The company stated that the items will be available in stores and online.
Considering bacon as a staple in breakfast, lunch and dinner, the company launched two new dishes — Bacon Mac n' Cheese and Bacon n' Egg Hashbrown Casserole. Bacon Mac n' Cheese comes with toppings including crispy bacon, parsley, green onions and parmesan cheese. Meanwhile, Bacon n' Egg Hashbrown Casserole is based on the company’s Hashbrown Casserole griddled and layered with Colby cheese, scrambled eggs, bacon along with fried onions, tomatoes and green onions.
Coming to beverages, the company announced the return of Pumpkin Pie Latte and Huckleberry Tea, with availability stated until Nov 29. Pumpkin Pie Latte contains crafted coffee with sweet, seasonal pumpkin pie flavors, topped with whipped cream and a sprinkling of pumpkin pie spice. Meanwhile, Huckleberry Tea comprises of a blend of a freshly brewed iced tea and wild berries.
With respect to the launches, Cracker Barrel senior vice president and chief marketing officer, Jennifer Tate, stated "This fall, we look forward to our guests returning to our stores to enjoy these brand-new items as well as fan favorites that are all crafted with care – our secret ingredient."
Menu Innovations to Drive Growth
Cracker Barrel is continuously focusing on rejuvenating its menu, which serves as the backbone of the company’s riveting growth potential. It is also heavily focusing on seasonal promotions and limited-time offers to boost its top-line performance, as these are appealing to regular users and less-frequent guests.
During second-quarter fiscal 2021, the company introduced box meals, which include new meatloaf sliders. It is focusing on home-style meal offerings that are likely to attract customers during and after the pandemic. During third-quarter fiscal 2021, the company added Hand-Breaded Fried Chicken Tenders, Sweet n' Smoky Glazed Tenders, Barrel Bites, Sangria and Blue Moon to its menu. Coming to the beer and wine tableside beverage program, the initiative has expanded to approximately 405 stores in fiscal third quarter. Going forward, the company expects to expand this initiative at nearly 600 stores with full rollout expected by first-quarter fiscal 2022.
Price Performance
Image Source: Zacks Investment Research
Shares of Cracker Barrel have gained 2.6% so far this year compared with the industry's 13.3% growth. The dismal performance was primarily due to the coronavirus pandemic. Although traffic improved sequentially in third-quarter fiscal 2021, it is still below pre-pandemic level. Nevertheless, focus on off-premise initiatives, such as curbside delivery, third-party delivery and family meal baskets, bodes well. Going forward, the company expects improvement in sales and operating margin on the back of stimulus spending, pent-up demand, continued vaccinations and a lower COVID-19 caseload. Earnings estimates for 2021 have moved up in the past 60 days, depicting analysts’ optimism regarding the stock growth potential.
Zacks Rank & Other Key Picks
Cracker Barrel sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other better-ranked stocks in the same space include Fiesta Restaurant Group, Inc. , Brinker International, Inc. (EAT - Free Report) and Jack in the Box Inc. (JACK - Free Report) , each carrying a Zacks Rank #2 (Buy).
Fiesta has a trailing four-quarter earnings surprise of 76.3%, on average.
Brinker has a three-five year earnings per share growth rate of 10%.
Jack in the Box’s 2021 earnings are expected to increase 54.8%.