Cracker Barrel's customer traffic declined in the two most recent quarters. The chain believes several factors are behind the drop.
. Cracker Barrel President Sandy Cochran revealed in an earnings call last week that the company once again saw"lower traffic levels" in the fourth quarter—and laid out several factors that she believes contributed to the declines.
Unfortunately, Cracker Barrel may continue to lose customers throughout the rest of 2023. Cochran said during last week'sthat the chain believes"these fourth quarter traffic trends will continue through most of the first quarter as well.
In both their third and fourth-quarter earnings calls, Cracker Barrel executives stressed that they don't believe their own price increases contributed to the traffic declines. However, they did say that higher prices throughout the entire restaurant industry may be causing budget-conscious consumers to dine out less and less.
"We believe they're cutting back not on check, but rather on the number of visits that they opt to spend on our category. So that seems to be where they're pulling back," Chief Marketing Officer Jennifer Tate said during the June earnings call.
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