Cracker Barrel Is Up 104%. Here's Why the CEO Is Stepping Down Anyway.
Despite the stock doubling this year, the CEO is being replaced after making a serious branding mistake.
Overview
By all accounts, Cracker Barrel Old Country Store (NASDAQ: CBRL) is doing extremely well.
In June, the restaurant chain announced surprising results for its fiscal third quarter. Analysts expected the company to lose $0.42 per share on sales of about $778 million. Instead, the company reported a profit of $0.29 a share on sales that were $20 million higher than expectations.
Details
That sent the stock soaring in mid-June, and it has more than doubled in price this year, up about 104% as of July 28.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.