Cracker Barrel profits plummet as inflation weighs on customers

Cracker Barrel Old Country Store said profit fell 8% in the recently ended quarter as growth in labor and commodity costs outpaced the restaurant chain’s price increases.

Like much of the restaurant industry, the Lebanon, Tennessee-based company has seen rapidly rising labor and raw material costs this year. The chain raised its prices to offset some of these higher costs. Yet prices have not kept pace with costs as the company tries to maintain its value-friendly reputation, which the company says has helped it retain inflation-ridden customers in a context of higher than expected gas prices during the quarter.


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