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CNBC’s Jim Cramer on Thursday told investors that he’s optimistic on Cracker Barrel
, even though its recent earnings report disappointed Wall Street and sent shares down. He suggested the stock’s decline is a buying opportunity.
“This is a true turnaround story with a great CEO, one that I think will produce terrific results going forward,” he said. “And even though the quarter wasn’t perfect, the turnaround — it’s very much intact.”
Cracker Barrel CEO Julie Masino has been orchestrating a strong turnaround for the value restaurant chain since she took the reigns about two years ago, Cramer said. He was impressed with the company’s efforts to grow its loyalty program and brand development work. He highlighted Cracker Barrel’s partnership with NASCAR, saying the chain has a good grasp of its core customer.
