Overview

• Executives said restaurant traffic has fallen about 8% since the August 19 rebrand and they expect a 7% to 8% decline in the fiscal first quarter if current trends persist.
• Fiscal 2026 revenue is now guided to $3.35 billion to $3.45 billion, below Wall Street estimates, with assumptions for a 4% to 7% full‑year comparable traffic decline.
• The company has restored its Old Timer logo, suspended its remodel program and will revert the four prototype locations and their signage to the traditional look.
• Loyalty enrollment has accelerated by roughly 300,000 in recent weeks to about 9 million as the chain leans into new marketing, breakfast deals, menu tweaks and a “Front Porch Feedback” initiative.
• Shares fell on the outlook and traffic update as analysts trimmed forecasts and price targets, while activist investor Sardar Biglari urged shareholders to withhold votes from the CEO and a director at the November meeting.