Overview

• Executives said restaurant traffic has fallen about 8% since Aug. 19 and projected a 7% to 8% decline for the current quarter with full‑year traffic down 4% to 7%.
• Management reinstated the Old Timer logo, suspended the remodel program, and will revert the four updated stores to traditional interiors.
• Guidance calls for adjusted EBITDA of $150 million to $190 million and up to $150 million in capital spending focused on maintenance, kitchens and marketing rather than new remodels.
• Shares fell sharply around the results and outlook, and analysts lowered price targets, including BofA to $42, Piper Sandler to $49, Truist to $58 and Citi to $42.
• Recovery efforts include a ‘Front Porch Feedback’ customer program, nostalgia‑focused marketing, menu and kitchen upgrades, and a loyalty base that grew by roughly 300,000 to about 9 million members.