Analyst turns table on Biglari
Published December 14, 2011 by Geert De Lombaerde
Independent restaurant analyst and consultant John Gordon says Sardar Biglari may not want to crow too loudly about his track record in turning around Steak N Shake as he aims for a Cracker Barrel Old Country Store board seat. “One wonders if the maximum ‘Biglari effect’ has been realized already,” Gordon says in pointing out that free cash flow per unit was flat in the past year. Recall that one of Biglari’s main beefs with the management of Cracker Barrel is that the Lebanon-based chain hasn’t been able to boost guest traffic and profitability at the store level.