Cracker Barrel's former CEO Julie Masino had some good ideas after all.

The restaurant chain's new chief, Dave Deno, said during his first investor call today that the company has largely focused on the right areas and he's working to refine the strategy prioritizing food and customers. Shares gained nearly 5%.

"Cracker Barrel is on the right track," said Deno, who joined the company in August.

Masino exited Cracker Barrel after a failed rebranding effort at the chain.

The company reported fourth-quarter profit and sales that beat analysts' expectations, and said it expects restaurant same-store sales to grow for its current fiscal year. Quarterly traffic declined, but the company said that it continues to improve and that average customer spending increased.