Business
Jack in the Box Inc. Reports Third Quarter 2024 Earnings
Jack in the Box same-store sales of (2.2%) Del Taco same-store sales of (3.9%) Jack in the Box systemwide sales of (1.3%); Del Taco systemwide sales of
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nJack in the Box same-store sales of (2.2%)\n\n\nDel Taco same-store sales of (3.9%)\n\n\nJack in the Box systemwide sales of (1.3%); Del Taco systemwide sales of (3.2%)\n\n\nDiluted loss per share of ($6.26), including a $162.6 million non-cash goodwill impairment charge for Del Taco\n\n\nOperating EPS of $1.65\n\n\nJack in the Box signed 3 development agreements with new franchisees for 28 new restaurants\n\n\nJack in the Box entering Chicago market with multiple company-owned openings in FY 2025\n\n\nJack in the Box progressing on tech and digital transformation with nearly 100 restaurants on our new POS system and our next generation app going live on September 1st\n\n\nDel Taco's three most recent restaurant openings, in Florida and Virginia, all set new company records for first-week sales\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nJack in the Box Inc. (NASDAQ: JACK) announced financial results for the Jack in the Box and Del Taco brands in the third quarter, ended July 7, 2024.\n\n\n“I am proud of our teams and how they continue to enhance the guest experience and deliver operational improvements during a challenging sales environment for our entire industry,” said Darin Harris, Jack in the Box Chief Executive Officer. “We continue to focus on value and ways we can improve transactions with the low-income guest — while at the same time, doubling down on our strengths of innovation, variety and late night. We will strive to finish the year strong with positive momentum heading into 2025, while continuing to execute against our strategic initiatives to achieve our long-term growth and profitability ambitions.”\n\n\nJack in the Box Performance\n\n\nSame-store sales decreased 2.2% in the third quarter, comprised of franchise same-store sales decline of 2.4% and company-owned same-store sales increase of 0.1%. Transactions were down from prior year although slightly improved from last quarter. Systemwide sales for the third quarter decreased 1.3%.\n\n\nRestaurant-Level Margin(1), a non-GAAP measure, was $21.1 million, or 21.0%, down from $21.1 million, or 21.8%, a year ago driven primarily by higher costs for labor and other restaurant operating costs, partially offset by lower food and packaging costs. The increase in labor was driven in large part from implementing California's new minimum wage law.\n\n\nFranchise-Level Margin(1),...