Business
Jack in the Box Completes Record-Setting Year, Signing 123 New Restaurant Commitments for Entry into Multiple New Markets
Del Taco also adds 138 New Restaurant Commitments, Highlighting a Historical Year of Development Progress for Both Brands SAN DIEGO--(BUSINESS WIRE)-- Jack
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nDel Taco also adds 138 New Restaurant Commitments, Highlighting a Historical Year of Development Progress for Both Brands\n\n\n SAN DIEGO--(BUSINESS WIRE)--\nJack in the Box Inc. (NASDAQ: JACK), one of the nation’s leading QSR brands, announced today that it signed 123 new restaurant commitments during its 2023 fiscal year. The brand also announced the signing of 138 new restaurant commitments for Del Taco. The news comes as the company announced its Q4 and fiscal year 2023 financial results.\n\n\nJack in the Box continues its momentum in 2023 by announcing market entry into four new states: Arkansas, Florida, Montana, and Wyoming. The brand also signed a 22-unit commitment to enter Mexico. In mid-2023, Jack in the Box set a record for a restaurant opening in a new market, surpassing the previous revenue mark by 66% with its first opening in Salt Lake City. The brand continued its growth into whitespace territory with its first opening in Kentucky and announced the signing of a six-unit commitment in the Louisville market with a 55-year veteran Jack in the Box franchise group.\n\n\n“The response in new markets, for both brands, has continued to exceed our expectations,” said Tim Linderman, chief development officer. “We have developed a strong playbook for how to best open and sustain new market entry, and franchisees interested in partnering with our iconic brands have recognized the potential for whitespace growth and backfilling our current markets. We’ve been on an incredible roll since our development program started in 2021, and our 2023 results demonstrated that our momentum has continued.”\n\n\nThe new Salt Lake City locations, along with the new opening in Louisville, feature the brand’s innovative CRAVED image, which includes a new restaurant image package with bold colors and signage. Future development plans in each of these markets include use of the CRAVED image. All four Salt Lake City and Louisville restaurants in these opened throughout 2023 have averaged over $100,000 in weekly sales per restaurant.\n\n\nStrong performance from newly-opened Jack in the Box restaurants isn't only limited to those two markets — in fact, all of new restaurants opened in fiscal 2023, aside from Salt Lake City and Louisville, averaged $2 million in AUVs throughout the year.\n\n\n“New markets are certainly a focus, but the outperfo...