Business
Jack in the Box, for the First Time Since 2019, Announces Expectation of Positive Net Unit Growth in 2023
Jack in the Box looks to build off record-setting year, completing 155 new restaurant commitments in 2022 SAN DIEGO--(BUSINESS WIRE)-- Jack in the Box Inc.
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nJack in the Box looks to build off record-setting year, completing 155 new restaurant commitments in 2022\n\n SAN DIEGO--(BUSINESS WIRE)--\nJack in the Box Inc. (NASDAQ: JACK) today, as part of its fourth quarter earnings, announced its expectation of positive net unit growth in 2023, a sign that its growth strategies are beginning to take shape and drive results. The long-term economic proposition of a Jack in the Box restaurant is creating a resurgence of demand for growth, and current and potential franchisees are taking notice.\n\n“We are thrilled that, in just a short couple of years, Jack in the Box is expected to take its first major step in recognizing our growth potential by turning net unit growth positive for the first time in four years,” said Darin Harris, chief executive officer. “Through rebuilding franchisee relationships, and pairing franchise and company resources to enter new markets in a position of strength, we are starting to see results – and I couldn’t be more excited about our future as a growth brand. This is only the beginning.”\n\nIn addition to restaurant growth within current core territories, Jack in the Box will also introduce the brand to customers in two brand new markets in 2023. Salt Lake City, UT, an example of a market with strong familiarity and demand for the brand, will open in early 2023 with both franchise and company-owned locations. Louisville, KY, a true “whitespace” territory in a part of the country with less proximity to existing core territories, will open later in the year. Both will be key to Jack in the Box growth, something that has eluded the brand in its recent history, as well as energizing franchisees to take similar models into more untapped territories in the future.\n\n“We are very focused on ensuring the two new market openings in 2023 are successful for our brand, our franchisees, and most importantly, the guests we will be now serving in Salt Lake City and Louisville,” said Tim Linderman, Jack in the Box chief development officer. “Success in new markets will be key to building further excitement and momentum within our system, while gaining on our objective of having Jack in the Box operating in 40 states by 2030.”\n\nJack in the Box has signed 68 development agreements for a total of 267 new restaurants since officially launching its development program just ove...