Business
Jack in the Box Inc. Reports First Quarter 2022 Earnings
Systemwide sales growth of +0.6% Same store sales growth of +1.2% for Q1 2022, +13.7% on a two-year basis 26 development agreements signed for 98
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nSystemwide sales growth of +0.6%\n\nSame store sales growth of +1.2% for Q1 2022, +13.7% on a two-year basis\n\n26 development agreements signed for 98 restaurants, bringing total restaurants in the development pipeline to 201\n\n SAN DIEGO--(BUSINESS WIRE)--\nJack in the Box Inc. (NASDAQ: JACK) announced financial results for the first quarter ended January 23, 2022, comprised of growth in systemwide sales and same-store sales.\n\n“We began fiscal 2022 with solid results, including comps on a two-year basis of +13.7%, despite a challenging operating environment for the entire industry,” said Darin Harris, Jack in the Box Chief Executive Officer. “I am proud of the resilience demonstrated by our franchisees, operators and corporate team members in delivering for our guests during a difficult period. We remain highly focused on fundamentals, franchisee health and showing progress on our long-term restaurant growth goals.”\n\nSystemwide sales for the first quarter increased 0.6% driven by positive results in same store sales and partially offset by a slight decline in net restaurants.\n\nSystem same-store sales increased 1.2%, comprised of franchise same-store sales of 1.4%, with increases in average check partially offset by a decrease in traffic; and Company-operated same-store sales, which declined 0.3% in the first quarter, with decreases in traffic partially offset by increases in average check.\n\nIn the first quarter, there were 26 development agreements signed for 98 future restaurants, bringing total agreements to 50 and future restaurant commitments to 201 since the franchise development program launched in mid-2021 — the highest level of restaurant commitments in company history. The company had a first quarter net restaurant decline of ten restaurants, comprised of two openings and twelve closures. The twelve restaurant closures included two company-operated, six related to early terminations and four agreement expirations.\n\n\n\n\nSame-Store Sales:\n\n\n\n\n\n \n\n\n\n \n\n\n\n16 Weeks Ended\n\n\n\n\n\n \n\n\n\n \n\n\n\nJanuary 23, 2022\n\n\n\n \n\n\n\nJanuary 17, 2021\n\n\n\n\n\nCompany\n\n\n\n\n(0.3)%\n\n\n\n \n\n\n\n7.5%\n\n\n\n\n\nFranchise\n\n\n\n\n1.4%\n\n\n\n \n\n\n\n13.0%\n\n\n\n\n\nSystem\n\n\n\n\n1.2%\n\n\n\n \n\n\n\n12.5%\n\n\n\n\n\n\nRestaurant Counts:\n\n\n\n\n\n \n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n...