Business
Jack in the Box Inc. Reports First Quarter 2023 Earnings
Jack in the Box same-store sales of +7.8%, +9.0% on a two-year basis Del Taco same-store sales of +3.0%, +7.4% on a two-year basis(1) Jack in the Box
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nJack in the Box same-store sales of +7.8%, +9.0% on a two-year basis\n\nDel Taco same-store sales of +3.0%, +7.4% on a two-year basis(1)\n\nJack in the Box systemwide sales growth of +7.9%, Del Taco systemwide sales growth of +2.9%(1)\n\nDiluted EPS of $2.54; Operating EPS of $2.01\n\n6 New Restaurant Openings, 1 Restaurant Closure for Jack in the Box\n\nJack in the Box added 4 development agreements for 36 future restaurants in Q1, now totaling 72 agreements for 303 restaurants since program launch\n\nJack in the Box completes new-franchisee development agreements for entry into Florida and Arkansas\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 segments in the first quarter, ended January 22, 2023.\n\n\"We are very pleased with our first quarter results, and enthusiastic about the momentum we are building for 2023 and our ongoing transformation story,\" said Darin Harris, Jack in the Box Chief Executive Officer. \"We continue to see our marketing, operations and development strategies take hold which, along with outstanding execution by franchisees and operators, produced strong top-line performance, improved restaurant metrics, and an excellent start to the year. Traffic improvement and robust comps, combined with anticipated positive net unit growth, position us to drive meaningful systemwide sales growth in 2023, and improve franchise profitability in an operating environment that remains challenging.\"\n\n\nJack in the Box Performance\n\nSame-store sales increased 7.8% in the first quarter with franchise same-store sales of 7.4% and company-operated same-store sales of 12.6%. Company-operated restaurants experienced growth in both average check and traffic while franchise restaurants had growth in average check, partially offset by a decline in traffic. Systemwide sales for the first quarter increased 7.9%.\n\nRestaurant-Level Margin(2), a non-GAAP measure, was 19.8%, an increase of 150 bps from a year ago driven by strong sales leverage and change in mix of restaurants.\n\nFranchise-Level Margin(2), a non-GAAP measure, was 44.4%, an increase of 280 bps from a year ago, driven by higher sales and rent contribution, additional revenue from the Hawaii transaction, and lower costs toward bad debt expense. When removing this previously an...