Business
Jack in the Box Inc. Reports Fourth Quarter and Full-Year 2023 Earnings
Jack in the Box same-store sales of +3.9% in Q4 2023, +7.3% for FY 2023 Del Taco same-store sales of -1.5% in Q4 2023, +1.7%(1) for FY 2023 Jack in the Box
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nJack in the Box same-store sales of +3.9% in Q4 2023, +7.3% for FY 2023\n\n\nDel Taco same-store sales of -1.5% in Q4 2023, +1.7%(1) for FY 2023\n\n\nJack in the Box and Del Taco opened 34 restaurants in FY 2023, including net positive unit growth and a growing development pipeline for both brands\n\n\nDel Taco completed the refranchising of 111 restaurants in FY 2023, which included development commitments for 109 new restaurants\n\n\nJack in the Box opened its first-ever restaurant in Louisville, with stronger-than-expected sales performance\n\n\nSince opening, all new market locations for Jack in the Box (Salt Lake City and Louisville) averaging over $100,000 in weekly sales per restaurant\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 segments in the fourth quarter, ended October 1, 2023.\n\n\n“We achieved several important milestones for our business in 2023 including positive unit growth, successful new market openings, accelerated Del Taco refranchising, strong same stores sales performance and improvements in restaurant-level profitability,” said Darin Harris, Jack in the Box chief executive officer. “Despite some industry headwinds, we are excited about our opportunity in 2024 to expand both brands into new markets and continue driving our transformational growth strategy.”\n\n\nJack in the Box Performance\n\n\nSame-store sales increased 3.9% in the fourth quarter of 2023, comprised of an increase in company-operated same-store sales of 4.4% and an increase in franchise same-store sales of 3.8%. Sales performance was driven by pricing, which was partially offset by decreases in transactions and menu mix. Systemwide sales(2) for the fourth quarter increased 4.3%.\n\n\n\n\nJack in the Box had 6 new restaurant openings and 11 restaurant closures during the fourth quarter. For fiscal year 2023, Jack in the Box opened 20 new restaurants, with an additional 6 openings since the start of fiscal year 2024. As of the end of the fourth quarter, and since the launch of the development program in mid-2021, the company has signed 90 agreements for a total of 389 restaurants, with 38 already opened and 351 in place for future development. During the fourth quarter, Jack in the Box opened its first-ever location in Louisville — and, when combin...