Business
Jack in the Box Inc. Reports Second Quarter 2023 Earnings
Jack in the Box same-store sales of +9.5%; +29.3% on a three-year basis Del Taco same-store sales of +3.2%; +25.5% on a three-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 +9.5%; +29.3% on a three-year basis\n\n\nDel Taco same-store sales of +3.2%; +25.5% on a three-year basis(1)\n\n\nJack in the Box systemwide sales growth of +9.8%, Del Taco systemwide sales growth of +3.2%(1)\n\n\nDiluted EPS of $1.27; Operating EPS of $1.47\n\n\nJack in the Box added 4 development agreements for 33 future restaurants in Q2, including development agreement for 22 future restaurants in Mexico, totaling 76 agreements for 335 restaurants since program launch\n\n\nRefranchised 17 Del Taco restaurants subsequent to Q2, which included development agreements for both Jack in the Box and Del Taco to enter Montana and Wyoming for the first time in each brand's history\n\n\nManagement provides updates to FY 2023 guidance and outlook\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 second quarter, ended April 16, 2023.\n\n\n\"The momentum in our business continued throughout the second quarter, reflected in outstanding sales, positive net unit growth, improved margin performance and the signing of a development agreement for expansion into Mexico,\" said Darin Harris, Jack in the Box Chief Executive Officer. \"Over the last year we have been focused on the execution of our strategy, and the results are beginning to show. We look forward to continued strength in the back half of 2023, while remaining focused on what is most important: expanding our reach, offering guests what they want when they want it, and a relentless pursuit to improve restaurant level economics for Jack and Del Taco franchisees.\"\n\n\n\n\nJack in the Box Performance\n\n\nSame-store sales increased 9.5% in the second quarter with franchise same-store sales up 9.4% and company-operated same-store sales up 10.8%. 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 second quarter increased 9.8%.\n\n\nRestaurant-Level Margin(2), a non-GAAP measure, was 21.4%, an increase of 6.4% from a year ago driven primarily by strong sales leverage and the sale of two evolving markets. Franchise-Level Margin(2), a non-GAAP measure, was 41.2%, an increase of 1.8% from a year ago,...