Business
Jack in the Box Inc. Reports Second Quarter FY 2020 Earnings
Withdraws Long-Term Guidance; Temporarily Suspends Quarterly Cash Dividend for the Quarter SAN DIEGO--(BUSINESS WIRE)-- Jack in the Box Inc. (NASDAQ: JACK)
About this update from Jack In The Box Inc.
[{"type":"text","content":"\nWithdraws Long-Term Guidance;\nTemporarily Suspends Quarterly Cash Dividend for the Quarter\n\n SAN DIEGO--(BUSINESS WIRE)--\nJack in the Box Inc. (NASDAQ: JACK) today reported financial results for the second quarter ended April 12, 2020.\n\n\n\nIncrease/(Decrease) in same-store sales:\n\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n12 Weeks Ended\n\n\n\n\n\n28 Weeks Ended\n\n\n\n\n\n \n\n\n\n\nApril 12, 2020\n\n\n\n\nApril 14, 2019\n\n\n\n\n\nApril 12, 2020\n\n\n\n\nApril 14, 2019\n\n\n\n\n\nCompany\n\n\n\n\n(4.1)%\n\n\n\n \n\n\n\n0.6%\n\n\n\n \n\n\n\n\n(0.1)%\n\n\n\n \n\n\n\n0.5%\n\n\n\n\n\nFranchise\n\n\n\n\n(4.2)%\n\n\n\n \n\n\n\n0.1%\n\n\n\n \n\n\n\n\n(0.9)%\n\n\n\n \n\n\n\n0.0%\n\n\n\n\n\nSystem\n\n\n\n\n(4.2)%\n\n\n\n \n\n\n\n0.2%\n\n\n\n \n\n\n\n\n(0.8)%\n\n\n\n \n\n\n\n0.0%\n\n\n\n\n\nJack in the Box® system same-store sales decreased 4.2 percent for the quarter. Company same-store sales decreased 4.1 percent in the second quarter driven by average check growth of 6.4 percent while transactions decreased 10.5 percent. As previously disclosed, system same-store sales increased 5.2 percent in the seven weeks ended March 8, 2020, prior to any impacts from the COVID-19 pandemic.\n\n\nLenny Comma, chairman and chief executive officer, said, \"Our same-store sales growth during the first seven weeks of the quarter exemplified our strategy of combining compelling bundles at competitive price points with innovation, including the menu addition of Tiny Tacos. Tiny Tacos helped to re-establish our equity in Tacos while delivering a craveable product at a great price.\n\n\n\"As we navigate the COVID-19 pandemic, I am proud of the way our teams in the restaurant, our employees, our franchisees and partners have responded nimbly to the changing occasions of our consumers. We remain committed to operating our restaurants with integrity, providing great guest service, and most importantly, protecting the health and safety of our employees and guests. We are dedicated to remaining open to serve guests during this time of uncertainty.\n\n\n\n\n\"Given this uncertainty, we are prioritizing actions to bolster liquidity in the event we encounter greater volatility to our business. Because of this, we have temporarily suspended both share repurchases and the quarterly dividend typically paid next month with the intent to re-evaluate thes...