Business
Jack in the Box Inc. Reports Third Quarter 2023 Earnings
Jack in the Box same-store sales of +7.9%; +17.5% on a three-year basis Del Taco same-store sales of +1.7%; +12.3% 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 +7.9%; +17.5% on a three-year basis\n\n\nDel Taco same-store sales of +1.7%; +12.3% on a three-year basis(1)\n\n\nJack in the Box systemwide sales growth of +8.0%, Del Taco systemwide sales growth of +1.6%(1)\n\n\nDiluted EPS of $1.41; Operating EPS of $1.45\n\n\nJack in the Box now at 77 agreements for 340 restaurants since launch of the development program in mid-2021\n\n\nRefranchised 73 Del Taco restaurants during and subsequent to Q3, which include accompanying development agreements for 71 Del Taco and Jack in the Box restaurants\n\n\nJack in the Box enters first new market in over a decade, with record-breaking Average Weekly Sales at inaugural Salt Lake City 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 third quarter, ended July 9, 2023.\n\n\n\"I am pleased to see strong results to begin the second half of 2023, highlighted by a record-breaking opening in Salt Lake City, as our strategic focus areas are beginning to take shape and sustain,\" said Darin Harris, chief executive officer. \"Relentless focus on execution is supporting our momentum, which includes progress on gross openings and net unit growth, improving restaurant margins and franchise profitability, and outstanding sales performance led by late night. We are also making progress on the integration and refranchising of Del Taco, which is delivering incremental development commitments, as well as further progress toward net new unit growth and an asset-light company.\"\n\n\nJack in the Box Performance\n\n\nSame-store sales increased 7.9% in the third quarter with franchise same-store sales up 8.0% and company-operated same-store sales up 6.9%. 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 third quarter increased 8.0%.\n\n\n\n\nRestaurant-Level Margin(2), a non-GAAP measure, was $21.1 million, or 21.8%, up from $15.9 million, or 15.8%, a year ago driven primarily by strong sales leverage and the sale of two evolving markets.\n\n\nFranchise-Level Margin(2), a non-GAAP measure, was $75.3 million, or 41.1%, up from $70.8 million, or 41.4%, a year ago, th...