Value-focused promotions by competitors softened sales for Jack in the Box during the second quarter, but sister brand Qdoba Mexican Grill exceeded company expectations as guests responded to new menu items and catering recorded double-digit growth.
The improved results for Qdoba during the April 13-ended quarter also reflect the closure of 62 underperforming company-owned locations last year. The company also wrote off $800,000 in deferred financing costs related to the refinancing of its credit facility.
San Diego-based parent Jack in the Box Inc. ended the quarter with 2,254 Jack in the Box locations, including 455 company-owned units and 1,799 franchised restaurants, as well as 626 Qdoba units, including 303 company-owned locations and 323 franchised outlets.
2Q NET INCOME
Result: $15.8 million, or 37 cents per share% Decrease: 19% (from $13.3 million, or 29 cents per share)
2Q REVENUE
Result: $340.9 million% Increase: 1.9% (from $347.2 million)
2Q SAME-STORE SALES
% Increase at Jack in the Box units systemwide: 0.7%
% Increase at company-owned Jack in the Box units: 0.9%
% Increase at franchised Jack in the Box units: 0.6%
% Increase at Qdoba units systemwide: 7.0%
% Increase at company-owned Qdoba units: 7.2%
% Increase at franchised Qdoba units: 6.8%
Source: Company report
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Contact Lisa Jennings at [email protected].
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