Jack in the Box JACK reported their earnings after the close Wednesday for a bottom line miss. EPS came in at $0.38 versus analyst estimates of $0.41. This is a 9.5 percent drop from the same quarter of last year.
The company closed 62 of 67 planned Qdoba restaurants during the quarter. This resulted in 36.7 million dollars of charges related to discontinued operations.
Regarding same store sales, CEO Linda Lang commented, “Jack in the Box company same-store sales increased 1.2 percent for the quarter exceeding that of the QSR sandwich segment by 1.0 percentage point for the comparable period... Qdoba same-store sales in the third quarter increased 0.5 percent for company restaurants and 1.3 percent system-wide, showing sequential improvement from our second quarter weather-impacted results.”
The company also put out a release stating that Linda Lang will step down as CEO to be replaced by Leonard Comma, who is serving as president and COO.
After initially trading down in the post market, shares have returned to the close of $49.40.
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