Jack In The Box Inc JACK reported a third-quarter 2023 sales decline of 0.35% year-on-year to $396.9 million, beating the analyst consensus estimate of $393.89 million.
The San Diego-based company's same-store sales increased 7.9% in the third quarter, comprised of an increase in company-operated same-store sales of 6.9% and an increase in franchise same-store sales of 8%. Systemwide sales for the quarter increased 8%.
Del Taco Systemwide sales increased 1.6% driven by positive results in both franchise and company-operated same-store sales. Same-store sales increased 1.2% in the quarter.
Selling, general and administrative expenses slipped 1% Y/Y to $39.6 million.
The operating margin was 16%, and operating income for the quarter rose 22.5% to $63.5 million.
Adjusted EBITDA was $79.4 million compared with $73.2 million in the prior year quarter.
Adjusted EPS of $1.45 beat the consensus estimate of $1.34.
On Aug. 4, the board declared a cash dividend of $0.44 per share, to be paid on Sept. 18, to shareholders of record on Sept. 6.
Jack In The Box also confirmed that a new CFO, Brian Scott, will join the company on Aug. 14.
The fast-food chain held $182 million in cash and equivalents as of July 9.
Outlook: Jack In The Box sees 2023 Operating EPS $5.90 - $6.10 versus the consensus of $6.12.
It plans to refranchise 90-120 Del Taco restaurants in FY 2023, up from previous guidance of 65-85 restaurants.
The company now plans to execute at least $80 million in share repurchases in FY23.
Price Action: JACK shares are trading lower by 3.90% at $90.05 on the last check Wednesday.
Image: Jack in the Box, Pixabay
Editor's Note: The story has been updated to correct a typo
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