- Jack In The Box Inc (NASDAQ: JACK) on Wednesday reported revenue growth of 52.9% year over year in the first quarter of fiscal 23 to $527.1 million, beat the consensus of $507.4 million.
- Jack In The Box systemwide revenue growth was 7.9%. Jack In The Box sales store sales increased 7.8%, with company-operated same store sales up 12.6% and franchise sales store sales up 7.4% .
- del taco Systemwide revenue increased 2.9%. Del Taco same-store sales increased 3.0%, comprised of 2.8% sales growth in the franchise business and 3.1% same-store sales growth by the Company.
- Adjusted EBITDA was $110.62 million compared to $91.17 million in the prior year.
- Adjusted earnings per share of $2.01 beat consensus of $1.75.
- On February 24, 2023, the Board of Directors declared a cash dividend of $0.44 per share to be paid on March 28, 2023 to shareholders of record on March 15, 2023.
- The company is now committed to completing 23 share repurchases totaling $60 million during the fiscal year. As of January 22, 2023, $160 million remained under the board-approved share repurchase program.
- The Company held $181.62 million in cash and equivalents.
- CEO Darin Harris said, “Traffic improvements and robust comps, combined with expected positive net unit growth, position us positioned to drive significant system-wide revenue growth in 2023 and improve franchise profitability in what remains a challenging operating environment .”
- Jack In The Box signed 14 new restaurant commitments that will bring Jack In The Box to two new states, Florida and Arkansas.
- This is the brand’s first entry into the Arkansas market in over 30 years since it was last in Florida.
- Price promotion: JACK shares traded 8.12% higher at $84.77 on the latest check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
[ad_2]
Source story
