- Jack In The Box Inc JACK reported second-quarter FY23 sales growth of 22.8% year-on-year to $395.7 million, beating the consensus of $385.39 million.
- Jack In The Box same-store sales increased 9.5% in the second quarter, comprised of an increase in company-operated same-store sales of 10.8% and an increase in franchise same-store sales of 9.4%. Systemwide sales for the second quarter increased 9.8%.
- Del Taco Systemwide sales increased 3.2% driven by positive results in both franchise and company-operated same-store sales. Same-store sales increased 3.2% in the second quarter.
- Selling, general and administrative expenses rose 39.6% Y/Y to $39.4 million.
- The operating margin was 15.6%, and operating income for the quarter rose 61.2% to $61.6 million.
- Adjusted EBITDA was $78.7 million compared with $64.4 million in the prior year quarter.
- Adjusted EPS of $1.47 topped the consensus of $1.22.
- "The momentum in our business continued throughout the second quarter, reflected in outstanding sales, positive net unit growth, improved margin performance and the signing of a development agreement for expansion into Mexico," said CEO Darin Harris.
- On May 12, 2023, the company's board declared a cash dividend of $0.44 per share, to be paid on June 13, 2023, to shareholders of record on May 31, 2023.
- The company held $122.8 million in cash and equivalents as of April 16, 2023.
- Outlook: Jack In The Box raised FY23 Operating EPS guidance from $5.25 - $5.65 to $5.90 - $6.10 versus the consensus of $5.89.
- The company now plans to execute at least $70 million in share repurchases in FY23.
- Price Action: JACK shares are trading lower by 2.20% at $93.18 on the last check Wednesday.
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