- Jack In The Box Inc (NASDAQ: JACK) reported first-quarter FY23 sales growth of 52.9% year-on-year to $527.1 million Wednesday, beating the consensus of $507.4 million.
- Jack In The Box systemwide sales growth was 7.9%. Jack In The Box same-store sales increased by 7.8%, with an increase in company-operated same-store sales of 12.6% and an increase in franchise same-store sales of 7.4%.
- Del Taco systemwide sales increased by 2.9%. Del Taco same-store sales increased 3.0%, comprised of franchise same-store sales growth of 2.8% and company-operated same-store sales growth of 3.1%.
- Adjusted EBITDA was $110.62 million, up from $91.17 million a year ago.
- Adjusted EPS of $2.01 beat the consensus of $1.75.
- On Feb. 24, 2023, the Board declared a cash dividend of $0.44 per share, to be paid on Mar. 28, 2023, to shareholders of record on Mar. 15, 2023.
- The company is now committed to executing $60 million share repurchases in FY23. As of Jan. 22, 2023, it had $160 million remaining under the Board-authorized stock buyback program.
- The company held $181.62 million in cash and equivalents.
- CEO Darin Harris said, "Traffic improvement and robust comps, combined with anticipated positive net unit growth, position us to drive meaningful systemwide sales growth in 2023, and improve franchise profitability in an operating environment that remains challenging."
- 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 first time the brand has entered the Arkansas market, and over 30 years since it was last in Florida.
- Price Action: JACK shares are trading higher by 8.12% at $84.77 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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