Jack In The Box Inc. reported its results for the first quarter. Jack in the Box owns, operates and franchises quick-service restaurants and Qdoba Mexican Grill fast-casual restaurants.
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Jack In The Box Earnings Cheat Sheet for the First Quarter
Results: Net income for Jack In The Box Inc. fell to $11.9 million (27 cents per share) vs. $32.4 million (61 cents per share) a year earlier. This is a decline of 63.1% from the year-earlier quarter.
Revenue: Fell 1.8% to $652.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Jack In The Box Inc. was about in line with the mean estimate of 26 cents per share. It beat the average revenue estimate of $629.4 million.
Quoting Management: Linda A. Lang, chairman, chief executive officer and president, said, “Jack in the Box company same-store sales increased 5.3 percent in the first quarter, driven by a combination of traffic growth as well as an increase in average check. On a two-year cumulative basis, this represented a 500 basis point acceleration from the fourth quarter of 2011 and our sixth consecutive quarter of sequentially improving company same-store sales trends. We believe these results have been largely driven by the investments we have made to enhance the entire guest experience at the Jack in the Box brand, including the substantial completion of our system-wide re-image program during the quarter. “Qdoba’s same-store sales in the first quarter increased 3.8 percent system-wide, representing the fourth consecutive quarter that two-year cumulative same-store sales have been greater than nine percent,” Lang said.
Key Stats:
For four consecutive quarters, revenue has fallen. Revenue declined 10.5% to $504.2 million in the fourth quarter of the last fiscal year. The figure fell 0.8% in the third quarter of the last fiscal year from the year earlier and dropped 4.6% in the second quarter of the last fiscal year from the year-ago quarter.
Net income has increased 69.4% year-over-year on average across the last five quarters. The biggest gain came in the fourth of the last fiscal year, when income climbed more than fivefold from the year-earlier quarter.
Looking Forward: Expectations for the company’s next-quarter results are lower than they have been. Over the past sixty days, the average estimate for second quarter has fallen from 32 cents per share to 31 cents. The average estimate for the fiscal year is now $1.33 per share, down from $1.38 sixty days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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