Jack in the Box Inc. reported fiscal 2013 first quarter net income of $20.7 million compared with net income of $11.9 million for the like quarter in 2012 fiscal year.
Revenue came in at $465.5 million, up from $457.9 million in the prior year’s first quarter.
Jack in the Box said the business booked an after-tax charge of $3.3 million related to outsourcing its distribution business beginning in the fourth quarter. That reduced its earnings per share by 7 cents.
Same store sales at Jacks increased 2.1 percent in the quarter, compared with a 5.3 percent rise in same store sales for the like quarter of 2012.
CEO Linda Lang said numerous restaurant and retail companies reported weaker sales in January and the first half of February due to higher payroll taxes, delayed tax refunds, and a rapid increase in gas prices over the last month. She forecast second quarter flat sales for Jack in the Box owned restaurants, and a 2 percent decline in same store sales for its Qdoba chain.
As of Jan. 20, the company had 2,255 Jack restaurants and 636 Qdoba restaurants.
During the year, the company said it expects to open 20 to 25 stores, including 10 company owned ones.
Same store sales at company owned restaurants are expected to increase 1.5 to 2.5 percent this year, Jack in the Box said.
— SDBJ Staff Report