San Diego-based Jack in the Box Inc’s second-quarter net profit increased to $15.8 million or 37 cents per share from $13.3 million or 29 cents per share in the like quarter last year. Revenue for the second-quarter fell 1.8 percent to $340.9 million.
Jack in the Box (Nasdaq: JACK) reported earnings from continuing operations of $18.3 million, or 43 cents per diluted share, for the second quarter ended April 13, 2014, compared with earnings from continuing operations of $15.1 million, or 33 cents per diluted share, for the second quarter of fiscal 2013.
Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising, were 51 cents in the second quarter of fiscal 2014 compared with 37 cents per share in the like quarter of last year.
Jack in the Box company same-store sales increased 0.9 percent for the quarter. Jack's Qdoba brand same-store sales in the second quarter increased 7.2 percent for company restaurants
Jack in the Box’s selling, general and administrative expense for the second quarter decreased by $3.8 million and was 14.3 percent of revenues as compared with 15.1 percent in the like quarter of last year.
The company said it is continuing its efforts to improve its cost structure and identify opportunities to reduce G&A as well as improve restaurant profitability across both brands, Jack in the Box and Qdoba.
For more on its second quarter results and guidance, click here.
Jack in the Box also announced that its board of directors has approved the initiation of a regular quarterly cash dividend. The initial quarterly cash dividend of 20 cents per share will be paid on June 9, 2014, to shareholders of record as of May 27, 2014. Future dividends will be subject to board approval.