Jack in the Box Reports Q1 Net Earnings of $35.9 MillionFriday, February 24, 2017
Fast-food restaurant company Jack in the Box Inc. (NASDAQ: JACK), one of the largest corporations based in San Diego, reported net earnings of $35.9 million for the first quarter of its fiscal year, about 8 percent more than the $32.2 million in the same quarter the previous year.
The company's first quarter of 2017 ended Jan. 22.
Same-store sales fell 1 percent at Qdoba stores during the first quarter while rising 3.1 percent at Jack in the Box stores, according to SEC filings.
“Our first quarter results were mixed, with solid results at the Jack in the Box brand offset by lower than expected sales and disappointing margins at Qdoba," said Lenny Comma, chairman and CEO.
Comma said the company plans to improve Qdoba's performance by driving sales growth and managing labor and food costs more effectively.
Sales for both brands fell in February, which the company said was "consistent with restaurant and retail industry data." Jack in the Box attributed some of the slowdown to delayed tax refunds and the recent rainfall and flooding in California.
As of the end of the first quarter Jack in the Box operated and franchised 2,261 Jack in the Box fast-food restaurants and 712 Qdoba fast-casual restaurants.