Fast-food chain Jack in the Box Inc. posted lower than expected earnings on Thursday, as McDonald’s Corp.’s all-day breakfast strategy ate into sales.
Jack in the Box, headquartered in San Diego, said earnings dipped slightly to $33.9 million in the first quarter, compared to $37.1 million last year. The public company, which has had an all-day breakfast menu for decades, said McDonald’s advertising especially impacted results from 10:30 a.m. to noon.
Revenue for the quarter was $470.8 million, less than the $475 million expected by analysts.
The company said it approved a $100 million stock buyback program last week, which expires in November 2017. Jack in the Box recently bought 1.3 million shares for $100 million, leaving $100 million in a separate buyback program approved in September, which also expires next November.
