SAN DIEGO — Jack in the Box Inc. has reported same-store sales at company Qdoba Mexican Grill restaurants were down 2.3 percent for the second quarter ended April 12, compared to a 2.4 percent increase last year.
Company officials attributed the decrease to the economic environment, which continued to pressure consumer spending at restaurants with higher check averages and negatively impacted catering sales at Qdoba.
Revenue for the quarter for Jack in the Box Inc. was down 1.6 percent at $578.4 million compared to $588 million in the same quarter last year. Year to date, revenue was down 0.7 percent at $1.355 billion compared to $1.365 billion last year.
Net earnings for the quarter were up 4.4 percent at $29.9 million compared to $26.2 million in the same quarter last year. Year to date, net income was down 6.7 percent at $58.3 million compared to $62.5 million last year.
As previously announced, in September 2008 the company's board of directors approved plans to sell its Quick Stuff convenience stores.
Refranchising
Fifteen Qdoba restaurants opened in the second quarter, including eight franchised locations, versus nine new restaurants in the year-ago quarter, six of which were franchised. Through the first half of fiscal 2009, 32 new Qdoba restaurants opened, including 23 franchised locations. The company now expects 55 to 70 new Qdoba openings in fiscal 2009, including approximately 25 company locations.
At the end of the second quarter, the company's system total comprised 2,186 Jack in the Box restaurants, including 894 franchised locations, and 484 Qdoba restaurants, including 342 franchised locations.
Earnings call
The company will host a conference call for financial analysts and investors May 14 beginning at 8:30 a.m. Pacific time (11:30 a.m. Eastern). The conference call will be broadcast live over the Internet via the Jack in the Box Web site. To access the live call through the Internet, log onto the Investors section of the Jack in the Box Inc. Web site at least 15 minutes prior to the event in order to download and install any necessary audio software.
A replay of the call will be available through the conference-call link on the Jack in the Box home page for 21 days, beginning at approximately 11 a.m. Pacific time on May 14.
