Revenue Decrease in Fiscal First Quarter

Jack in the Box recently reported a decrease in revenue for its fiscal first quarter, attributing the decline to its Del Taco fast food chain currently undergoing a refranchising phase.

The San Diego-based fast-food chain revealed a net profit of $38.7 million, or $1.93 per share, for the 16-week period ended Jan. 21. This marks a decline from $53.3 million, or $2.54 per share, reported during the same period a year ago.

After adjusting for one-time items, earnings were $1.95 per share, slightly below analysts' expectations of $1.96 per share.

Sales and Performance

Despite the drop in revenue, sales only slipped by 7.5% to $487.5 million, surpassing analyst projections of $480.8 million, according to FactSet.

During the quarter, same-store sales for the flagship Jack in the Box chain saw an increase of 0.8%. The company also secured 91 signed agreements this year for a total of 399 new restaurant locations.

"We were also pleased with the sales rebound for Del Taco, the outperformance of Jack in the Box restaurant level margin, and the completion of development agreements with new franchisees to open new markets," stated Chief Executive Darin Harris.

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