Jack In The Box Posts Q3 Earnings Above Street Views, Plans To Refranchise Del Taco
Portfolio Pulse from Shivani Kumaresan
Jack In The Box Inc (NASDAQ:JACK) reported Q2 2023 sales of $396.9 million, beating the analyst consensus estimate of $393.89 million. The company's same-store sales increased 7.9% in the quarter. Del Taco Systemwide sales increased 1.6%. The company declared a cash dividend of $0.44 per share. It plans to refranchise 90-120 Del Taco restaurants in FY 2023, up from previous guidance of 65-85 restaurants. The company also plans to execute at least $80 million in share repurchases in FY23. JACK shares are trading lower by 3.90% at $90.05.
August 09, 2023 | 4:57 pm
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NEGATIVE IMPACT
Jack In The Box reported better than expected Q2 2023 sales and plans to refranchise more Del Taco restaurants and execute $80 million in share repurchases. Despite the positive news, the stock is trading lower.
Despite reporting better than expected Q2 2023 sales and announcing plans for future growth, Jack In The Box's stock is trading lower. This could be due to the company's lower than expected Operating EPS outlook for 2023, which may have disappointed investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100