Jack in the Box, the parent company of the Del Taco restaurant brand, has posted net earnings of $21.89 million for the fourth quarter (Q4) of fiscal year (FY) 2023.
This represents a 52.25% decrease compared to the $45.85 million reported a year ago.
For the quarter ending on October 1, 2023, total revenues amounted to $372.52 million, indicating a 7.5% decrease compared to the $402.77 million reported in Q4 FY22.
In Q4, the company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $68.4 million, reflecting a decline from the $81.9 million recorded in the corresponding quarter of the previous year.
The company’s diluted earnings per share decreased to $1.08 in the quarter, down from $2.17 compared to the same period last year.
Jack in the Box reported a 3.9% increase in same-store sales for the quarter, whereas Del Taco experienced a 1.5% decline in same-store sales during the same period.
During the final quarter of FY23, Del Taco inaugurated seven new restaurants while shutting down nine.
Jack in the Box attributed its sales performance to pricing, although this was partially counterbalanced by reductions in transactions and menu mix. The company experienced a 4.3% increase in systemwide sales in Q4.
In Q4 2023, the restaurant-level margin for the brand reached 20.7%, marking a rise from the 16.2% reported in the corresponding period of the previous year.
During the most recent quarter, Jack in the Box inaugurated six new restaurants and shut down 11 restaurant locations.
Jack in the Box CEO Darin Harris said, “We achieved several important milestones for our business in 2023, including positive unit growth, successful new market openings, accelerated Del Taco refranchising, strong same stores sales performance and improvements in restaurant-level profitability.
“Despite some industry headwinds, we are excited about our opportunity in 2024 to expand both brands into new markets and continue driving our transformational growth strategy.”
