SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ:JACK - News) today reported net earnings of $17.7 million, or 32 cents per diluted share, for the second quarter ended April 11, 2010, compared with earnings from continuing operations of $29.6 million, or 51 cents per diluted share, for the second quarter of fiscal 2009. The decline in diluted earnings per share was due primarily to a decrease of approximately 15 cents per share in gains on the sale of company-operated Jack in the Box® restaurants as a result of the timing of such transactions
Same-store sales at Jack in the Box company restaurants decreased 8.6 percent in the second quarter of 2010 compared with a year-ago increase of 0.4 percent.
Linda A. Lang, chairman, chief executive officer and president, said, “California experienced continued stabilization and was our best performing market for the second quarter on both a one- and two-year basis. Although both transactions and average check improved from the first quarter, we don’t expect significant improvement in underlying fundamentals until high unemployment rates in our major markets for our key customer demographics begin to improve.”
System same-store sales at Qdoba Mexican Grill® increased 3.1 percent in the second quarter versus a year-ago decrease of 2.3 percent. Lang said, “After beginning the quarter with negative same-store sales resulting from severe winter weather, Qdoba’s same-store sales improved steadily throughout the quarter, and benefitted from both our new Craft 2™ menu and increased spending by consumers in the fast-casual segment.”
Consolidated restaurant operating margin was 15.2 percent of sales in the second quarter of 2010, compared with 16.5 percent of sales in the year-ago quarter. The company estimates that sales deleverage negatively impacted margins by approximately 190 basis points in the second quarter of 2010.
Wednesday, May 12, 2010
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