Jack in the Box Inc. late Wednesday reported its first-quarter earnings fell to $33.2 million from $35.8 million a year ago although on a per-share basis, profit rose to 92 cents a share from 91 cents. Excluding items, the fastfood chain would have earned 94 cents a share. Revenue edged up to $470.8 million from $468.6 million. Analysts polled by FactSet had expected earnings of $1.03 a share and revenue of $475 million. Systemwide same-store sales at its Jack in the Box locations grew 1.4% compared with 4.4% in the same period a year earlier while Qdoba Mexican Grill reported systemwide same-store sales slowed to 1.8% versus a 14% jump. The company forecast same-stores sales to fall 3% to flat growth at Jack in the Box company restaurants while same-store sales are expected in a range of flat to 3% growth at Qdoba company restaurants in the second quarter. Jack in the Box shares were halted pending release of its quarterly earnings after closing up 2.7% in the regular session.
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