Jack in the Box(JACK) - 2025 Q1 - Quarterly Results

Sales Performance - Jack in the Box reported same-store sales growth of 0.4% in Q1 2025, with franchise same-store sales increasing by 0.5% and company-owned same-store sales declining by 0.4%[2][4][8] - Del Taco experienced a same-store sales decline of 4.5% in Q1 2025, with franchise same-store sales down 5.1% and company-operated same-store sales down 2.5%[11][12] - Systemwide sales for Jack in the Box reached $1,366,102 thousand, a slight increase from $1,358,807 thousand, reflecting a growth of 0.2%[41] - Company restaurant sales decreased to $201,406 thousand from $224,040 thousand, a decline of 10.1% year-over-year[30] - Company restaurant sales for the 16 weeks ended January 19, 2025, totaled $133.8 million, compared to $132.1 million for the same period in 2024, showing a growth of 1.3%[58] - Company restaurant sales decreased to $133,755 in 2025 from $132,057 in 2024, indicating a slight decline of 1.3%[63] Financial Performance - Total revenues for Jack in the Box decreased by 3.7% to $469.4 million compared to $487.5 million in the prior year quarter[16] - Diluted earnings per share for the first quarter were $1.75, while operating EPS was $1.92, down from $1.95 in the prior year quarter[16][18] - Net earnings fell to $33,686 thousand, down 13.0% from $38,683 thousand in the same period last year[30] - Basic net earnings per share decreased to $1.77 from $1.94, a decline of 8.8%[30] - Non-GAAP Adjusted Net Income for the 16 weeks ended January 19, 2025, was $36.8 million, down from $39.1 million in the prior year, representing a decline of 3.3%[48] - Adjusted EBITDA for the 16 weeks ended January 19, 2025, was $97.2 million, compared to $101.8 million for the same period in 2024, indicating a decrease of 4.5%[54] - Total earnings from operations for Del Taco were $10,546 in 2025, compared to $11,073 in 2024, a decrease of 4.8%[63] - The overall company reported a total loss of $49,485 in 2025 from other operations, compared to a loss of $49,300 in 2024, indicating a slight increase in losses[63] Margins and Expenses - Restaurant-Level Margin for Jack in the Box was $31.0 million, or 23.2%, up from $30.4 million, or 23.1%, a year ago[5][6] - Restaurant-Level Margin for Jack in the Box was 23.2% for the 16 weeks ended January 19, 2025, slightly up from 23.1% in the same period in 2024[58] - Franchise-Level Margin for the 16 weeks ended January 19, 2025, was $40.3 million, with a margin percentage of 20.0%[58] - Franchise-Level Margin for Jack in the Box was 40.9% in 2025, slightly down from 41.2% in 2024[63] - Franchise-Level Margin for Del Taco was 25.7% in 2025, down from 29.3% in 2024, indicating a decline of 3.6 percentage points[63] - Payroll and employee benefits expenses rose to $44,528 in 2025 from $40,689 in 2024, an increase of 9.0%[63] - Selling, general and administrative expenses totaled $50,671 in 2025, up from $46,274 in 2024, reflecting an increase of 9.6%[63] Development and Agreements - Jack in the Box signed 3 development agreements for 10 new restaurants in Q1 2025, while the net restaurant count decreased slightly with five openings and six closures[7][9] - Del Taco has signed 40 agreements for a total of 303 restaurants since being acquired by Jack in the Box, with 14 restaurants opened to date[13] Cash Flow and Assets - Cash flows provided by operating activities were $105,656 thousand, compared to a cash outflow of $22,675 thousand in the prior year[35] - Total current assets increased to $213,986 thousand, up 18.0% from $181,277 thousand[33] - Cash and restricted cash at the end of the period rose to $104,633 thousand, compared to $82,534 thousand, an increase of 26.7%[35] Stock and Buybacks - The company repurchased 0.1 million shares for an aggregate cost of $5.0 million in Q1 2025, with $175.0 million remaining under the stock buyback program[20] Taxation - The effective tax rate for the first quarter of 2025 was 29.8%, compared to 26.9% in the same quarter of the previous year[18] - The income tax rate increased to 29.8% from 26.9% year-over-year[38] - The tax impact of adjustments for the quarter was a benefit of $0.03 per share, compared to a benefit of $0.02 per share in the prior year[48]