Jack in the Box Inc. (NYSE: JBX) today announced net earnings of $19.8 million for the third quarter ended July 6, an 18.2% decrease compared with the third quarter of fiscal 2002. Earnings per diluted share were 54 cents, down from 60 cents last year.
While earnings were lower compared with last year, Jack in the Box exceeded its earnings-per-share estimate by 5 cents, primarily due to the favorable resolution of a tax matter.
Same-store sales decreased 0.2 percent compared with a 1.5 percent decrease in the third quarter last year. Benefiting from the introduction of a new line of premium salads called Jack's Ultimate Salads(TM), same-store sales improved from the 3.3 percent decline reported for the first half of the year, as well as third-quarter guidance of a 2.5 percent decrease.
Although no numbers were cited, the company reported double-digit increases in same-store sales on its Qdoba Mexican Grill(R) restaurants.
"We are pleased to see the improvement in Jack in the Box same-store sales despite continued economic weakness," said Chairman and CEO Robert J. Nugent. "In addition, our other brands, Qdoba and Quick Stuff, continue to exceed same-store sales expectations."
Jack in the Box provided fourth quarter guidance of 49 cents per share and full year 2003 guidance of $2.03-$2.06