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Citing significant increases in competition and continued economic weakness in certain markets, Jack in the Box Inc. (NYSE: JBX) today lowered its earnings guidance for the first quarter ending January 19, 2003 and fiscal year 2003.
First quarter earnings-per-share is now estimated at $0.55 as opposed to the previous estimate of $0.63. Fiscal 2003 EPS guidance has been changed to a range of $2.01 to $2.04 from the previous $2.42.
The earnings guidance change followed a change in same-store sales expectations from a decrease of 1.5% to a decrease of 2.7% for the first quarter. Same-store sales for fiscal 2003 are now expected to be flat compared to the previously estimated increase of 1.5% to 2%.