Jack in the Box (NASDAQ: JACK) reported mixed results for its second quarter of 2020. While non-GAAP EPS of $0.50 didn’t meet Wall Street’s projected EPS of $0.65, the revenue of $216 million surpassed the market’s target of $210.76 million. JACK stock dropped about 7% in the after-market session.
While system and franchise same-store sales declined 4.2% each, company same-store sales decreased 4.1% in the second quarter.
As announced on April 30, the company withdrew its 2020 guidance and temporarily halted its share buyback program due to the unprecedented adverse impact of the COVID-19 pandemic. Jack in the Box also suspended its quarterly dividend.
The company will continue to monitor and revisit its capital allocation policies throughout the third quarter with the goal of reinstating dividends and share repurchases once it has more clarity around the scope and duration of the disruption caused by COVID-19.
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With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard