Reported profit was $25.09 million or $0.96 per share, down from $47.61 million or $1.62 per share reported a year earlier. Total same-store sales moved up 0.6%, with franchise sales and system sales rising 0.1% and 0.2%, respectively.
Lenny Comma, CEO of Jack in the Box, said, “Our greater emphasis on bundled value in the second quarter resulted in a sequential improvement in traffic and sales without sacrificing restaurant margins. We’re pleased that this momentum has accelerated through the first four weeks of our third quarter as same-store sales have increased by more than two percent.”
Related: Jack in the Box Q1 2019 Earnings Conference Call Transcript
For fiscal 2019, the company currently forecasts total same-store sales to be flat to up 1%. It is looking for full-year adjusted EBITDA between $260 million and $270 million. Capital expenditure is expected to be in the range of $30 million to $35 million. The management plans to open 25-35 new restaurants this year.
Rival fast-food company Chipotle Mexican Grill (CMG) last month reported strong first-quarter results that beat the Street view. Earnings surged 60% annually to $3.4 per share on revenues of $1.3 billion, which was up 14%.
Shares of Jack in the box hit a two-year low recently and are currently trading below their long-term average. The stock, which lost about 3% since last year, closed Wednesday’s trading session higher and continued to gain in the after-hours on Wednesday.