San Diego-based Jack in The Box Inc. on Wednesday reported 8 percent higher earnings on a 4 percent increase in sales for its first fiscal quarter in 2017.
The company earned $35.9 million, or $1.11 per share, on revenue of $488 million, in the 16-week period ended Jan. 22, compared to $33.2 million, or $0.92 per share, on revenue of $471 million in the comparable period a year ago.
Lenny Comma, chairman and chief executive officer, said “solid results” at the company’s Jack in the Box restaurants were offset by lower than expected sales and margins at its Qdoba chain.
“We are intent on improving the performance of the Qdoba brand with priorities focused on driving sales growth and managing labor and food costs more effectively,” Comma said.
He said Jack in the Box same-store sales outperformed the industry during the quarter, but warned that rainfall and flooding in California in recent weeks would reduce second-quarter results.