Jack in the Box, which owns the Del Taco restaurant brand, has reported net earnings of $21.89m for the fourth quarter (Q4) of fiscal year (FY) 2023.

This is a decrease of 52.25% compared to $45.85m a year ago.

For the quarter which ended 1 October 2023, total revenues were $372.52m, showing a decline of 7.5% compared to $402.77m in Q4 FY22.

The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were $68.4m in Q4, compared to $81.9m in the same quarter a year ago.

The company’s diluted earnings per share during the quarter declined to $1.08 from $2.17 a year earlier.

Jack in the Box said its same-store sales rose 3.9% during the quarter. Meanwhile, Del Taco’s same-store sales decreased by 1.5%.

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By GlobalData

In the last quarter of FY23, Del Taco opened seven new restaurants and closed nine.

Jack in the Box said its sales performance was driven by pricing, which was partially offset by decreases in transactions and menu mix. Its systemwide sales in Q4 rose by 4.3%.

The brand’s restaurant-level margin was 20.7% in Q4 2023, an increase from 16.2% in the prior year’s period.

In the latest quarter, Jack in the Box opened six new restaurants and closed 11 restaurant locations.

Jack in the Box CEO Darin Harris said: “We achieved several important milestones for our business in 2023, including positive unit growth, successful new market openings, accelerated Del Taco refranchising, strong same stores sales performance and improvements in restaurant-level profitability.

“Despite some industry headwinds, we are excited about our opportunity in 2024 to expand both brands into new markets and continue driving our transformational growth strategy.”