US-based fast food restaurant chain Jack in the Box has reported total revenues of $209.77m for its second quarter ended 15 April, compared to the previous year’s $266m.
Adjusted EBITDA of the restaurant chain declined to $60.3m for the second quarter this year, compared to $69.5m during the same period last year.
The restaurant company also reported net earnings of $47.6m for the second quarter of 2018, compared to $33.09m from last year’s second quarter.
System sales of $799.45m for the second quarter of 2018 compared to $802.06m for the same period last year, were also reported.
Jack in the Box chairman and chief executive officer Lenny Comma said: “Our second quarter operating results were in line with our expectations. We were pleased that a greater emphasis on value resulted in a sequential improvement in traffic during the quarter. And by balancing our value promotions with innovative premium products, we were able to protect restaurant margins.
“With the refranchising of 63 Jack in the Box restaurants in the second quarter and 29 thus far in the third quarter, our franchise mix now stands at 93%. We currently have signed non-binding letters of intent with franchisees to sell 17 additional restaurants, which would bring the Jack in the Box franchise mix to approximately 94%.
“In addition, we completed the sale of Qdoba during the quarter, which marks an important milestone in the actions we’re taking to enhance shareholder value.”
The company completed the sale of its subsidiary Qdoba in a definitive agreement with Apollo Global Management on 21 March this year.
The company has included Qdoba’s net earnings of $22.7m for the second quarter including an after-tax gain on the sale of $20m compared to net earnings of $1.8m during the same period of the previous year.