Jack in the Box, operator and franchiser of Jack in the Box® restaurants, yesterday [Tuesday] reported that same-store sales for the four-week period ended 17 February decreased 0.8% compared with February of fiscal 2001, which were 4.9% higher than the prior year.
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Through the first five periods of fiscal 2002, same-store sales increased 0.4% on top of a 4.4% increase for the same period last year.
Robert J. Nugent, chairman and CEO, said: “As we mentioned on our recent earnings call, certain markets, such as the Bay area and Austin, Texas, have been adversely affected by the downturn in the high-tech industry, and we’ve also experienced some sales softness in markets dependent on tourism, such as Las Vegas.
“Additionally, sales slowed in the latter part of fiscal February during the Winter Olympics, suggesting that some of our guests were opting to watch television coverage of the Games rather than dine out.
“Looking forward, we are announcing three new products during the balance of the quarter, and along with a strong, supporting promotional calendar, we continue to have confidence that our same-store sales will grow approximately 1%, and that we’ll meet our recent earnings estimates of approximately 44 cents for the Q2 and approximately US$2.24 for the FY.”
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