Jack in the Box Inc (NASDAQ:JACK) shares were down 4% to $66.15 in premarket after the fast-food firm’s quarterly financials disappointed, missing Wall Street forecasts.
The San Diego-based company, which also owns Del Taco, reported adjusted earnings of $1.09 per share on revenue of $372.5 million in the period, compared to expectations of $1.15 per share on revenue of $368 million.
Jack in the Box same-store sales grew 3.9% year over year, while Del Taco same-store sales fell 1.5%.
“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,” CEO Darin Harris said in a statement.
Looking ahead, Jack in the Box guided for full-year earnings between $6.25 and $6.50 per share.
“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,” Harris added.