US-based fastfood chain Jack in the Box has reported total revenues of $290.8m for its first quarter of 2019 ending 20 January, compared to the previous year’s $294.46m.
Adjusted EBITDA of the restaurant chain declined to $83.04m for the first quarter this year, compared to $85.43m during the same period last year.
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The restaurant company also reported net earnings of $34.09m for the first quarter of 2019.
System sales of $1.062bn for the first quarter of 2019 compared to $1.068bn for the same period last year were also reported.
Jack in the Box chairman and CEO Lenny Comma said: “Same-store sales improved throughout the first quarter after we pivoted to a more value-oriented approach.
“While our strategy around value continues to avoid deep discounting which we believe is not in the best interests of the long-term health of the brand, adding value with a bundled offer at an attractive price point allowed us to compete more effectively in this value-centric environment.
“Our long-term goals are centred around meeting evolving consumer needs, with emphasis on improving operations consistency and targeted investments designed to maximise our returns. We remain focused on balancing the interests of all our stakeholders, including our franchisees, customers, employees and shareholders.”
In addition, the company also reported net operating costs and expenses of $232.46m, compared to $221.09m for the same period during the prior year.
The company’s basic net earnings per share were at $1.32 and diluted net earnings per share were at $1.31 for the first quarter of 2019.
