Jack in the Box, Inc. delivered a mixed Q2 FY2024 performance characterized by top-line pressure from broader consumer headwinds but meaningful margin resilience and a robust multibrand growth program. Revenue totaled $365.3 million, net income was $24.98 million, and EBITDA reached $66.999 million. Systemwide same‑store sales (SSS) declined 2.5% for JACK (company-owned comps -0.6%, franchise comps -2.6%), with a roughly 5% price lift helping offset transactions declines. Management attributed部分 of the SSS drag to a delayed Smashed Jack launch (approx. 100 basis points of SSS drag) and to broader macro headwinds, while highlighting a strong recovery in May and ongoing value-generation strategies. The quarter also showcased JACK’s aggressive digital and menu innovation roadmap aimed at sustaining long‑term unit economics and guest engagement.
Strategically, JACK is pursuing a “barbell” value-then-premium approach augmented by a substantial investment in first‑party data, next‑gen POS, and restaurant-level productivity gains. Key initiatives include: Munchies under $4 value platform, a broader Jack Pack loyalty ecosystem, Wings launch, Smashed Jack post‑delay performance, and the CRAVED remodeling program with a $50 million commitment to remodel >500 restaurants. The company is also accelerating international and new‑market growth, notably Mexico (first restaurant opened in Q2 with a second in June and a third later this year) and Florida development with more than 30 commitments.
From a financial health perspective, JACK remains heavily leveraged (net debt to adjusted EBITDA ~5.2x) with total debt around $1.7 billion and negative reported stockholders’ equity of about $702 million, while cash flow from operations was $16.7 million and capex totaled $22.2 million in the quarter. The board approved a dividend of $0.44 per share and the company repurchased ~200k shares ($15 million) in Q2. Management reaffirmed FY2024 guidance: adjusted EBITDA of $325–$330 million, OI per share of $6.25–$6.40, and D&A of $60–$62 million, with Jack in the Box and Del Taco both guiding to flat-to-low single-digit same-store sales for the year. The back-half momentum, favorable commodity dynamics, and ongoing value/innovation cadence offer potential for a smoother trajectory into fiscal year 2025.