San Diego Business Journal:
Jack in the Box reported a net profit of $24.2 million for its first quarter ended Jan. 17, compared to a net profit of $28 million in the like quarter of 2009, the company said Feb. 17.
Total revenue for the quarter was $681.3 million compared to $776.7 million in the prior year’s first quarter.
Same-store sales declined 11 percent compared to a year earlier when they increased 1.7 percent. CEO Linda Lang said sales were impacted by high unemployment rates among its key customer segment, younger men.
Jack in the Box said it expects same-store sales to drop another 8 to 10 percent in the second quarter, and decline from 5 to 8 percent over the full fiscal year. It also expects to increase its chain from 45 to 50 new restaurants.