<p>Jack In The Box ((JACK)) 已召开其第一季度财报电话会议。请继续阅读以获取会议的主要亮点。</p>
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<p>Jack in the Box 最近的财报电话会议语气谨慎，平衡了战略进展的早期迹象与明显的运营和财务压力。管理层强调了已完成的 Del Taco 出售、持续的债务减少、新技术和市场营销的收益，但也承认同店销售大幅下降、利润率显著减弱以及高杠杆需要时间和执行纪律来修复。</p>
<h2>Del Taco 出售资金用于提前偿还债务</h2>
<p>Jack in the Box 于 2025 年 12 月 22 日完成了 Del Taco 的剥离，并立即将部分收益用于去杠杆化。公司提前偿还了 1.05 亿美元的 2026 年 8 月债务，剩余总债务为 16 亿美元，并重申计划在其 Jack on Track 计划下再减少 2 亿美元的债务，以开始减轻其沉重的资产负债表负担。</p>
<h2>房地产变现目标降低杠杆</h2>
<p>管理层依靠房地产来削减杠杆，第一季度记录了 1090 万美元的收益，相关收益约为 630 万美元。公司预计到 2026 财年末将产生 5000 万至 6000 万美元的房地产销售收益，并打算将这些资金用于进一步的债务减少，而不是增量支出。</p>
<h2>周年营销激发早期销售势头</h2>
<p>在第一季度表现疲软后，1 月和第二季度初的趋势显示出相较于第一季度的显著改善，管理层提到新季度开始时表现 “好几百个基点” 更佳。第七十五周年的活动，包括 Munchie Meals 和 Jibby 收藏品，推动了更高的平均消费和试用，帮助在调整严重天气影响后提升了收入。</p>
<h2>运营重置和 ‘Jack’s Way’ 计划</h2>
<p>公司正在重组现场支持，并围绕 “Jack’s Way” 对培训和审计进行对齐，以加强运营基础。大约 20 家餐厅的小型刷新测试带来了低个位数的销售提升，Jack in the Box 计划将这些刷新工作扩展到南加州，以改善一致性和顾客体验。</p>
<h2>技术现代化旨在提高效率</h2>
<p>Jack in the Box 于 2025 年底完成了新销售点和后端系统的推广，包括劳动力管理和库存工具。第一季度的资本支出为 2320 万美元，主要与 IT 相关，管理层预计这些平台将在运营商全面采用新系统时支持未来的追加销售机会和利润效率。</p>
<h2>简化战略支持 SG&amp;A 纪律</h2>
<p>公司正在简化其品牌和营销，将媒体关注从三个信息减少到两个，同时精简现场运营。SG&amp;A 降至 3700 万美元，占收入的 10.6%，而去年为 4120 万美元，占 11.1%，得益于 COLI 市场波动和部分抵消通胀成本压力的过渡服务协议收入。</p>
<h2>特许经营经济和关闭带来的好处</h2>
<p>尽管宏观环境较软，许多特许经营商仍然产生约 200 万美元的平均单位销售额。管理层指出，到目前为止的 12 家关闭餐厅为附近的餐厅带来了约 30% 的销售提升，表明一些过剩产能正在被合理化，并将需求集中到更强的地点。</p>
<h2>同店销售大幅下降对业绩造成压力</h2>
<p>第一季度系统范围内的同店销售下降了 6.7%，特许经营单位下降 7.0%，公司自营餐厅下降 4.7%。下降主要是由于交易量减少和不利的销售组合，部分被菜单定价所抵消，突显了价值导向的快餐市场的竞争压力，因为消费者选择降级或减少光顾频率。</p>
<h2>餐厅级利润率承受重大压力</h2>
<p>餐厅级利润率从一年前的 23.2% 压缩至 16.1%，下降约 710 个基点，因为去杠杆化和成本通胀影响了盈利能力。随着销售量承压，固定和半固定成本吸收了更大比例的收入，突显了恢复客流和消费以重建门店盈利的重要性。</p>
<h2>食品和劳动力通胀侵蚀盈利能力</h2>
<p>食品和包装成本上升至销售的 29.7%，同比上升 380 个基点，商品通胀在第一季度约为 7.1%，牛肉价格上涨了两位数。劳动力成本上升至销售的 35.3%，增加了 200 个基点，芝加哥市场面临特别压力，而租金和其他运营成本又增加了 120 个基点的利润压力。</p>
<h2>盈利和调整后 EBITDA 大幅下降</h2>
<p>销售和利润率的疲软导致盈利能力显著下降，合并调整后 EBITDA 从一年前的 8880 万美元降至 6820 万美元。持续经营的收益降至 1440 万美元，而去年为 3100 万美元，持续经营的 GAAP 稀释每股收益降至 0.75 美元，调整后的运营每股收益从 1.86 美元降至 1.00 美元。</p>
<h2>高杠杆和再融资压力</h2>
<p>截至季度末，净债务与调整后 EBITDA 的比率为 6.5 倍（不包括 Del Taco），反映出即使在最近的提前偿还后，资产负债表仍然高度杠杆化。管理层正在评估即将到期的再融资选项，并可能在未来几个月进入市场，使公司面临当前的信贷条件和利率水平。</p>
<h2>净单位收缩影响特许经营收入</h2>
<p>第一季度系统规模缩小，六家餐厅开业被 14 家关闭所抵消，导致净单位数量小幅下降。这一较小的规模导致租金和特许权使用费收入下降，使特许经营层面的利润降至 8410 万美元，占特许经营收入的 38.6%，而去年同期为 9710 万美元，占 40.9%。</p>
<h2>一次性费用推高运营开支</h2>
<p>本季度其他运营费用净额为 810 万美元，其中包括代理争夺战费用和与税收退款和解相关的专业费用。这些费用仅部分被房地产销售收益抵消，持续经营的有效税率从一年前的 30.0% 上升至 32.4%，进一步压缩了净收益。</p>
<h2>指引强调修复与逐步恢复</h2>
<p>管理层重申了 2025 年 11 月的指引，强调尽管第一季度困难，仍专注于资产负债表修复和稳定的收入增长。公司预计全年商品通胀将保持在中低个位数，预计牛肉成本压力将从第一季度的高峰回落，计划到 2026 年额外偿还约 2 亿美元债务，并获得 5000 万至 6000 万美元的房地产收益，同时继续评估即将到期债务的再融资选项。</p>
<p>Jack in the Box 的电话会议描绘了一个正在进行的转型，但尚未在数字上体现，市场营销、运营和技术的努力仍处于初期阶段。投资者将密切关注早期第二季度趋势的改善、持续的成本控制和积极的去杠杆是否能够抵消顽固的通胀和高杠杆，并最终恢复系统的增长和利润强度。</p>

JACK

<p>Jack in the Box 举行了第一季度财报电话会议，强调在运营和财务压力下的谨慎展望。主要要点包括完成 Del Taco 的出售，这为提前偿还债务提供了资金，以及通过房地产变现降低杠杆的持续努力。尽管同店销售下降了 6.7%，且利润率显著压缩，但管理层指出，周年营销和运营重置带来了早期的销售动能。调整后的 EBITDA 降至 6820 万美元，持续经营的收益降至 1440 万美元。公司旨在通过技术现代化和简化战略来提高效率</p>

<p>Jack In The Box ((JACK)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Jack In The Box ((JACK)) 已召开其第一季度财报电话会议。请继续阅读以获取会议的主要亮点。</p>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>Jack in the Box’s latest earnings call struck a cautious tone, balancing early signs of strategic progress with clear operational and financial pressure. Management highlighted the completed Del Taco sale, ongoing debt reduction, new technology, and marketing gains, yet acknowledged steep same-store sales declines, sharply weaker margins, and elevated leverage that will take time and execution discipline to repair.</p>
<div class="lb-trans"><p>Jack in the Box 最近的财报电话会议语气谨慎，平衡了战略进展的早期迹象与明显的运营和财务压力。管理层强调了已完成的 Del Taco 出售、持续的债务减少、新技术和市场营销的收益，但也承认同店销售大幅下降、利润率显著减弱以及高杠杆需要时间和执行纪律来修复。</p>
</div><h2>Del Taco Sale Funds Early Debt Paydown</h2>
<div class="lb-trans"><h2>Del Taco 出售资金用于提前偿还债务</h2>
</div><p>Jack in the Box closed the Del Taco divestiture on December 22, 2025 and immediately applied part of the proceeds to deleveraging. The company prepaid $105 million on its August 2026 debt tranche, leaving total debt at $1.6 billion, and reaffirmed plans to reduce debt by an additional $200 million under its Jack on Track initiative to begin easing its heavy balance‑sheet burden.</p>
<div class="lb-trans"><p>Jack in the Box 于 2025 年 12 月 22 日完成了 Del Taco 的剥离，并立即将部分收益用于去杠杆化。公司提前偿还了 1.05 亿美元的 2026 年 8 月债务，剩余总债务为 16 亿美元，并重申计划在其 Jack on Track 计划下再减少 2 亿美元的债务，以开始减轻其沉重的资产负债表负担。</p>
</div><h2>Real Estate Monetization Targets Lower Leverage</h2>
<div class="lb-trans"><h2>房地产变现目标降低杠杆</h2>
</div><p>Management is leaning on real estate to chip away at leverage, booking $10.9 million of proceeds in Q1 with roughly $6.3 million of associated gains. The company expects to generate $50 million to $60 million in real estate sale proceeds by the end of fiscal 2026 and intends to channel these funds into further debt reduction rather than incremental spending.</p>
<div class="lb-trans"><p>管理层依靠房地产来削减杠杆，第一季度记录了 1090 万美元的收益，相关收益约为 630 万美元。公司预计到 2026 财年末将产生 5000 万至 6000 万美元的房地产销售收益，并打算将这些资金用于进一步的债务减少，而不是增量支出。</p>
</div><h2>Anniversary Marketing Sparks Early Sales Momentum</h2>
<div class="lb-trans"><h2>周年营销激发早期销售势头</h2>
</div><p>After a soft first quarter, January and early Q2 trends showed a notable improvement versus Q1, with management citing a “couple hundred basis points” better performance as the new quarter began. Seventy‑fifth anniversary activations, including Munchie Meals and the Jibby collectible, drove higher average checks and trial, helping the top line when adjusted for severe weather impacts.</p>
<div class="lb-trans"><p>在第一季度表现疲软后，1 月和第二季度初的趋势显示出相较于第一季度的显著改善，管理层提到新季度开始时表现 “好几百个基点” 更佳。第七十五周年的活动，包括 Munchie Meals 和 Jibby 收藏品，推动了更高的平均消费和试用，帮助在调整严重天气影响后提升了收入。</p>
</div><h2>Operational Reset and ‘Jack’s Way’ Initiatives</h2>
<div class="lb-trans"><h2>运营重置和 ‘Jack’s Way’ 计划</h2>
</div><p>The company is restructuring field support and aligning training and audits around “Jack’s Way” to reinforce operational basics. Mini refresh tests in roughly 20 restaurants delivered low single‑digit sales lifts, and Jack in the Box plans to expand these refresh efforts into Southern California to improve consistency and guest experience.</p>
<div class="lb-trans"><p>公司正在重组现场支持，并围绕 “Jack’s Way” 对培训和审计进行对齐，以加强运营基础。大约 20 家餐厅的小型刷新测试带来了低个位数的销售提升，Jack in the Box 计划将这些刷新工作扩展到南加州，以改善一致性和顾客体验。</p>
</div><h2>Technology Modernization Aims at Efficiency</h2>
<div class="lb-trans"><h2>技术现代化旨在提高效率</h2>
</div><p>Jack in the Box completed the rollout of new point‑of‑sale and back‑of‑house systems, including labor management and inventory tools, late in 2025. First‑quarter capital expenditures were $23.2 million, largely tied to IT, and management expects these platforms to support future upselling opportunities and margin efficiencies as operators fully adopt the new systems.</p>
<div class="lb-trans"><p>Jack in the Box 于 2025 年底完成了新销售点和后端系统的推广，包括劳动力管理和库存工具。第一季度的资本支出为 2320 万美元，主要与 IT 相关，管理层预计这些平台将在运营商全面采用新系统时支持未来的追加销售机会和利润效率。</p>
</div><h2>Simplification Strategy Supports SG&amp;A Discipline</h2>
<div class="lb-trans"><h2>简化战略支持 SG&amp;A 纪律</h2>
</div><p>The company is simplifying both its brands and marketing, cutting its media focus from three messages to two while streamlining operations in the field. SG&amp;A fell to $37.0 million, or 10.6% of revenues, from $41.2 million, or 11.1% a year ago, helped by COLI market fluctuations and transition‑service agreement income that partially offset inflationary cost pressure.</p>
<div class="lb-trans"><p>公司正在简化其品牌和营销，将媒体关注从三个信息减少到两个，同时精简现场运营。SG&amp;A 降至 3700 万美元，占收入的 10.6%，而去年为 4120 万美元，占 11.1%，得益于 COLI 市场波动和部分抵消通胀成本压力的过渡服务协议收入。</p>
</div><h2>Franchise Economics and Benefits from Closures</h2>
<div class="lb-trans"><h2>特许经营经济和关闭带来的好处</h2>
</div><p>Many franchisees continue to generate average unit volumes around $2.0 million despite the softer macro backdrop. Management noted that 12 closures so far have produced roughly a 30% sales lift for nearby restaurants, suggesting some excess capacity is being rationalized and consolidating demand into stronger locations.</p>
<div class="lb-trans"><p>尽管宏观环境较软，许多特许经营商仍然产生约 200 万美元的平均单位销售额。管理层指出，到目前为止的 12 家关闭餐厅为附近的餐厅带来了约 30% 的销售提升，表明一些过剩产能正在被合理化，并将需求集中到更强的地点。</p>
</div><h2>Sharp Same-Store Sales Decline Weighs on Results</h2>
<div class="lb-trans"><h2>同店销售大幅下降对业绩造成压力</h2>
</div><p>Systemwide same‑store sales dropped 6.7% in Q1, with franchise units down 7.0% and company‑owned restaurants down 4.7%. The decline was driven primarily by lower transactions and an unfavorable sales mix, partially offset by menu pricing, underscoring the competitive pressure in value‑oriented quick service as consumers trade down or visit less often.</p>
<div class="lb-trans"><p>第一季度系统范围内的同店销售下降了 6.7%，特许经营单位下降 7.0%，公司自营餐厅下降 4.7%。下降主要是由于交易量减少和不利的销售组合，部分被菜单定价所抵消，突显了价值导向的快餐市场的竞争压力，因为消费者选择降级或减少光顾频率。</p>
</div><h2>Restaurant-Level Margins Under Significant Pressure</h2>
<div class="lb-trans"><h2>餐厅级利润率承受重大压力</h2>
</div><p>Restaurant‑level margin compressed to 16.1% from 23.2% a year earlier, a deterioration of about 710 basis points as deleveraging and cost inflation hit profitability. With sales volumes under pressure, fixed and semi‑fixed costs absorbed a larger share of revenue, highlighting the importance of recovering traffic and check to rebuild store‑level earnings.</p>
<div class="lb-trans"><p>餐厅级利润率从一年前的 23.2% 压缩至 16.1%，下降约 710 个基点，因为去杠杆化和成本通胀影响了盈利能力。随着销售量承压，固定和半固定成本吸收了更大比例的收入，突显了恢复客流和消费以重建门店盈利的重要性。</p>
</div><h2>Food and Labor Inflation Erode Profitability</h2>
<div class="lb-trans"><h2>食品和劳动力通胀侵蚀盈利能力</h2>
</div><p>Food and packaging costs rose to 29.7% of sales, up 380 basis points year over year, with commodity inflation running about 7.1% in Q1 and beef prices up by double digits. Labor expenses climbed to 35.3% of sales, an increase of 200 basis points, with particular pressure in the Chicago market, while occupancy and other operating costs added another 120 basis points of margin drag.</p>
<div class="lb-trans"><p>食品和包装成本上升至销售的 29.7%，同比上升 380 个基点，商品通胀在第一季度约为 7.1%，牛肉价格上涨了两位数。劳动力成本上升至销售的 35.3%，增加了 200 个基点，芝加哥市场面临特别压力，而租金和其他运营成本又增加了 120 个基点的利润压力。</p>
</div><h2>Earnings and Adjusted EBITDA Decline Meaningfully</h2>
<div class="lb-trans"><h2>盈利和调整后 EBITDA 大幅下降</h2>
</div><p>The weaker sales and margin profile translated into materially lower profitability, with consolidated adjusted EBITDA falling to $68.2 million from $88.8 million a year ago. Earnings from continuing operations dropped to $14.4 million versus $31.0 million, while GAAP diluted EPS from continuing operations fell to $0.75 and adjusted operating EPS declined to $1.00 from $1.86.</p>
<div class="lb-trans"><p>销售和利润率的疲软导致盈利能力显著下降，合并调整后 EBITDA 从一年前的 8880 万美元降至 6820 万美元。持续经营的收益降至 1440 万美元，而去年为 3100 万美元，持续经营的 GAAP 稀释每股收益降至 0.75 美元，调整后的运营每股收益从 1.86 美元降至 1.00 美元。</p>
</div><h2>High Leverage and Refinancing Overhang</h2>
<div class="lb-trans"><h2>高杠杆和再融资压力</h2>
</div><p>Net debt to adjusted EBITDA stood at 6.5 times at quarter end, excluding Del Taco, reflecting a still‑levered balance sheet even after the recent prepayment. Management is evaluating refinancing options for upcoming maturities and may tap the market in coming months, leaving the company exposed to prevailing credit conditions and interest rate levels.</p>
<div class="lb-trans"><p>截至季度末，净债务与调整后 EBITDA 的比率为 6.5 倍（不包括 Del Taco），反映出即使在最近的提前偿还后，资产负债表仍然高度杠杆化。管理层正在评估即将到期的再融资选项，并可能在未来几个月进入市场，使公司面临当前的信贷条件和利率水平。</p>
</div><h2>Net Unit Contraction Hits Franchise Revenue</h2>
<div class="lb-trans"><h2>净单位收缩影响特许经营收入</h2>
</div><p>The system shrank in Q1, with six restaurant openings offset by 14 closures, resulting in a modest net unit decline. This smaller footprint contributed to lower rent and royalty streams and pushed franchise‑level margin down to $84.1 million, or 38.6% of franchise revenues, from $97.1 million, or 40.9%, in the prior‑year period.</p>
<div class="lb-trans"><p>第一季度系统规模缩小，六家餐厅开业被 14 家关闭所抵消，导致净单位数量小幅下降。这一较小的规模导致租金和特许权使用费收入下降，使特许经营层面的利润降至 8410 万美元，占特许经营收入的 38.6%，而去年同期为 9710 万美元，占 40.9%。</p>
</div><h2>One-Time Costs Inflate Operating Expenses</h2>
<div class="lb-trans"><h2>一次性费用推高运营开支</h2>
</div><p>Other operating expenses, net, totaled $8.1 million in the quarter and included proxy contest costs and professional fees tied to a tax refund settlement. These items were only partially offset by gains on real estate sales, and the effective tax rate on continuing operations rose to 32.4% from 30.0% a year ago, further pressuring net earnings.</p>
<div class="lb-trans"><p>本季度其他运营费用净额为 810 万美元，其中包括代理争夺战费用和与税收退款和解相关的专业费用。这些费用仅部分被房地产销售收益抵消，持续经营的有效税率从一年前的 30.0% 上升至 32.4%，进一步压缩了净收益。</p>
</div><h2>Guidance Emphasizes Repair and Gradual Recovery</h2>
<div class="lb-trans"><h2>指引强调修复与逐步恢复</h2>
</div><p>Management reiterated its November 2025 guidance, stressing a focus on balance‑sheet repair and steady top‑line improvement despite a difficult first quarter. The company expects full‑year commodity inflation to stay in the mid‑single digits, sees beef cost pressure moderating from Q1 peaks, plans roughly $200 million of additional debt paydown and $50 million to $60 million of real estate proceeds by 2026, and continues to evaluate refinancing options for its upcoming debt tranches.</p>
<div class="lb-trans"><p>管理层重申了 2025 年 11 月的指引，强调尽管第一季度困难，仍专注于资产负债表修复和稳定的收入增长。公司预计全年商品通胀将保持在中低个位数，预计牛肉成本压力将从第一季度的高峰回落，计划到 2026 年额外偿还约 2 亿美元债务，并获得 5000 万至 6000 万美元的房地产收益，同时继续评估即将到期债务的再融资选项。</p>
</div><p>Jack in the Box’s call painted a picture of a turnaround in motion but not yet reflected in the numbers, with marketing, operations, and technology efforts still in their early innings. Investors will be watching closely to see if improving early‑Q2 trends, ongoing cost discipline, and aggressive deleveraging can offset stubborn inflation and elevated leverage and eventually restore growth and margin strength across the system.</p>
<div class="lb-trans"><p>Jack in the Box 的电话会议描绘了一个正在进行的转型，但尚未在数字上体现，市场营销、运营和技术的努力仍处于初期阶段。投资者将密切关注早期第二季度趋势的改善、持续的成本控制和积极的去杠杆是否能够抵消顽固的通胀和高杠杆，并最终恢复系统的增长和利润强度。</p>
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Jack In the Box 财报电话会议重点强调推动业务转型