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The downside was primarily due to staffing challenges, Omicron-induced headwinds (during final weeks) and lapping of stimulus benefits from the prior-year period. System-wide same-store sales dropped 0.8% year over year against a 20.6% gain reported in the year-ago quarter. Image Source: Zacks Investment Research Concernsĭuring the fiscal second quarter, same-store sales at franchised stores fell 1.1% year over year against 21.3% growth reported in the prior-year quarter.
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Given the menu diversity, price points and positive customer feedback, the company remains flexible and resilient against changing customer behavior. Jack in the Box continues to focus on driving operating excellence across its existing store base by building brand loyalty. The company is also benefiting from menu innovation. In second-quarter fiscal 2022, the company’s more than 10% of overall sales came from digital sales. The company continues to integrate its POS systems with third-party vendors to enhance restaurant operations. It is expanding its mobile application in a few markets that support order-ahead functionality and payment. The company partnered with DoorDash, Postmates, Grubhub and Uber Eats. Given the high demand for this service, the company has undertaken third-party delivery channels to bolster transactions and sales. Jack in the Box is focusing on delivery channels, which is a growing area for the industry. With this integration, the company anticipates realizing run-rate cost synergies of roughly $15 million by 2023-end.
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In the second year, the company expects significant earnings accretion once full synergies are realized. Jack in the Box anticipates the deal to be accretive to earnings per share (excluding transaction expenses) in the mid-single-digit in one year. The company believes that Del Taco’s addition will pave the path for improvement in restaurant margins, store-level profitability and strengthening of capital structure but will also help mitigate macroeconomic headwinds. The acquisition will enable Jack in the Box to tap the robust Mexican QSR category, where Del Taco is a major brand with a track record of steady performance. It is worth mentioning that 99% of the Del Taco restaurants have a drive-thru, which helps it achieve robust off-premise sales. Post the deal, the companies have more than 2,800 restaurants in 25 states with similar guest profiles, menu offerings and company cultures. Del Taco, which has nearly 600 restaurants, serves more than three million guests every week. The move is in sync with its strategy of expanding the customer base. On Mar 8, 2022, the company completed its previously-announced acquisition of Del Taco Restaurants for approximately $585 million. However, dismal franchised comps and high costs are a concern. Nevertheless, JACK has an impressive long-term earnings growth rate of 17%.
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The company’s shares have declined 29.3% in the past six months compared with the industry’s fall of 24.6%.
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( JACK Quick Quote JACK - Free Report) benefits from the Del Taco acquisition, robust delivery channel, menu innovation and other sales-building efforts.