Alright, so Jack in the Box, the boss of Del Taco, had a pretty awesome 2023. The big shots, CEO Darin Harris and CFO Brian Scott, spilled the beans at the ICR Conference 2024 in Orlando about what’s cooking for the future.
Jack in the Box : Major Growth Moves:
According to Harris, 2023 was the year of big growth for both Jack in the Box and Del Taco. After a dry spell of five years, they finally scored some new restaurants. It’s a big deal and sets the stage for even more awesomeness.
Jack in the Box Restaurant Giants:
Together, Jack in the Box and Del Taco own almost 2,800 spots and raked in nearly $6 billion in sales. Harris shared that by the end of 2023, Jack in the Box had 2,186 restaurants, and Del Taco had 592. That’s a lot of places to grab some grub!
Jack in the Box Getting Franchised and Lighter:
One cool change they’re gunning for is becoming more franchised and light on the assets. Harris spilled that they flipped 111 Del Taco joints in the fiscal year. They grabbed Del Taco in 2022 and are already making moves, going from 50% franchise-owned to a whopping 70%.
Big Plans for 2024:
To back up their growth dreams and franchising goals, Jack in the Box is throwing more money into the ring in 2024. Scott spilled the details, like $30 million for new company restaurants, $15 million to give existing spots a facelift in the CRAVE style, $35 million for digital upgrades, $20 million for maintenance, and $15 million for a special Del Taco makeover and Jack in the Box incentives.
Bright Future for Both Hangouts:
Harris stressed that they see tons of chances for growth down the line. They’re hustling to make sure Jack in the Box and Del Taco keep bringing joy to kids and families everywhere.
The Lowdown on Franchise Ownership:
Franchising means more peeps in more places can own and run Jack in the Box and Del Taco joints. It’s like having a big fam of restaurant owners, all working together to make sure everyone gets their fill of tasty eats and top-notch service.
More Company Restaurants in the Mix:
Part of the 2024 game plan is to pop up with eight to ten new company restaurants. Translation: they’re building new joints for families to roll up and enjoy some tasty bites from Jack in the Box. It’s like adding new cribs to their massive restaurant family.
Jack In The Box Sprucing Up for a Fresh Vibe:
Another rad move is dropping $15 million to give existing company-owned spots a makeover. They want to give these places a fresh new look in the CRAVE style, making them even more chill for families to kick back and have a blast.
Tech Magic for Faster Feasting:
Jack in the Box’s is also throwing $35 million into digital wizardry, like new point-of-sale systems and other restaurant tech. This digital magic is all about making food orders quicker and easier, so families spend less time waiting and more time chowing down.
Taking Care of Business:
Aside from all the growth hype, the company is setting aside $20 million for maintenance and other essential stuff. This shows they’re all about keeping their joints clean, safe, and ready to serve families with a grin.
Backing Up the Franchise Crew:
Last but not least, Jack in the Box’s is throwing $15 million at a special program to help remodel Del Taco franchises and give incentives to Jack in the Box’s franchise owners. This support makes sure all the restaurant owners, big and small, feel the love and are amped up to make their spots the absolute best.
With big plans, a focus on growth, and a commitment to making their joints better, Jack in the Box’s and Del Taco are gearing up for a rad 2024. Families can expect more mouthwatering meals, stylish hangout spots, and even speedier service, making these go-to spots for kids and adults alike.