Jack in the Box Inc. ( JACK Quick Quote JACK - Free Report) opened its very first drive-thru only restaurant in Salt Lake City, UT, marking its second opening in the city’s metro area in summer 2023. The new Ogden-based restaurant features Jack in the Box’s CRAVED (cultural, relevant, authentic, visible, easy and distinctive) image which includes a new color package, signage, and imagery. The location comprises a drive-thru and walk-up window for ordering and pickup, along with a dedicated parking for mobile and third-party delivery orders. After JACK’s record-breaking full-first-month sales on its debut in the Salt Lake City, which is also its first new market entry in more than a decade, this new opening was considered. The drive-thru location also aligns with the company’s new market expansion initiative. Image Source: Zacks Investment Research
Shares of JACK have gained 6.2% in this year so far, outperforming the Zacks
Retail - Restaurants industry’s 3.8% growth. CRAVED Image – Driving Force of JACK
Jack in the Box is focusing on its efforts to grow sales and accelerate transactions with the CRAVED marketing strategy. During the third quarter of 2023, the company opened six restaurants, which incorporates CRAVED image, two in Texas, two in California, one in Arizona, and the first in Salt Lake City. The Salt Lake City opening's first month sales were 66% higher than the previous new market record at Jack.
Under this marketing strategy, the company expects to open three stores in fiscal 2023 and six stores in fiscal 2024 in Salt Lake City. Furthermore, it expects additional CRAVED image restaurants to open in the future, including another new market entry in Louisville, KY. JACK continues its focus on recruiting and training its team members, while maximizing the key marketing phases of operating success, such as creating brand awareness in the market, restaurant launch and sustaining its guest base. These factors are set to maintain its growth momentum in the upcoming period. Zacks Rank
Jack in the Box currently carries a Zacks Rank #3 (Hold).
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