Shares of fast-food chain Jack in the Box (NASDAQ:JACK) soared on Thursday, rising as much as 21.6%. As of 3:05 EDT, however, the stock was up 19.2%.
The stock's gain follows a business update from the fast-food company after market close on Wednesday, showing preliminary results that may have been better than some investors were expecting in light of the weak economic environment.
The company said total same-store sales for its fiscal second quarter, which ended on April 12, are estimated to have declined 4.2% year over year. On average, analysts were expecting same-store sales in Jack in the Box's fiscal second quarter to decline 9.4%.
For the seven-week period ending March 8 (the period before consumers began sheltering at home), same-store sales were up 5.2% year over year.
The company also importantly said that more than 99% of its restaurants remain open during the COVID-19 pandemic.
Looking ahead, the company opted to withdraw its 2020 guidance, citing the "unprecedented adverse impact of the COVID-19 pandemic on business results..." This is a common move for many companies during this time as businesses cope with uncertainty.