News Column

Jack in the Box Inc. Reports Third Quarter FY 2014 Earnings; Updates Guidance for FY 2014; Declares Quarterly Cash Dividend

August 6, 2014

SAN DIEGO--(BUSINESS WIRE)-- Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $26.1 million, or $0.64 per diluted share, for the third quarter ended July 6, 2014, compared with earnings from continuing operations of $17.3 million, or $0.38 per diluted share, for the third quarter of fiscal 2013.

Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising, were $0.65 in the third quarter of fiscal 2014 compared with $0.41 in the prior year quarter.

A reconciliation of non-GAAP measurements to GAAP results is provided below, with additional information included in the attachment to this release. Figures may not add due to rounding.

  12 Weeks Ended   40 Weeks Ended
July 6,

2014
  July 7,

2013
July 6,

2014
  July 7,

2013
Diluted earnings per share from

continuing operations – GAAP

$

0.64

 

$

0.38

$

1.82

 

$

1.30

Restructuring charges 0.01 - 0.13 0.02
(Gains)/losses from refranchising   -     0.02   (0.03 )     0.05
Operating earnings per share – Non-GAAP $ 0.65   $ 0.41 $ 1.91     $ 1.37


Lenny Comma, chairman and chief executive officer, said, “Third quarter operating earnings per share increased 59 percent, driven by another quarter of better than expected same-store sales growth at Qdoba Mexican Grill®, solid same-store sales growth at Jack in the Box®, margin expansion, lower overhead, and a nearly 10 percent reduction in our diluted share count as we continued to use our growing free cash flow to return cash to shareholders.”

Increase (decrease) in same-store sales:

 

12 Weeks Ended

July 6, 2014

 

12 Weeks Ended

July 7, 2013

 

40 Weeks Ended

July 6, 2014

 

40 Weeks Ended

July 7, 2013

Jack in the Box®:      
Company 2.4% 1.2% 1.8% 1.4%
Franchise 2.4% (0.3%) 1.7% 0.6%
System 2.4%

0.1%

1.7% 0.8%
Qdoba®:
Company 7.2% 0.5% 5.2% 0.3%
Franchise 7.7% 2.1% 5.6% 0.6%
System 7.5% 1.3% 5.4% 0.4%


“Jack in the Box company same-store sales increased 2.4 percent for the quarter, in line with our expectations,” Comma said. “The increase was driven primarily by growth in our breakfast and late-night dayparts.”

Jack in the Box system same-store sales growth for the quarter exceeded that of the QSR sandwich segment by 2.4 percentage points for the comparable period, according to The NPD Group’s SalesTrack® Weekly for the 12-week time period ended July 6, 2014. Included in this segment are 16 of the top QSR sandwich and burger chains in the country.

“Qdoba’s same-store sales in the third quarter increased 7.2 percent for company restaurants and 7.5 percent system-wide, our second consecutive quarter of growth in the 7 percent range. The top-line momentum continued with the Mango Mojo campaign, which followed our very successful Queso Bliss event in the prior quarter. In addition, the performance of our Qdoba company restaurants reflected less discounting, as well as double-digit growth in catering sales,” Comma concluded.

Consolidated restaurant operating margin increased by 120 basis points to 19.1 percent of sales in the third quarter of 2014, compared with 17.9 percent of sales in the year-ago quarter. Restaurant operating margin for Jack in the Box restaurants increased 150 basis points to 18.4 percent of sales. The improvement was due primarily to lower food and packaging costs and the benefit of refranchising, which were partially offset by higher utility costs. The decrease in food and packaging costs as a percentage of sales resulted from the benefit of price increases and favorable product mix changes, which were partially offset by commodity inflation of approximately 2.6 percent in the quarter. Restaurant operating margin for Qdoba restaurants was 20.6 percent of sales, equal to the prior year. The benefits of sales leverage and less discounting at Qdoba were offset by commodity inflation of approximately 2.6 percent, and higher incentive compensation for restaurant managers, utilities, maintenance and repairs, credit card fees and beverage equipment rental costs.

SG&A expense for the third quarter decreased by $4.7 million and was 13.6 percent of revenues as compared to 14.9 percent in the prior year quarter. The decrease reflects a $4.0 million reduction in pension expense and a $1.0 million decrease in advertising costs resulting from the Jack in the Box refranchising strategy. In addition, mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $2.8 million in the third quarter of 2014 as compared to a negative impact of $0.2 million in the third quarter of 2013, resulting in a year-over-year decrease in SG&A of $3.0 million. These decreases were partially offset by a $1.6 million increase in incentive and share-based compensation and a $1.1 million increase in advertising costs at Qdoba due to the timing of marketing activities.

The company is continuing its efforts to improve its cost structure and identify opportunities to reduce G&A as well as improve restaurant profitability across both brands. Total restructuring charges recorded during the third quarter of 2014 were $0.6 million relating primarily to severance costs, or approximately $0.01 per diluted share, as compared to $0.1 million during the third quarter of 2013. These charges are included in “Impairment and other charges, net” in the accompanying condensed consolidated statements of operations.

Gains on the sale of company-operated restaurants during the third quarter of fiscal 2014 include additional proceeds received as a result of the extension of underlying franchise and lease agreements for previously refranchised Jack in the Box restaurants of $0.3 million which were offset by a loss of $0.3 million related to the expected sale of one Jack in the Box market in the Southeast for which the company has received a signed letter of intent. This compares to a loss of $1.5 million, or approximately $0.02 per diluted share, in the prior year quarter.

In the third quarter of 2013, following the completion of the company’s previously disclosed review of market performance for its Qdoba brand, 62 company-operated Qdoba restaurants were closed, and the results of operations, impairment charges, lease obligations and other exit costs for these restaurants are included in discontinued operations in the accompanying consolidated statements of operations for all periods presented. Discontinued operations for the third quarter of fiscal 2014 include after-tax charges related to the Qdoba restaurant closures of approximately $0.03 per diluted share, as compared to $0.50 per diluted share for the third quarter of fiscal 2013. In addition, discontinued operations for both quarters included approximately $0.01 per diluted share related to the outsourcing of the company’s distribution business which was completed in fiscal 2013.

Capital Allocation

The company repurchased approximately 1,270,000 shares of its common stock in the third quarter of 2014 at an average price of $59.04 per share for an aggregate cost of $75.0 million. Year-to-date through the third quarter, the company repurchased approximately 4,948,000 shares at an average price of $55.98 per share, for an aggregate cost of $277.0 million. This leaves $59.7 million remaining under a $200 million stock-buyback program authorized by the company’s Board of Directors in February 2014 that expires in November 2015. In July 2014, the company’s Board of Directors authorized an additional $100 million stock-buyback program that also expires in November 2015.

The company also announced today that on July 31, 2014, its Board of Directors declared a quarterly cash dividend of $0.20 per share on the company’s common stock. The dividend is payable on September 2, 2014, to shareholders of record at the close of business on August 18, 2014.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the fourth quarter and fiscal year ending September 28, 2014. Fiscal 2014 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.

Fourth quarter fiscal year 2014 guidance

  • Same-store sales are expected to increase approximately 1.5 to 2.5 percent at Jack in the Box company restaurants versus a 0.2 percent decrease in the year-ago quarter.
  • Same-store sales are expected to increase approximately 5.0 to 6.0 percent at Qdoba company restaurants versus a 1.3 percent increase in the year-ago quarter.

    Fiscal year 2014 guidance

  • Same-store sales are expected to increase approximately 1.5 to 2.0 percent at Jack in the Box company restaurants.
  • Same-store sales are now expected to increase approximately 5.0 to 5.5 percent at Qdoba company restaurants.
  • Overall commodity costs are expected to increase by approximately 1.5 to 2.0 percent for the full year.
  • Restaurant operating margin for the full year, which reflects an approximate 20 basis points impact from the July 2014 minimum wage increase in California, is expected to be approximately 18.0 to 18.5 percent, depending on same-store sales and commodity inflation.
  • SG&A as a percentage of revenue is expected to be approximately 13.5 to 14.0 percent as compared to 14.8 percent in fiscal 2013. G&A as a percentage of system-wide sales is expected to decline to approximately 3.8 percent in fiscal 2014 from 4.3 percent in fiscal 2013.
  • Impairment and other charges as a percentage of revenue are expected to be approximately 60 basis points, excluding restructuring charges.
  • Approximately 15 new Jack in the Box restaurants are expected to open system-wide.
  • Approximately 40 to 45 new Qdoba restaurants are expected to open, of which approximately 15 to 17 are expected to be company locations.
  • Capital expenditures are expected to be approximately $70 million.
  • The tax rate is expected to be approximately 35.5 to 36.5 percent.
  • Operating earnings per share, which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising, are now expected to range from $2.38 to $2.45 in fiscal 2014 as compared to operating earnings per share of $1.82 in fiscal 2013.

    Conference call

    The company will host a conference call for financial analysts and investors on Thursday, August 7, 2014, beginning at 8:30 a.m. PT (11:30 a.m. ET). The conference call will be broadcast live over the Internet via the Jack in the Box Inc. corporate website. To access the live call through the Internet, log onto the Investors section of the Jack in the Box Inc. website at http://investors.jackinthebox.com at least 15 minutes prior to the event in order to download and install any necessary audio software. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days, beginning at approximately 11:30 a.m. PT on August 7.

    About Jack in the Box Inc.

    Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,250 restaurants in 21 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill®, a leader in fast-casual dining, with more than 600 restaurants in 47 states, the District of Columbia and Canada. For more information on Jack in the Box and Qdoba, including franchising opportunities, visit www.jackinthebox.com or www.qdoba.com.



    Safe harbor statement

    This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to substantial risks and uncertainties. A variety of factors could cause the company’s actual results to differ materially from those expressed in the forward-looking statements, including the following: the success of new products and marketing initiatives; the impact of competition, unemployment, trends in consumer spending patterns and commodity costs; the company’s ability to achieve and manage its planned growth, which is affected by the availability of a sufficient number of suitable new restaurant sites, the performance of new restaurants, and risks relating to expansion into new markets; and stock market volatility. These and other factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission which are available online at http://investors.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.

    JACK IN THE BOX INC. AND SUBSIDIARIES

    RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS

    (Unaudited)

    Operating earnings per share, a non-GAAP measure, is defined by the company as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising. Management believes this non-GAAP financial measure provides important supplemental information to assist investors in analyzing the performance of the company’s core business. In addition, the company uses operating earnings per share in establishing performance goals for purposes of executive compensation. The company encourages investors to rely upon its GAAP numbers but includes this non-GAAP financial measure as a supplemental metric to assist investors. This non-GAAP financial measure should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, this non-GAAP financial measure used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

    Below is a reconciliation of non-GAAP operating earnings per share to the most directly comparable GAAP measure, diluted earnings per share from continuing operations. Figures may not add due to rounding.

      12 Weeks Ended   40 Weeks Ended
    July 6,

    2014
      July 7,

    2013
    July 6,

    2014
      July 7,

    2013
    Diluted earnings per share from

    continuing operations – GAAP

    $

    0.64

     

    $

    0.38

    $

    1.82

     

    $

    1.30

    Restructuring charges 0.01 - 0.13 0.02
    (Gains)/losses from refranchising   -     0.02   (0.03 )     0.05
    Operating earnings per share – Non-GAAP $ 0.65   $ 0.41 $ 1.91     $ 1.37
     


    JACK IN THE BOX INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
        Quarter     Year-to-Date
    July 6,     July 7,July 6,     July 7,
    2014201320142013
    Revenues:
    Company restaurant sales $ 264,398 $ 270,863 $ 861,000 $ 888,565
    Franchise revenues   84,094     79,466     278,444     263,321  
      348,492     350,329     1,139,444     1,151,886  
    Operating costs and expenses, net:
    Company restaurant costs:
    Food and packaging 84,459 88,712 274,119 289,259
    Payroll and employee benefits 71,733 74,242 237,165 250,006
    Occupancy and other   57,671     59,360     189,378     195,372  
    Total company restaurant costs 213,863 222,314 700,662 734,637
    Franchise costs 42,563 40,116 140,070 132,265
    Selling, general and administrative expenses 47,422 52,078 155,238 171,246
    Impairment and other charges, net 1,668 3,428 12,633 9,053
    (Gains) losses on the sale of company-operated restaurants   (24 )   1,509     (2,242 )   3,179  
      305,492     319,445     1,006,361     1,050,380  
    Earnings from operations 43,000 30,884 133,083 101,506
    Interest expense, net   3,535     3,270     12,388     12,061  
    Earnings from continuing operations and before income taxes 39,465 27,614 120,695 89,445
    Income taxes   13,338     10,318     43,294     30,954  
    Earnings from continuing operations 26,127 17,296 77,401 58,491
    Losses from discontinued operations, net of income tax benefit   (1,424 )   (22,952 )   (4,611 )   (30,167 )
    Net earnings (losses) $ 24,703   $ (5,656 ) $ 72,790   $ 28,324  
     
    Net earnings (losses) per share - basic:
    Earnings from continuing operations $ 0.66 $ 0.40 $ 1.87 $ 1.35
    Losses from discontinued operations   (0.04 )   (0.52 )   (0.11 )   (0.69 )
    Net earnings (losses) per share (1) $ 0.62   $ (0.13 ) $ 1.76   $ 0.65  
    Net earnings (losses) per share - diluted:
    Earnings from continuing operations $ 0.64 $ 0.38 $ 1.82 $ 1.30
    Losses from discontinued operations   (0.03 )   (0.51 )   (0.11 )   (0.67 )
    Net earnings (losses) per share (1) $ 0.61   $ (0.12 ) $ 1.71   $ 0.63  
     
    Weighted-average shares outstanding:
    Basic 39,692 43,772 41,320 43,435
    Diluted 40,787 45,247 42,605 44,978
     
    Cash dividends declared per common share $ 0.20 $ - $ 0.20 $ -
     
    (1) Earnings per share may not add due to rounding
     


     
    JACK IN THE BOX INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data)
    (Unaudited)
          July 6,       September 29,
    20142013
    ASSETS
    Current assets:
    Cash and cash equivalents $ 9,892 $ 9,644
    Accounts and other receivables, net 75,720 41,749
    Inventories 7,697 7,181
    Prepaid expenses 54,669 19,970
    Deferred income taxes 31,008 26,685
    Assets held for sale 3,490 11,875
    Other current assets   1,925     108  
    Total current assets   184,401     117,212  
    Property and equipment, at cost 1,506,372 1,516,913
    Less accumulated depreciation and amortization   (781,730 )   (746,054 )
    Property and equipment, net   724,642     770,859  
    Intangible assets, net 15,805 16,390
    Goodwill 149,110 148,988
    Other assets, net   228,531     265,760  
    $ 1,302,489   $ 1,319,209  
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Current liabilities:
    Current maturities of long-term debt $ 10,860 $ 20,889
    Accounts payable 24,646 36,899
    Accrued liabilities   156,791     153,886  
    Total current liabilities   192,297     211,674  
    Long-term debt, net of current maturities 524,160 349,393
    Other long-term liabilities 272,591 286,124
    Stockholders’ equity:
    Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued
    Common stock $0.01 par value, 175,000,000 shares authorized, 79,904,208 and 78,515,171 issued, respectively 799 785
    Capital in excess of par value 347,328 296,764
    Retained earnings 1,236,609 1,171,823
    Accumulated other comprehensive loss (59,572 ) (62,662 )
    Treasury stock, at cost, 40,874,642 and 35,926,269 shares, respectively   (1,211,723 )   (934,692 )
    Total stockholders’ equity   313,441     472,018  
    $ 1,302,489   $ 1,319,209  
     


    JACK IN THE BOX INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Dollars in thousands)
    (Unaudited)
          Year-to-Date
    July 6,       July 7,
    20142013
    Cash flows from operating activities:
    Net earnings $ 72,790 $ 28,324
    Adjustments to reconcile net earnings to net cash provided by operating activities:
    Depreciation and amortization 70,585 74,870
    Deferred finance cost amortization 1,677 1,764
    Deferred income taxes 6,951 2,523
    Share-based compensation expense 8,128 10,049
    Pension and postretirement expense 10,585 23,959
    Gains on cash surrender value of company-owned life insurance (8,312 ) (5,209 )
    (Gains) losses on the sale of company-operated restaurants (2,242 ) 3,179
    Losses on the disposition of property and equipment 2,353 2,525
    Impairment charges and other 7,241 28,237
    Loss on early retirement of debt 789 939
    Changes in assets and liabilities, excluding acquisitions and dispositions:
    Accounts and other receivables (9,376 ) 33,776
    Inventories (516 ) 26,393
    Prepaid expenses and other current assets (36,514 ) (24,091 )
    Accounts payable (3,035 ) (27,857 )
    Accrued liabilities 16,615 7,196
    Pension and postretirement contributions (14,107 ) (13,168 )
    Other   (9,689 )   (6,121 )
    Cash flows provided by operating activities   113,923     167,288  
    Cash flows from investing activities:
    Purchases of property and equipment (43,825 ) (57,971 )
    Purchases of assets intended for sale and leaseback (19 ) (25,198 )
    Proceeds from the sale of assets 5,698 36,553
    Proceeds from the sale of company-operated restaurants 8,199 8,415
    Collections on notes receivable 2,555 5,837
    Acquisitions of franchise-operated restaurants (1,750 ) (11,014 )
    Other   2,838     4,054  
    Cash flows used in investing activities   (26,304 )   (39,324 )
    Cash flows from financing activities:
    Borrowings on revolving credit facilities 618,000 554,000
    Repayments of borrowings on revolving credit facilities (460,000 ) (619,000 )
    Proceeds from issuance of debt 200,000 200,000
    Principal repayments on debt (193,262 ) (175,783 )
    Debt issuance costs (3,607 ) (4,392 )
    Dividends paid on common stock (7,990 )
    Proceeds from issuance of common stock 27,069 48,000
    Repurchases of common stock (284,258 ) (92,152 )
    Excess tax benefits from share-based compensation arrangements 15,167 1,261
    Change in book overdraft   1,507     (38,584 )
    Cash flows used in financing activities   (87,374 )   (126,650 )
    Effect of exchange rate changes on cash and cash equivalents   3      
    Net increase in cash and cash equivalents 248 1,314
    Cash and cash equivalents at beginning of period   9,644     8,469  
    Cash and cash equivalents at end of period $ 9,892   $ 9,783  
     


    JACK IN THE BOX INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    (Unaudited)
     
    The following table presents certain income and expense items included in our consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding.
     
    CONSOLIDATED STATEMENTS OF OPERATIONS DATA
          Quarter       Year-to-Date
    July 6,       July 7,July 6,       July 7,
    2014201320142013
    Revenues:
    Company restaurant sales 75.9 % 77.3 % 75.6 % 77.1 %
    Franchise revenues 24.1 % 22.7 % 24.4 % 22.9 %
    Total revenues 100.0 % 100.0 % 100.0 % 100.0 %
    Operating costs and expenses, net:
    Company restaurant costs:
    Food and packaging (1) 31.9 % 32.8 % 31.8 % 32.6 %
    Payroll and employee benefits (1) 27.1 % 27.4 % 27.5 % 28.1 %
    Occupancy and other (1) 21.8 % 21.9 % 22.0 % 22.0 %
    Total company restaurant costs (1) 80.9 % 82.1 % 81.4 % 82.7 %
    Franchise costs (1) 50.6 % 50.5 % 50.3 % 50.2 %
    Selling, general and administrative expenses 13.6 % 14.9 % 13.6 % 14.9 %
    Impairment and other charges, net 0.5 % 1.0 % 1.1 % 0.8 %
    (Gains) losses on the sale of company-operated restaurants % 0.4 % (0.2 )% 0.3 %
    Earnings from operations 12.3 % 8.8 % 11.7 % 8.8 %
    Income tax rate (2) 33.8 % 37.4 % 35.9 % 34.6 %
     
    (1) As a percentage of the related sales and/or revenues.
    (2) As a percentage of earnings from continuing operations and before income taxes.
     
     
    The following table presents Jack in the Box and Qdoba company restaurant sales, costs and costs as a percentage of the related sales. Percentages may not add due to rounding.
     
    SUPPLEMENTAL COMPANY-OPERATED RESTAURANTS STATEMENTS OF OPERATIONS DATA
    (Dollars in thousands)
        Quarter     Year-to-Date
    July 6, 2014     July 7, 2013July 6, 2014     July 7, 2013
    Jack in the Box:                
    Company restaurant sales $ 180,129 $ 197,239 $ 605,206 $ 667,854
    Company restaurant costs:
    Food and packaging 58,909 32.7 % 66,552 33.7 % 197,419 32.6 % 222,545 33.3 %
    Payroll and employee benefits 49,860 27.7 % 55,019 27.9 % 168,313 27.8 % 190,129 28.5 %
    Occupancy and other   38,147 21.2 %   42,258 21.4 %   125,965 20.8 %   141,267 21.2 %
    Total company restaurant costs $ 146,916 81.6 % $ 163,829 83.1 % $ 491,697 81.2 % $ 553,941 82.9 %
    Qdoba:
    Company restaurant sales $ 84,269 $ 73,624 $ 255,794 $ 220,711
    Company restaurant costs:
    Food and packaging 25,550 30.3 % 22,160 30.1 % 76,700 30.0 % 66,714 30.2 %
    Payroll and employee benefits 21,873 26.0 % 19,223 26.1 % 68,852 26.9 % 59,877 27.1 %
    Occupancy and other   19,524 23.2 %   17,102 23.2 %   63,413 24.8 %   54,105 24.5 %
    Total company restaurant costs $ 66,947 79.4 % $ 58,485 79.4 % $ 208,965 81.7 % $ 180,696 81.9 %
     


    JACK IN THE BOX INC. AND SUBSIDIARIES
    SUPPLEMENTAL INFORMATION
    (Unaudited)
     
    The following table summarizes the changes in the number and mix of Jack in the Box and Qdoba company and franchise restaurants in each fiscal year:
     
        July 6, 2014     July 7, 2013
    Company     Franchise     TotalCompany     Franchise     Total
    Jack in the Box:
    Beginning of year 465 1,786 2,251 547 1,703 2,250

    New

    10 10 4 11 15
    Refranchised (14 ) 14 (22 ) 22
    Acquired from franchisees 4 (4 ) 1 (1 )
    Closed   (9 ) (9 ) (4 ) (6 ) (10 )
    End of period 455   1,797   2,252   526   1,729   2,255  
    % of JIB system 20 % 80 % 100 % 23 % 77 % 100 %

    % of consolidated system

    60 % 85 % 78 % 65 % 85 % 79 %
    Qdoba:
    Beginning of year 296 319 615 316 311 627
    New 13 17 30 19 24 43
    Acquired from franchisees 12 (12 )
    Closed (1 ) (12 ) (13 ) (63 ) (15 ) (78 )
    End of period 308   324   632   284   308   592  
    % of Qdoba system 49 % 51 % 100 % 48 % 52 % 100 %
    % of consolidated system 40 % 15 % 22 % 35 % 15 % 21 %
    Consolidated:            
    Total system 763   2,121   2,884   810   2,037   2,847  
    % of consolidated system 26 % 74 % 100 % 28 % 72 % 100 %





    Jack in the Box Inc.

    Investor Contact:

    Carol DiRaimo, (858) 571-2407

    or

    Media Contact:

    Brian Luscomb, (858) 571-2291

    Source: Jack in the Box Inc.


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