Jack in the Box Inc. Reports Third Quarter FY 2013 Earnings; Updates Guidance for FY 2013

SAN DIEGO - August 7, 2013 - (BUSINESS WIRE) - Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $17.3 million, or $0.38 per diluted share, for the third quarter ended July 7, 2013, compared with earnings from continuing operations of $12.6 million, or $0.28 per diluted share, for the third quarter of fiscal 2012.

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 $0.41 per share in the third quarter of fiscal 2013 compared with $0.39 per share 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 7,   July 8,   July 7,   July 8,
    2013     2012     2013     2012  

Diluted earnings per share from continuing operations – GAAP

 

$

0.38

 

$

0.28

   

$

1.30

 

$

1.09

 
Restructuring charges     -     0.16       0.02     0.19  
(Gains)/losses from refranchising     0.02     (0.05 )     0.05     (0.28 )
Operating earnings per share – Non-GAAP   $ 0.41   $ 0.39     $ 1.37   $ 1.00  

In June 2013, following the completion of its previously disclosed review of market performance for its Qdoba Mexican Grill® brand, the company announced plans to close 67 of its company-operated Qdoba restaurants. In the third quarter of 2013, 62 of these 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 condensed consolidated statements of operations for all periods presented. Three of the restaurants were sold to an existing franchisee in the fourth quarter, and the remaining two restaurants are expected to close when their leases expire prior to the end of the calendar year. The results of operations and impairment charges related to these five restaurants have been included in continuing operations.

Discontinued operations for the third quarter of fiscal 2013 include pre-tax charges related to the Qdoba restaurant closures of approximately $36.7 million, including approximately $22.7 million in non-cash impairment charges and approximately $11.4 million in charges related to future lease obligations, net of reversals for deferred rent and tenant improvement allowances, and other exit costs including employee severance. In addition, the pre-tax loss from operations relating to these restaurants was approximately $2.6 million in the third quarter of fiscal 2013 and $8.8 million in the year-to-date 2013 period, or approximately $0.04 and $0.12 per diluted share, respectively.

Discontinued operations also include charges related to the previously announced outsourcing of the company’s distribution business which was completed in the first quarter of fiscal 2013. As a result of the outsourcing, the company recorded a pre-tax charge of $0.6 million in the third quarter and $6.0 million in the year-to-date 2013 period, which reduced year-to-date diluted net earnings per share by approximately $0.08.

Losses on the sale of company-operated restaurants in the third quarter of fiscal 2013 totaled $1.5 million, or approximately $0.02 per diluted share, compared with a gain from refranchising of $3.7 million, or approximately $0.05 per diluted share, in the prior year quarter. The 2013 amount includes a pre-tax loss of $1.1 million related to the sale of three Qdoba restaurants that was completed in the fourth quarter, as well as a loss relating to 18 Jack in the Box® restaurants that were refranchised during the third quarter.

The company is continuing its efforts to lower its cost structure and identify opportunities to reduce G&A as well as improve restaurant profitability across both brands. As a result, restructuring charges of $0.1 million were recorded during the third quarter of 2013 as compared to $11.3 million, or approximately $0.16 per diluted share in the prior year quarter. These charges are included in “impairment and other charges, net” in the accompanying condensed consolidated statements of operations. The company expects to incur additional restructuring charges relating to this review.

Increase (decrease) in same-store sales:

 
    12 Weeks Ended   12 Weeks Ended  

40 Weeks Ended

 

40 Weeks Ended

   

July 7, 2013

 

July 8, 2012

 

July 7, 2013

 

July 8, 2012

Jack in the Box®:                
Company   1.2%   3.4%   1.4%   4.9%
Franchise   (0.3%)   2.6%   0.6%   3.0%
System   0.1%   2.8%   0.8%   3.5%
Qdoba®:                
Company   0.5%   3.8%   0.3%   3.9%
Franchise   2.1%   0.9%   0.6%   2.5%
System   1.3%   2.2%   0.4%   3.1%

Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box company same-store sales increased 1.2 percent for the quarter exceeding that of the QSR sandwich segment by 1.0 percentage point for the comparable period, with system-wide same-store sales growth just slightly below the segment, according to The NPD Group’s SalesTrack® Weekly for the 12-week time period ended July 7th, 2013. Included in this segment are 15 of the top QSR sandwich and burger chain competitors.

“Qdoba same-store sales in the third quarter increased 0.5 percent for company restaurants and 1.3 percent system-wide, showing sequential improvement from our second quarter weather-impacted results,” Lang said.

Consolidated restaurant operating margin improved by 40 basis points to 17.9 percent of sales in the third quarter of 2013, compared with 17.5 percent of sales in the year-ago quarter.

Restaurant operating margin increased 110 basis points to 16.9 percent of sales for Jack in the Box. The improvement was due primarily to leverage from same-store sales increases and the benefit of refranchising, which was partially offset by higher food and packaging costs. The increase in food and packaging costs as a percentage of sales resulted from commodity inflation of approximately 3.0 percent which was partially offset by the benefit of price increases.

Restaurant operating margin decreased 270 basis points to 20.6% of sales for Qdoba, due primarily to sales deleverage as compared to last year, product mix changes, commodity inflation of approximately 1.9 percent and increased staffing levels.

SG&A expense for the third quarter was essentially flat as compared to the prior year quarter. The benefit of the company’s restructuring activities, lower advertising and overhead costs resulting from the Jack in the Box refranchising strategy, and decreases in pre-opening costs and incentive compensation were partially offset by higher share-based compensation and pension costs, and increased advertising at Qdoba.

The tax rate for the third quarter of 2013 was 37.4 percent versus 34.9 percent for the third quarter of 2012. The tax rate in the third quarter of fiscal 2013 was affected by discontinued operations relating to the Qdoba closures.

The company repurchased approximately 1,366,000 shares of its common stock in the third quarter at an average price of $37.20 per share for an aggregate cost of $50.8 million. Year-to-date through the third quarter, the company has repurchased approximately 2,773,000 shares at an average price of $33.24 per share for an aggregate cost of $92.2 million. This leaves $84.7 million remaining under a $100 million stock-buyback program authorized by the company’s board of directors that expires in November 2014. In August 2013, the company’s board of directors authorized an additional $100 million stock-buyback program that expires in November 2015.

Restaurant openings

Three new Jack in the Box restaurants opened in the third quarter of fiscal 2013, including 2 franchised locations, compared with 7 new restaurants opened system-wide during the same quarter last year, of which 2 were franchised.

In the third quarter, 11 Qdoba restaurants opened, including 4 franchised locations, versus 11 new restaurants in the year-ago quarter, of which 5 were franchised.

At July 7, 2013, the company’s system total comprised 2,255 Jack in the Box restaurants, including 1,729 franchised locations, and 592 Qdoba restaurants, including 308 franchised locations.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the fourth quarter and fiscal year ending September 29, 2013. Fiscal 2013 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 2013 guidance

  • Same-store sales are expected to be slightly positive at Jack in the Box company restaurants versus a 3.1 percent increase in the year-ago quarter.
  • Same-store sales are expected to increase approximately 1 percent at Qdoba company restaurants versus a 1.1 percent increase in the year-ago quarter.

Fiscal year 2013 guidance

  • Same-store sales are expected to increase approximately 1 percent at Jack in the Box company restaurants.
  • Same-store sales are expected to be approximately flat to up 1 percent at Qdoba company restaurants.
  • Overall commodity costs are expected to increase by approximately 2 percent for the full year.
  • Restaurant operating margin for the full year is expected to be approximately 17.0 to 17.5 percent, depending on same-store sales and commodity inflation.
  • SG&A as a percentage of revenue is expected to be approximately 15 percent as compared to 14.9% in fiscal 2012. G&A as a percentage of system-wide sales is expected to decline to approximately 4.3% in fiscal 2013 from 4.5% in fiscal 2012.
  • Impairment and other charges as a percentage of revenue are expected to be approximately 70 basis points, excluding restructuring charges.
  • The company no longer provides guidance with respect to refranchising gains or proceeds.
  • Approximately 20 new Jack in the Box restaurants are expected to open, including approximately 6 company locations.
  • 65 to 70 new Qdoba restaurants are expected to open, of which approximately 35 are expected to be company locations.
  • Capital expenditures are expected to be $90 to $95 million.
  • The tax rate is expected to be approximately 35 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 from refranchising, are now expected to range from $1.72 to $1.78 in fiscal 2013 as compared to operating earnings per share of $1.31 in fiscal 2012. The increase in the company’s guidance for operating earnings per share is due primarily to the Qdoba closures.
  • Diluted earnings per share includes approximately $0.03 of incentive payments to Jack in the Box franchisees in fiscal 2013 to complete the installation of new signage as compared to $0.11 in fiscal 2012 to complete the re-image program.
  • Diluted weighted-average shares outstanding for the full year are expected to be approximately the same as last year.

Conference call

The company will host a conference call for financial analysts and investors on Thursday, August 8, 2013, 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 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 8.

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 2,200 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 approximately 600 restaurants in 45 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 7,   July 8,   July 7,   July 8,
    2013     2012     2013     2012  

Diluted earnings per share from continuing operations – GAAP

 

$

0.38

 

$

0.28

   

$

1.30

 

$

1.09

 
Restructuring charges     -     0.16       0.02     0.19  
(Gains)/losses from refranchising     0.02     (0.05 )     0.05     (0.28 )
Operating earnings per share – Non-GAAP   $ 0.41   $ 0.39     $ 1.37   $ 1.00  
                             
                             

 

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
    Quarter   Year-to-Date
    July 7,

2013

  July 8,

2012

  July 7,

2013

  July 8,

2012

Revenues:                
Company restaurant sales   $ 270,863     $ 276,447     $ 888,565     $ 913,292  
Franchise revenues     79,466       77,605       263,321       247,105  
      350,329       354,052       1,151,886       1,160,397  
Operating costs and expenses, net:                
Company restaurant costs:                
Food and packaging     88,712       89,456       289,259       301,067  
Payroll and employee benefits     74,242       78,055       250,006       262,670  
Occupancy and other     59,360       60,691       195,372       203,679  
Total company restaurant costs     222,314       228,202       734,637       767,416  
Franchise costs     40,116       38,604       132,265       126,459  
Selling, general and administrative expenses     52,078       52,090       171,246       171,195  
Impairment and other charges, net     3,428       15,161       9,053       24,556  
Losses (gains) on the sale of company-operated restaurants     1,509       (3,733 )     3,179       (18,933 )
      319,445       330,324       1,050,380       1,070,693  
Earnings from operations     30,884       23,728       101,506       89,704  
Interest expense, net     3,270       4,371       12,061       14,962  
Earnings from continuing operations and before income taxes     27,614       19,357       89,445       74,742  
Income taxes     10,318       6,753       30,954       25,854  
Earnings from continuing operations     17,296       12,604       58,491       48,888  
Losses from discontinued operations, net of income tax benefit     (22,952 )     (1,012 )     (30,167 )     (3,714 )
Net earnings (losses)   $ (5,656 )   $ 11,592     $ 28,324     $ 45,174  
                 
Net earnings (losses) per share - basic:                
Earnings from continuing operations   $ 0.40     $ 0.29     $ 1.35     $ 1.11  
Losses from discontinued operations     (0.52 )     (0.02 )     (0.69 )     (0.08 )
Net earnings (losses) per share (1)   $ (0.13 )   $ 0.26     $ 0.65     $ 1.03  
Net earnings (losses) per share - diluted:                
Earnings from continuing operations   $ 0.38     $ 0.28     $ 1.30     $ 1.09  
Losses from discontinued operations     (0.51 )     (0.02 )     (0.67 )     (0.08 )
Net earnings (losses) per share (1)   $ (0.12 )   $ 0.26     $ 0.63     $ 1.01  
                 
Weighted-average shares outstanding:                
Basic     43,772       44,156       43,435       43,975  
Diluted     45,247       45,153       44,978       44,892  
                 
(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 7,

2013

  September 30,

2012

ASSETS        
Current assets:        
Cash and cash equivalents   $ 9,783     $ 8,469  
Accounts and other receivables, net     41,972       78,798  
Inventories     8,203       7,752  
Prepaid expenses     56,816       32,821  
Deferred income taxes     26,931       26,932  
Assets held for sale     31,253       45,443  
Assets of discontinued operations held for sale           30,591  
Other current assets     471       375  
Total current assets     175,429       231,181  
Property and equipment, at cost     1,489,407       1,529,650  
Less accumulated depreciation and amortization     (726,552 )     (708,858 )
Property and equipment, net     762,855       820,792  
Goodwill     148,632       140,622  
Other assets, net     273,502       271,130  
    $ 1,360,418     $ 1,463,725  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Current maturities of long-term debt   $ 20,931     $ 15,952  
Accounts payable     26,594       94,713  
Accrued liabilities     169,792       164,637  
Total current liabilities     217,317       275,302  
Long-term debt, net of current maturities     359,514       405,276  
Other long-term liabilities     366,356       371,202  
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, 77,991,876 and 75,827,894 issued, respectively

    780       758  
Capital in excess of par value     280,600       221,100  
Retained earnings     1,148,995       1,120,671  
Accumulated other comprehensive loss     (126,421 )     (136,013 )
Treasury stock, at cost, 34,728,194 and 31,955,606 shares, respectively     (886,723 )     (794,571 )

Total stockholders’ equity

    417,231       411,945  
    $ 1,360,418     $ 1,463,725  
                 
                 

 

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
         
    Year-to-Date
    July 7,

2013

July 8,

2012

Cash flows from operating activities:        
Net earnings   $ 28,324     $ 45,174  
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization     74,870       74,210  
Deferred finance cost amortization     1,764       2,068  
Deferred income taxes     2,523       (2,314 )
Share-based compensation expense     10,049       5,001  
Pension and postretirement expense     23,959       26,853  
Gains on cash surrender value of company-owned life insurance     (5,209 )     (8,781 )
Losses (gains) on the sale of company-operated restaurants     3,179       (18,933 )
Losses on the disposition of property and equipment     2,525       3,762  
Impairment charges and other     28,237       2,765  
Loss on early retirement of debt     939        
Changes in assets and liabilities, excluding acquisitions and dispositions:      
Accounts and other receivables     33,776       (2,891 )
Inventories     26,393       1,934  
Prepaid expenses and other current assets     (24,091 )     (12,346 )
Accounts payable     (27,857 )     (5,395 )
Accrued liabilities     7,196       13,210  
Pension and postretirement contributions     (13,168 )     (9,998 )
Other     (6,121 )     (2,737 )
Cash flows provided by operating activities     167,288       111,582  
Cash flows from investing activities:        
Purchases of property and equipment     (57,971 )     (56,205 )
Purchases of assets intended for sale and leaseback     (25,198 )     (31,565 )
Proceeds from sale and leaseback of assets     36,553       18,457  
Proceeds from the sale of company-operated restaurants     8,415       29,253  
Collections on notes receivable     5,837       10,198  
Disbursements for loans to franchisees           (3,976 )
Acquisitions of franchise-operated restaurants     (11,014 )     (48,262 )
Other     4,054       315  
Cash flows used in investing activities     (39,324 )     (81,785 )
Cash flows from financing activities:        
Borrowings on revolving credit facilities     554,000       444,380  
Repayments of borrowings on revolving credit facilities     (619,000 )     (445,104 )
Proceeds from issuance of debt     200,000        
Principal repayments on debt     (175,783 )     (15,933 )
Debt issuance costs     (4,392 )     (741 )
Proceeds from issuance of common stock     48,000       7,096  
Repurchases of common stock     (92,152 )     (6,901 )
Excess tax benefits from share-based compensation arrangements     1,261       525  
Change in book overdraft     (38,584 )     (13,728 )
Cash flows used in financing activities     (126,650 )     (30,406 )
Net increase (decrease) in cash and cash equivalents     1,314       (609 )
Cash and cash equivalents at beginning of period     8,469       11,424  
Cash and cash equivalents at end of period   $ 9,783     $ 10,815  
                 
                 

 

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 7,

2013

  July 8,

2012

  July 7,

2013

  July 8,

2012

Revenues:                
Company restaurant sales   77.3 %   78.1 %   77.1 %   78.7 %
Franchise revenues   22.7 %   21.9 %   22.9 %   21.3 %
Total revenues   100.0 %   100.0 %   100.0 %   100.0 %
Operating costs and expenses, net:                
Company restaurant costs:                
Food and packaging (1)   32.8 %   32.4 %   32.6 %   33.0 %
Payroll and employee benefits (1)   27.4 %   28.2 %   28.1 %   28.8 %
Occupancy and other (1)   21.9 %   22.0 %   22.0 %   22.3 %
Total company restaurant costs (1)   82.1 %   82.5 %   82.7 %   84.0 %
Franchise costs (1)   50.5 %   49.7 %   50.2 %   51.2 %
Selling, general and administrative expenses   14.9 %   14.7 %   14.9 %   14.8 %
Impairment and other charges, net   1.0 %   4.3 %   0.8 %   2.1 %

Losses (gains) on the sale of company-operated restaurants

  0.4 %   (1.1 )%   0.3 %   (1.6 )%
Earnings from operations   8.8 %   6.7 %   8.8 %   7.7 %
Income tax rate (2)   37.4 %   34.9 %   34.6 %   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 7, 2013   July 8, 2012   July 7, 2013   July 8, 2012
Jack in the Box:                                
Company restaurant sales   $ 197,239       $ 214,679       $ 667,854       $ 736,860    
Company restaurant costs:                                
Food and packaging     66,552   33.7 %     71,582   33.3 %     222,545   33.3 %     249,681   33.9 %
Payroll and employee benefits     55,019   27.9 %     62,772   29.2 %     190,129   28.5 %     216,470   29.4 %
Occupancy and other     42,258   21.4 %     46,442   21.6 %     141,267   21.2 %     160,632   21.8 %
Total company restaurant costs   $ 163,829   83.1 %   $ 180,796   84.2 %   $ 553,941   82.9 %   $ 626,783   85.1 %
Qdoba:                                
Company restaurant sales   $ 73,624       $ 61,768       $ 220,711       $ 176,432    
Company restaurant costs:                                
Food and packaging     22,160   30.1 %     17,874   28.9 %     66,714   30.2 %     51,386   29.1 %
Payroll and employee benefits     19,223   26.1 %     15,283   24.7 %     59,877   27.1 %     46,200   26.2 %
Occupancy and other     17,102   23.2 %     14,249   23.1 %     54,105   24.5 %     43,047   24.4 %
Total company restaurant costs   $ 58,485   79.4 %   $ 47,406   76.7 %   $ 180,696   81.9 %   $ 140,633   79.7 %
                                                 
                                                 

 

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 7, 2013   July 8, 2012
    Company   Franchise   Total   Company   Franchise   Total
Jack in the Box:                        
Beginning of year   547     1,703     2,250     629     1,592     2,221  
New   4     11     15     14     16     30  
Refranchised   (22 )   22         (55 )   55      
Acquired from franchisees   1     (1 )                
Closed   (4 )   (6 )   (10 )   (2 )   (2 )   (4 )
End of period   526     1,729     2,255     586     1,661     2,247  
% of Jack in the Box system   23 %   77 %   100 %   26 %   74 %   100 %
% of consolidated system   65 %   85 %   79 %   66 %   84 %   79 %
Qdoba:                        
Beginning of year   316     311     627     245     338     583  
New   19     24     43     14     20     34  
Acquired from franchisees   12     (12 )       45     (45 )    
Closed   (63 )   (15 )   (78 )       (3 )   (3 )
End of period   284     308     592     304     310     614  
% of Qdoba system   48 %   52 %   100 %   50 %   50 %   100 %
% of consolidated system   35 %   15 %   21 %   34 %   16 %   21 %
Consolidated:                        
Total system   810     2,037     2,847     890     1,971     2,861  
% of consolidated system   28 %   72 %   100 %   31 %   69 %   100 %

Contacts:

Jack in the Box Inc.

Investor
Carol DiRaimo
858-571-2407

Media
Brian Luscomb
858-571-2291

 

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