Jack in the Box Inc. Reports Fourth Quarter FY 2013 Earnings; Issues Guidance for FY 2014; Updates Long-term Goals

SAN DIEGO - November 20, 2013  - (BUSINESS WIRE) - Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $24.1 million, or $0.54 per diluted share, for the fourth quarter ended September 29, 2013, compared with earnings from continuing operations of $19.2 million, or $0.42 per diluted share, for the fourth quarter of fiscal 2012.

Fiscal 2013 earnings from continuing operations totaled $82.6 million, or $1.84 per diluted share, compared with $68.1 million, or $1.52 per diluted share in 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 $0.45 in the fourth quarter of fiscal 2013 compared with $0.31 in the prior year quarter. For fiscal year 2013, operating earnings per share were $1.82 compared with $1.31 last year.

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   52 Weeks Ended
    Sept. 29,
2013
  Sept. 30,
2012
  Sept. 29,
2013
  Sept. 30,
2012
Diluted earnings per share from
continuing operations – GAAP
 

$

0.54

   

$

0.42

   

$

1.84

   

$

1.52

 
Restructuring charges     0.03       0.04       0.05       0.23  
Gains from refranchising     (0.13 )     (0.16 )     (0.07 )     (0.44 )
Operating earnings per share – Non-GAAP   $ 0.45     $ 0.31     $ 1.82     $ 1.31  
                                 

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 consolidated statements of earnings for all periods presented. Of the remaining five restaurants closing, three were sold to an existing franchisee in the fourth quarter, one closed in the fourth quarter when its lease expired, and the final restaurant will close when its lease expires 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 fourth quarter and fiscal 2013 include after-tax charges related to the Qdoba restaurant closures of approximately $0.02 and $0.61 per diluted share, respectively, as compared to $0.03 and $0.11 for the fourth quarter and fiscal 2012, 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 after-tax charges which reduced diluted net earnings per share by approximately $0.01 in the fourth quarter of 2013, $0.09 in fiscal 2013, and $0.12 in both the fourth quarter and fiscal 2012. These charges and the results of operations for the distribution business are included in discontinued operations in the accompanying consolidated statements of earnings for all periods presented.

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. As a result, restructuring charges of $2.2 million, or approximately $0.03 per diluted share, were recorded during the fourth quarter of 2013 as compared to $2.7 million, or approximately $0.04 per diluted share, during the fourth quarter of 2012. For fiscal year 2013, restructuring charges totaled $3.5 million, or approximately $0.05 per diluted share, as compared to $15.5 million, or approximately $0.23 per diluted share, during fiscal 2012. These charges are included in “Impairment and other charges, net” in the accompanying consolidated statements of earnings.

Gains from refranchising were $7.8 million in the fourth quarter, or approximately $0.13 per diluted share, compared with $10.2 million, or approximately $0.16 per diluted share, in the prior year quarter. For fiscal year 2013, gains from refranchising contributed approximately $0.07 per diluted share as compared with approximately $0.44 for fiscal year 2012.

Increase (decrease) in same-store sales:

      12 Weeks Ended Sept. 29, 2013       12 Weeks Ended Sept. 30, 2012       52 Weeks Ended Sept. 29, 2013       52 Weeks Ended Sept. 30, 2012
Jack in the Box®:                          
  Company   (0.2%)       3.1%       1.0%       4.6%
  Franchise   (1.7%)       3.0%       0.1%       3.0%
  System   (1.4%)       3.1%       0.3%       3.4%
Qdoba®:                            
  Company   1.3%       1.2%       0.5%       3.2%
  Franchise   2.8%       0.0%       1.1%       1.9%
  System   2.0%       0.5%       0.8%       2.5%
                                

Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box company same-store sales decreased 0.2 percent for the quarter. After a slow start, however, sales accelerated and were positive for each of the last six weeks of the quarter. We are pleased that same-store sales have strengthened even further in the first seven weeks of the current quarter. Qdoba same-store sales in the fourth quarter increased 1.3 percent for company restaurants and 2.0 percent system-wide, showing sequential improvement from our third quarter results.

“We refranchised 78 Jack in the Box restaurants in fiscal 2013, including 56 in the fourth quarter. Our system is now approximately 79 percent franchised, and we’re near our goal of franchise ownership in the 80 to 85 percent range.”

Consolidated restaurant operating margin decreased by 10 basis points to 16.1 percent of sales in the fourth quarter of 2013, compared with 16.2 percent of sales in the year-ago quarter. Restaurant operating margin for Jack in the Box restaurants increased 80 basis points to 15.7 percent of sales. The improvement was due primarily to the benefit of refranchising, which was partially offset by higher food and packaging costs and sales deleverage as compared to last year. The increase in food and packaging costs as a percentage of sales resulted from commodity inflation of approximately 4.6 percent, which was partially offset by the benefit of price increases. Restaurant operating margin for Qdoba restaurants decreased 310 basis points to 17.2 percent of sales, due primarily to increased rent and staffing levels related to new restaurant openings, higher credit card fees, product mix changes, and commodity inflation of approximately 1.5 percent.

SG&A expense for the fourth quarter decreased by $4.3 million and was 14.6 percent of revenues as compared to 15.4 percent in the prior year quarter. The benefit of the company’s restructuring activities, lower overhead costs resulting from the Jack in the Box refranchising strategy, and decreases in pre-opening costs and incentive and share-based compensation were partially offset by higher pension costs and a legal judgment that negatively impacted SG&A by approximately $1.0 million in the fourth quarter of 2013. Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $2.0 million in the fourth quarters of both 2013 and 2012.

The tax rate for the fourth quarter of 2013 was 28.0 percent versus 29.4 percent for the fourth quarter of 2012, and 32.8 percent in fiscal 2013 as compared to 33.2 percent in fiscal 2012. The tax rate for fiscal 2013 was lower than the company’s most recent guidance due primarily to the market performance of insurance investment products used to fund certain non-qualified retirement plans. Changes in the cash value of the insurance products are not deductible or taxable.

The company repurchased approximately 1,198,000 shares of its common stock in the fourth quarter of 2013 at an average price of $40.04 per share for an aggregate cost of $48.0 million. During fiscal year 2013, the company repurchased approximately 3,971,000 shares at an average price of $35.29 per share, for an aggregate cost of $140.1 million. This leaves $36.8 million remaining under a $100 million stock-buyback program that expires in November 2014, and an additional $100 million remaining under a stock-buyback program that expires in November 2015, both of which were previously authorized by the company’s board of directors.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the first quarter ending January 19, 2014, and the 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.

First 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 2.1 percent increase in the year-ago quarter.
  • Same-store sales are expected to increase approximately 1.5 to 2.5 percent at Qdoba company restaurants versus a 1.7 percent increase in the year-ago 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.
  • Same-store sales are expected to increase approximately 2.0 to 3.0 percent at Qdoba company restaurants.
  • Overall commodity costs are expected to increase by approximately 1 percent for the full year, with higher inflation in the first quarter.
  • 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 17.7 to 18.1 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 70 basis points, excluding restructuring charges.
  • Approximately 10 new Jack in the Box restaurants are expected to open, including approximately 3 company locations.
  • 60 to 70 new Qdoba restaurants are expected to open, of which approximately half are expected to be company locations.
  • Capital expenditures are expected to be $80 to $90 million.
  • The tax rate is expected to be approximately 37 to 38 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 expected to range from $2.15 to $2.30 in fiscal 2014 as compared to operating earnings per share of $1.82 in fiscal 2013.

Long-term goals (2015 to 2017)

The company today updated its long-term goals for fiscal 2015 to 2017. The company expects:

  • Same-store sales growth of 2 to 3 percent annually at Jack in the Box company restaurants and 3 to 4 percent annually at Qdoba company restaurants.
  • Restaurant operating margin of 18.5 to 19.5 percent.
  • G&A of 3.5 to 4.0 percent of consolidated system-wide sales.
  • Jack in the Box system new unit growth of approximately 1 to 2 percent per year.
  • Qdoba company new unit growth of approximately 40 to 70 restaurants per year and franchise unit growth of 30 to 40 restaurants per year.

Conference Call

The company will host a conference call for financial analysts and investors on Thursday, November 21, 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 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 November 21.

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 over 600 restaurants in 46 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       52 Weeks Ended
  Sept. 29,
2013
Sept. 30,
2012
      Sept. 29,
2013
Sept. 30,
2012
Diluted earnings per share from
continuing operations – GAAP

$0.54

$0.42

     

$1.84

$1.52

Restructuring charges 0.03 0.04       0.05 0.23
Gains from refranchising (0.13) (0.16)       (0.07) (0.44)
Operating earnings per share – Non-GAAP $0.45 $0.31       $1.82 $1.31
               

 


JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
 
 
    Quarter     Year-to-Date
    September 29,

2013

  September 30,

2012

    September 29,

2013

  September 30,

2012

Revenues:                  
Company restaurant sales   $ 255,215     $ 270,190       $ 1,143,780     $

1,183,483

 
Franchise revenues    

82,766

      78,707         346,087       325,812  
      337,981       348,897         1,489,867      

1,509,295

 
Operating costs and expenses, net:                  
Company restaurant costs:                  
Food and packaging     83,426       88,168         372,685       389,235  
Payroll and employee benefits     70,378       75,539         320,384       338,210  
Occupancy and other     60,215       62,760         255,586       266,440  
Total company restaurant costs     214,019       226,467         948,655       993,885  
Franchise costs     41,303       39,619         173,567       166,078  
Selling, general and administrative expenses     49,394       53,657         220,641       224,852  
Impairment and other charges, net     4,385       8,254         13,439       32,809  
Gains on the sale of company-operated restaurants     (7,819 )     (10,212 )       (4,640 )     (29,145 )
      301,282       317,785         1,351,662       1,388,479  
Earnings from operations     36,699       31,112         138,205      

120,816

 
Interest expense, net     3,190       3,912         15,251      

18,874

 
Earnings from continuing operations and before income taxes     33,509       27,200         122,954       101,942  
Income taxes     9,392       7,984         40,346       33,838  
Earnings from continuing operations     24,117       19,216         82,608       68,104  
Losses from discontinued operations, net of income tax benefit     (1,289 )     (6,739 )       (31,456 )    

(10,453

)
Net earnings   $ 22,828     $ 12,477       $ 51,152     $

57,651

 
                   
Net earnings per share - basic:                  
Earnings from continuing operations   $ 0.56     $ 0.44       $ 1.91     $ 1.55  
Losses from discontinued operations     (0.03 )     (0.15 )       (0.73 )     (0.24 )
Net earnings per share (1)   $ 0.53     $ 0.28       $ 1.18     $ 1.31  
Net earnings per share - diluted:                  
Earnings from continuing operations   $ 0.54     $ 0.42       $ 1.84     $ 1.52  
Losses from discontinued operations     (0.03 )     (0.15 )       (0.70 )     (0.23 )
Net earnings per share (1)   $ 0.51     $ 0.27       $ 1.14     $ 1.28  
                   
Weighted-average shares outstanding:                  
Basic     43,069       44,069         43,351       43,999  
Diluted     44,532       45,411         44,899       44,948  
                   
(1) Earnings per share may not add due to rounding                

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)
 
 
    Quarter     Year-to-Date
    September 29,

2013

  September 30,

2012

    September 29,

2013

  September 30,

2012

Revenues:                  
Company restaurant sales   $ 255,215     $ 270,190       $ 1,143,780     $

1,183,483

 
Franchise revenues    

82,766

      78,707         346,087       325,812  
      337,981       348,897         1,489,867      

1,509,295

 
Operating costs and expenses, net:                  
Company restaurant costs:                  
Food and packaging     83,426       88,168         372,685       389,235  
Payroll and employee benefits     70,378       75,539         320,384       338,210  
Occupancy and other     60,215       62,760         255,586       266,440  
Total company restaurant costs     214,019       226,467         948,655       993,885  
Franchise costs     41,303       39,619         173,567       166,078  
Selling, general and administrative expenses     49,394       53,657         220,641       224,852  
Impairment and other charges, net     4,385       8,254         13,439       32,809  
Gains on the sale of company-operated restaurants     (7,819 )     (10,212 )       (4,640 )     (29,145 )
      301,282       317,785         1,351,662       1,388,479  
Earnings from operations     36,699       31,112         138,205      

120,816

 
Interest expense, net     3,190       3,912         15,251      

18,874

 
Earnings from continuing operations and before income taxes     33,509       27,200         122,954       101,942  
Income taxes     9,392       7,984         40,346       33,838  
Earnings from continuing operations     24,117       19,216         82,608       68,104  
Losses from discontinued operations, net of income tax benefit     (1,289 )     (6,739 )       (31,456 )    

(10,453

)
Net earnings   $ 22,828     $ 12,477       $ 51,152     $

57,651

 
                   
Net earnings per share - basic:                  
Earnings from continuing operations   $ 0.56     $ 0.44       $ 1.91     $ 1.55  
Losses from discontinued operations     (0.03 )     (0.15 )       (0.73 )     (0.24 )
Net earnings per share (1)   $ 0.53     $ 0.28       $ 1.18     $ 1.31  
Net earnings per share - diluted:                  
Earnings from continuing operations   $ 0.54     $ 0.42       $ 1.84     $ 1.52  
Losses from discontinued operations     (0.03 )     (0.15 )       (0.70 )     (0.23 )
Net earnings per share (1)   $ 0.51     $ 0.27       $ 1.14     $ 1.28  
                   
Weighted-average shares outstanding:                  
Basic     43,069       44,069         43,351       43,999  
Diluted     44,532       45,411         44,899       44,948  
                   
(1) Earnings per share may not add due to rounding                

 

JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
    Year-to-Date
    September 29,

2013

  September 30,

2012

Cash flows from operating activities:        
Net earnings   $ 51,152     $ 57,651  
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization     96,219       97,958  
Deferred finance cost amortization     2,277       2,695  
Deferred income taxes     (18,604 )     (6,615 )
Share-based compensation expense     11,392       6,883  
Pension and postretirement expense     31,147       33,526  
Gains on cash surrender value of company-owned life insurance     (8,998 )     (12,137 )
Gains on the sale of company-operated restaurants     (4,640 )     (29,145 )
Losses on the disposition of property and equipment     3,344       6,281  
Impairment charges and other     28,230       9,403  
Loss on early retirement of debt     939        
Changes in assets and liabilities, excluding acquisitions and dispositions:        
Accounts and other receivables     33,994       3,497  
Inventories     27,415       4,334  
Prepaid expenses and other current assets     13,117       (12,849 )
Accounts payable     (26,945 )     (3,264 )
Accrued liabilities     (10,560 )     247  
Pension and postretirement contributions     (23,886 )     (20,318 )
Other     (6,721 )     (1,417 )
Cash flows provided by operating activities     198,872       136,730  
Cash flows from investing activities:        
Purchases of property and equipment     (84,690 )     (80,200 )
Purchases of assets intended for sale and leaseback     (26,058 )     (35,927 )
Proceeds from sale and leaseback of assets     47,431       27,844  
Proceeds from the sale of company-operated restaurants     30,619       47,115  
Collections on notes receivable     6,448       12,230  
Disbursements for loans to franchisees           (3,977 )
Acquisitions of franchise-operated restaurants     (12,064 )     (48,945 )
Other     4,375       344  
Cash flows used in investing activities     (33,939 )     (81,516 )
Cash flows from financing activities:        
Borrowings on revolving credit facilities     646,000       576,380  
Repayments of borrowings on revolving credit facilities     (721,000 )     (602,540 )
Proceeds from issuance of debt     200,000        
Principal repayments on debt     (175,946 )     (21,110 )
Debt issuance costs     (4,392 )     (741 )
Proceeds from issuance of common stock     61,993       10,167  
Repurchases of common stock     (132,833 )     (30,013 )
Excess tax benefits from share-based compensation arrangements     2,094       1,115  
Change in book overdraft     (39,678 )     8,573  
Cash flows used in financing activities     (163,762 )     (58,169 )
         
Effect of exchange rate changes on cash and cash equivalents     4        
         
Net increase (decrease) in cash and cash equivalents     1,175       (2,955 )
Cash and cash equivalents at beginning of period     8,469       11,424  
Cash and cash equivalents at end of period   $ 9,644     $ 8,469  

 

 

 For missing Table please see: http://www.businesswire.com/news/home/20131120006574/en/Jack-Box-Reports-Fourth-Quarter-FY-2013.

 

 


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
    September 29, 2013   September 30, 2012   September 29, 2013   September 30, 2012
Jack in the Box:                                
Company restaurant sales   $ 182,657       $ 207,130       $ 850,512       $ 943,990    
Company restaurant costs:                                
Food and packaging     61,675   33.8 %     69,735   33.7 %     284,221   33.4 %     319,415   33.8 %
Payroll and employee benefits     51,020   27.9 %     59,208   28.6 %     241,149   28.4 %     275,678   29.2 %
Occupancy and other     41,226   22.6 %     47,289   22.8 %     182,493   21.5 %     207,920   22.0 %
Total company restaurant costs   $ 153,921   84.3 %   $ 176,232   85.1 %   $ 707,863   83.2 %   $ 803,013   85.1 %
Qdoba:                                
Company restaurant sales   $ 72,558       $ 63,060       $

293,268

      $ 239,493    
Company restaurant costs:                                
Food and packaging     21,751   30.0 %     18,433   29.2 %     88,464   30.2 %     69,820   29.2 %
Payroll and employee benefits     19,358   26.7 %     16,331   25.9 %     79,235   27.0 %     62,532   26.1 %
Occupancy and other     18,989   26.2 %    

15,471

  24.5 %     73,093   24.9 %     58,520   24.4 %
Total company restaurant costs   $ 60,098   82.8 %   $

50,235

  79.7 %   $ 240,792   82.1 %   $ 190,872   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:
 
    September 29, 2013   September 30, 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   6     11     17     19     18     37  
Refranchised   (78 )   78         (97 )   97      
Acquired from franchisees   1     (1 )                
Closed   (11 )   (5 )   (16 )   (4 )   (4 )   (8 )
End of period   465     1,786     2,251     547     1,703     2,250  
% of Jack in the Box system   21 %   79 %   100 %   24 %   76 %   100 %
% of consolidated system   61 %   85 %   79 %   63 %   85 %   78 %
Qdoba:                        
Beginning of year   316     311     627     245     338     583  
New   34     34     68     26     32     58  
Refranchised   (3 )   3                  
Acquired from franchisees   13     (13 )       46     (46 )    
Closed   (64 )   (16 )   (80 )   (1 )   (13 )   (14 )
End of period   296     319     615     316     311     627  
% of Qdoba system   48 %   52 %   100 %   50 %   50 %   100 %
% of consolidated system   39 %   15 %   21 %   37 %   15 %   22 %
Consolidated:                        
Total system   761     2,105     2,866     863     2,014     2,877  
% of consolidated system   27 %   73 %   100 %   30 %   70 %   100 %

SOURCE Jack in the Box Inc. 

Contacts:

Jack in the Box Inc.

Investor 
Carol DiRaimo
(858) 571-2407

Media
Brian Luscomb
(858) 571-2291

 

###

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