Jack in the Box Inc. Reports Third Quarter FY 2014 Earnings

Updates Guidance for FY 2014; Declares Quarterly Cash Dividend

SAN DIEGO - August 06, 2014 - (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,
      2014     2013     2014     2013
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,
        2014       2013
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,
        2014       2013
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,
        2014       2013       2014       2013
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, 2013     July 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     Total     Company     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 %

Contacts:

Carol DiRaimo
Jack in the Box Inc.
Investor Relations
(858) 571-2407

Brian Luscomb
Jack in the Box Inc.
Media Relations
(858) 571-2291

###

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