Jack in the Box Inc. Reports Second Quarter FY 2015 Earnings; Updates Guidance for FY 2015

Raises Quarterly Cash Dividend by 50%

SAN DIEGO - May 13, 2015  - (BUSINESS WIRE) - Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $23.4 million, or $0.61 per diluted share, for the second quarter ended April 12, 2015, compared with earnings from continuing operations of $18.3 million, or $0.43 per diluted share, for the second quarter of fiscal 2014.

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 $0.69 in the second quarter of fiscal 2015 compared with $0.51 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   28 Weeks Ended
    April 12,
2015
  April 13,
2014
  April 12,
2015
  April 13,
2014
Diluted earnings per share from
continuing operations – GAAP
 

$

0.61

 

$

0.43

   

$

1.55

 

$

1.18

 
Restructuring charges         0.11           0.11  
Losses (gains) from refranchising     0.08     (0.03 )     0.07     (0.03 )
Operating earnings per share – Non-GAAP   $ 0.69   $ 0.51     $ 1.62   $ 1.26  
                 

Lenny Comma, chairman and chief executive officer, said, “We’re pleased with our second quarter performance, which culminated in a 35 percent increase in operating earnings per share resulting from strong same-store sales growth and margin expansion at both Jack in the Box® and Qdoba Mexican Grill®. We continued to use our growing free cash flow to return cash to shareholders, and today we announced a 50 percent increase in our quarterly dividend, demonstrating the confidence we have in our business model. We also essentially completed our refranchising strategy, with the sale of 20 company-operated restaurants in the Southeast.”

Increase in same-store sales:

     

12 Weeks Ended
April 12, 2015

 

12 Weeks Ended
April 13, 2014

 

28 Weeks Ended
April 12, 2015

 

28 Weeks Ended
April 13, 2014

Jack in the Box:                
  Company   7.4 %   0.9 %   5.3 %   1.5 %
  Franchise   9.4 %   0.6 %   6.7 %   1.3 %
  System   8.9 %   0.7 %   6.3 %   1.4 %
Qdoba:                
  Company   7.0 %   7.2 %   10.2 %   4.3 %
  Franchise   9.6 %   6.8 %   12.6 %   4.4 %
  System   8.3 %   7.0 %   11.4 %   4.3 %
                   

“Jack in the Box system same-store sales increased 8.9 percent for the quarter, our best performance since 1999, and company same-store sales increased 7.4 percent. Transactions drove approximately one-third of the company growth, and sales were strong across all dayparts, with breakfast and dinner the best performing,” Comma said.

Jack in the Box system same-store sales growth for the quarter of 8.9 percent exceeded that of the QSR sandwich segment by 7.6 percentage points for the comparable period, according to The NPD Group’s SalesTrack® Weekly for the 12-week time period ended April 12, 2015. Included in this segment are 16 of the top QSR sandwich and burger chains in the country.

“Qdoba same-store sales increased 8.3 percent system-wide and 7.0 percent for company restaurants in the second quarter, as the simplified menu pricing structure continued to drive average check growth. Our company performance also benefited from another quarter of double-digit growth in catering sales,” Comma said.

Consolidated restaurant operating margin increased by 210 basis points to 20.6 percent of sales in the second quarter of 2015, compared with 18.5 percent of sales in the year-ago quarter. Restaurant operating margin for Jack in the Box company restaurants increased 280 basis points to 21.4 percent of sales. The improvement was due primarily to sales leverage and the benefit of refranchising, which were partially offset by the impact of the increase in the California minimum wage in July 2014. Food and packaging costs as a percentage of sales decreased due to 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 company restaurants increased 50 basis points to 18.8 percent of sales, due primarily to sales leverage, including the benefit of the new menu pricing structure, which was partially offset by commodity inflation of approximately 2.0 percent, an increase in labor staffing and higher credit card fees.

Franchise costs for the second quarter decreased to 48.3 percent of franchise revenues from 50.5 percent in the prior year quarter. The decrease was due primarily to higher royalty revenue for both brands and higher rental income from Jack in the Box franchise restaurants resulting from increases in franchise average unit volumes and an increase in the number of franchise restaurants.

SG&A expense for the second quarter increased by $3.8 million and was 14.7 percent of revenues as compared to 14.3 percent in the prior year quarter. The increase reflects a $1.2 million increase in pension expense and a $3.4 million increase in incentive compensation relating to the company’s performance. Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $1.6 million in the second quarter of 2015 as compared to $0.5 million in the second quarter of 2014, resulting in a year-over-year decrease in SG&A of $1.1 million.

Losses from refranchising were $5.0 million in the second quarter of 2015, or approximately $0.08 per diluted share, relating to the refranchising of 20 Jack in the Box restaurants in one market. This compares to gains of $1.8 million, or approximately $0.03 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 earnings for all periods presented. Discontinued operations for the second quarter of fiscal 2015 include after-tax charges related to the Qdoba restaurant closures of approximately $0.01 per diluted share, as compared to $0.06 for the second quarter of fiscal 2014.

Capital Allocation

The company repurchased approximately 777,000 shares of its common stock in the second quarter of 2015 at an average price of $96.53 per share for an aggregate cost of $75.0 million. Year-to-date through the second quarter, the company has repurchased approximately 2,084,000 shares at an average price of $84.72 per share, for an aggregate cost of $176.6 million. This leaves $40.5 million remaining under a $100 million stock-buyback program authorized by the company’s Board of Directors, which expires in November 2016. In May 2015, the company’s Board of Directors authorized an additional $100 million stock buyback program that also expires in November 2016.

The company also announced today that on May 7, 2015, its Board of Directors declared a quarterly cash dividend of $0.30 per share on the company’s common stock. The dividend is payable on June 12, 2015, to shareholders of record at the close of business on June 1, 2015.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the third quarter ending July 5, 2015, and the fiscal year ending September 27, 2015. Fiscal 2015 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.

Third quarter fiscal year 2015 guidance

  • Same-store sales increase of approximately 4.0 to 6.0 percent at Jack in the Box company restaurants versus a 2.4 percent increase in the year-ago quarter.
  • Same-store sales increase of approximately 6.0 to 8.0 percent at Qdoba company restaurants versus a 7.2 percent increase in the year-ago quarter.

Fiscal year 2015 guidance

  • Same-store sales increase of approximately 4.5 to 5.5 percent at Jack in the Box company restaurants.
  • Same-store sales increase of approximately 7.5 to 9.5 percent at Qdoba company restaurants.
  • Overall commodity cost inflation of approximately 2.0 percent for the full year.
  • Consolidated restaurant operating margin of approximately 20.0 percent, depending on same-store sales and commodity inflation.
  • SG&A as a percentage of revenue of approximately 14.0 percent as compared to 13.9 percent in fiscal 2014. The increase in fiscal 2015 reflects higher incentive compensation, higher pre-opening costs related to Qdoba growth, and $5.0 million of higher pension expense.
  • Impairment and other charges as a percentage of revenue of approximately 90 basis points, excluding restructuring charges. The increase versus the company’s previous guidance relates to the replacement of beverage equipment, which is expected to negatively impact diluted earnings per share by approximately $0.06.
  • Approximately 15 to 20 new Jack in the Box restaurants opening system-wide.
  • Approximately 50 to 60 new Qdoba restaurants, approximately half of which are expected to be company locations.
  • Capital expenditures of $90 to $100 million.
  • Tax rate of approximately 37 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, ranging from $2.90 to $3.00 in fiscal 2015 as compared to operating earnings per share of $2.45 in fiscal 2014. This guidance includes the expected $0.06 charge relating to the replacement of beverage equipment.

Conference call

The company will host a conference call for financial analysts and investors on Thursday, May 14, 2015, beginning at 8:30 a.m. PT (11:30 a.m. ET). The conference call will be webcast 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 May 14.

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 and Guam. 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   28 Weeks Ended
    April 12,
2015
  April 13,
2014
  April 12,
2015
  April 13,
2014
Diluted earnings per share from
continuing operations – GAAP
 

$

0.61

 

$

0.43

   

$

1.55

 

$

1.18

 
Restructuring charges         0.11           0.11  
Losses (gains) from refranchising     0.08     (0.03 )     0.07     (0.03 )
Operating earnings per share – Non-GAAP   $ 0.69   $ 0.51     $ 1.62   $ 1.26  
                             

 

 
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Dollars in thousands, except per share data)
(Unaudited)
 
      Quarter   Year-to-date
     

April 12,
2015

 

April 13,
2014

 

April 12,
2015

 

April 13,
2014

Revenues:                  
Company restaurant sales     $ 268,904     $ 257,773     $ 620,800     $ 596,602  
Franchise revenues       89,218       83,097       205,943       194,350  
        358,122       340,870       826,743       790,952  
Operating costs and expenses, net:                  
Company restaurant costs:                  
Food and packaging       84,032       81,422       197,141       189,660  
Payroll and employee benefits       73,073       71,616       168,752       165,432  
Occupancy and other       56,468       56,998       131,499       131,707  
Total company restaurant costs       213,573       210,036       497,392       486,799  
Franchise costs       43,059       41,996       100,200       97,507  
Selling, general and administrative expenses       52,472       48,660       115,567       107,816  
Impairment and other charges, net       2,130       9,056       4,310       10,965  
Losses (gains) on the sale of company-operated restaurants     5,020       (1,757 )     4,170       (2,218 )
        316,254       307,991       721,639       700,869  
Earnings from operations       41,868       32,879       105,104       90,083  
Interest expense, net       4,220       4,311       9,433       8,853  
Earnings from continuing operations and before income taxes     37,648       28,568       95,671       81,230  
Income taxes       14,286       10,304       35,211       29,956  
Earnings from continuing operations       23,362       18,264       60,460       51,274  
Losses from discontinued operations, net of income tax benefit     (357 )     (2,463 )     (1,620 )     (3,187 )
Net earnings     $ 23,005     $ 15,801     $ 58,840     $ 48,087  
                   
Net earnings per share - basic:                  
Earnings from continuing operations     $ 0.62     $ 0.44     $ 1.58     $ 1.22  
Losses from discontinued operations       (0.01 )     (0.06 )     (0.04 )     (0.08 )
Net earnings per share (1)     $ 0.61     $ 0.38     $ 1.53     $ 1.14  
Net earnings per share - diluted:                  
Earnings from continuing operations     $ 0.61     $ 0.43     $ 1.55     $ 1.18  
Losses from discontinued operations       (0.01 )     (0.06 )     (0.04 )     (0.07 )
Net earnings per share (1)     $ 0.60     $ 0.37     $ 1.51     $ 1.11  
                   
Weighted-average shares outstanding:                  
Basic       37,970       41,464       38,353       42,018  
Diluted       38,566       42,632       39,039       43,336  
                   
Cash dividends declared per common share     $ 0.20     $ -     $ 0.40     $ -  
                   
(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)
 
   

April 12,
2015

 

September 28,
2014

ASSETS        
Current assets:        
Cash and cash equivalents   $ 10,386     $ 10,578  
Accounts and other receivables, net     69,455       50,014  
Inventories     7,335       7,481  
Prepaid expenses     29,448       36,314  
Deferred income taxes     36,810       36,810  
Assets held for sale     10,505       4,766  
Other current assets     2,097       597  
Total current assets     166,036       146,560  
Property and equipment, at cost     1,508,360       1,519,947  
Less accumulated depreciation and amortization     (812,898 )     (797,818 )
Property and equipment, net     695,462       722,129  
Intangible assets, net     15,146       15,604  
Goodwill     149,042       149,074  
Other assets, net     236,717       237,298  
    $ 1,262,403     $ 1,270,665  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Current liabilities:        
Current maturities of long-term debt   $ 10,898     $ 10,871  
Accounts payable     28,505       31,810  
Accrued liabilities     159,633       163,626  
Total current liabilities     199,036       206,307  
Long-term debt, net of current maturities     592,989       497,012  
Other long-term liabilities     307,433       309,435  
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, 81,036,074 and 80,127,387 issued, respectively     810       801  
Capital in excess of par value     395,087       356,727  
Retained earnings     1,288,272       1,244,897  
Accumulated other comprehensive loss     (90,285 )     (90,132 )
Treasury stock, at cost, 43,655,712 and 41,571,752 shares, respectively     (1,430,939 )     (1,254,382 )
Total stockholders’ equity     162,945       257,911  
    $ 1,262,403     $ 1,270,665  
                 

 

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

April 12,
2015

 

April 13,
2014

Cash flows from operating activities:        
Net earnings   $ 58,840     $ 48,087  
Adjustments to reconcile net earnings to net cash provided by operating activities:        
Depreciation and amortization     47,875       49,725  
Deferred finance cost amortization     1,155       1,177  
Excess tax benefits from share-based compensation arrangements     (17,073 )     (12,017 )
Deferred income taxes     (2,785 )     (384 )
Share-based compensation expense     7,367       6,348  
Pension and postretirement expense     10,096       7,410  
Gains on cash surrender value of company-owned life insurance     (3,635 )     (3,428 )
Losses (gains) on the sale of company-operated restaurants     4,170       (2,218 )
Losses on the disposition of property and equipment     466       594  
Impairment charges and other     2,180       8,088  
Loss on early retirement of debt           789  
Changes in assets and liabilities, excluding acquisitions and dispositions:        
Accounts and other receivables     (21,841 )     (14,274 )
Inventories     146       (640 )
Prepaid expenses and other current assets     27,181       (8,746 )
Accounts payable     (1,459 )     1,725  
Accrued liabilities     (8,991 )     (13,543 )
Pension and postretirement contributions     (8,113 )     (7,831 )
Other     (4,659 )     (9,910 )
Cash flows provided by operating activities     90,920       50,952  
Cash flows from investing activities:        
Purchases of property and equipment     (32,959 )     (31,196 )
Purchases of assets intended for sale and leaseback     (5,355 )     (19 )
Proceeds from the sale of assets           2,105  
Proceeds from the sale of company-operated restaurants     2,630       7,842  
Collections on notes receivable     5,314       1,774  
Acquisitions of franchise-operated restaurants           (1,750 )
Other     1,786       36  
Cash flows used in investing activities     (28,584 )     (21,208 )
Cash flows from financing activities:        
Borrowings on revolving credit facilities     264,000       509,000  
Repayments of borrowings on revolving credit facilities     (160,000 )     (379,000 )
Proceeds from issuance of debt           200,000  
Principal repayments on debt     (7,996 )     (190,549 )
Debt issuance costs           (3,527 )
Dividends paid on common stock     (15,395 )      
Proceeds from issuance of common stock     13,894       22,457  
Repurchases of common stock     (174,115 )     (205,453 )
Excess tax benefits from share-based compensation arrangements     17,073       12,017  
Change in book overdraft           4,774  
Cash flows used in financing activities     (62,539 )     (30,281 )
Effect of exchange rate changes on cash and cash equivalents     11       5  
Net decrease in cash and cash equivalents     (192 )     (532 )
Cash and cash equivalents at beginning of period     10,578       9,644  
Cash and cash equivalents at end of period   $ 10,386     $ 9,112  
                 

 

JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)

The following table presents certain income and expense items included in our condensed consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding.

CONSOLIDATED STATEMENTS OF EARNINGS DATA
                 
    Quarter   Year-to-date
    April 12, 2015   April 13, 2014   April 12, 2015   April 13, 2014
Revenues:                
Company restaurant sales   75.1 %   75.6 %   75.1 %   75.4 %
Franchise revenues   24.9 %   24.4 %   24.9 %   24.6 %

Total revenues

  100.0 %   100.0 %   100.0 %   100.0 %
Operating costs and expenses, net:                
Company restaurant costs:                
Food and packaging (1)   31.2 %   31.6 %   31.8 %   31.8 %
Payroll and employee benefits (1)   27.2 %   27.8 %   27.2 %   27.7 %
Occupancy and other (1)   21.0 %   22.1 %   21.2 %   22.1 %
Total company restaurant costs (1)   79.4 %   81.5 %   80.1 %   81.6 %
Franchise costs (1)   48.3 %   50.5 %   48.7 %   50.2 %
Selling, general and administrative expenses   14.7 %   14.3 %   14.0 %   13.6 %
Impairment and other charges, net   0.6 %   2.7 %   0.5 %   1.4 %

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

  1.4 %   (0.5 )%   0.5 %   (0.3 )%
Earnings from operations   11.7 %   9.6 %   12.7 %   11.4 %
Income tax rate (2)   37.9 %   36.1 %   36.8 %   36.9 %
                 
(1) As a percentage of the related sales and/or revenues.                
(2) As a percentage of earnings from continuing operations and before income taxes.        
         

 

JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)

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 EARNINGS DATA
(Dollars in thousands)
 
    Quarter   Year-to-date
    April 12, 2015   April 13, 2014   April 12, 2015   April 13, 2014
Jack in the Box:                                
Company restaurant sales   $ 184,992       $ 181,206       $ 426,335       $ 425,077    
Company restaurant costs:                                
Food and packaging     58,495   31.6 %     58,644   32.4 %     137,688   32.3 %     138,510   32.6 %
Payroll and employee benefits     50,885   27.5 %     50,971   28.1 %     117,628   27.6 %     118,453   27.9 %
Occupancy and other     36,051   19.5 %     37,831   20.9 %     84,682   19.9 %     87,818   20.7 %
Total company restaurant costs   $ 145,431   78.6 %   $ 147,446   81.4 %   $ 339,998   79.7 %   $ 344,781   81.1 %
Restaurant margin   $ 39,561   21.4 %   $ 33,760   18.6 %   $ 86,337   20.3 %   $ 80,296   18.9 %
Qdoba:                                
Company restaurant sales   $ 83,912       $ 76,567       $ 194,465       $ 171,525    
Company restaurant costs:                                
Food and packaging     25,537   30.4 %     22,778   29.7 %     59,453   30.6 %     51,150   29.8 %
Payroll and employee benefits     22,188   26.4 %     20,645   27.0 %     51,124   26.3 %     46,979   27.4 %
Occupancy and other     20,417   24.3 %     19,167   25.0 %     46,817   24.1 %     43,889   25.6 %
Total company restaurant costs   $ 68,142   81.2 %   $ 62,590   81.7 %   $ 157,394   80.9 %   $ 142,018   82.8 %
Restaurant margin   $ 15,770   18.8 %   $ 13,977   18.3 %   $ 37,071   19.1 %   $ 29,507   17.2 %
                                 

 

 
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
                     
The following table presents the detail of our franchise revenues and costs (dollars in thousands):
 
        Quarter   Year-to-date
        April 12, 2015   April 13, 2014   April 12, 2015   April 13, 2014
Royalties     $ 35,894     $ 32,279     $ 81,723     $ 74,980  
Rental income       52,167       49,272       121,549       116,247  
Franchise fees and other       1,157       1,546       2,671       3,123  
Total franchise revenues     $ 89,218     $ 83,097     $ 205,943     $ 194,350  
                     
                     
Rental expense     $ 31,659     $ 30,997     $ 73,799     $ 72,124  
Depreciation and amortization     7,609       7,857       17,829       18,347  
Other franchise support costs     3,791       3,142       8,572       7,036  
Total franchise costs    

 

43,059    

 

41,996    

 

100,200    

 

97,507  
  Franchise margin     $ 46,159     $ 41,101     $ 105,743     $ 96,843  

Franchise margin as a % of franchise revenues

    51.7 %     49.5 %     51.3 %     49.8 %
                                 

 

 
JACK IN THE BOX INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Unaudited)
                         
The following table summarizes the year-to-date changes in the number and mix of Jack in the Box and Qdoba company and franchise restaurants:
 
    April 12, 2015   April 13, 2014
    Company   Franchise   Total   Company   Franchise   Total
Jack in the Box:                        
Beginning of year   431     1,819     2,250     465     1,786     2,251  
New   2     11     13         7     7  
Refranchised   (21 )   21         (14 )   14      
Acquired from franchisees   6     (6 )       4     (4 )    
Closed   (6 )   (9 )   (15 )       (4 )   (4 )
End of period   412     1,836     2,248     455     1,799     2,254  
% of Jack in the Box system   18 %   82 %   100 %   20 %   80 %   100 %
% of consolidated system   57 %   85 %   78 %   60 %   85 %   78 %
Qdoba:                        
Beginning of year   310     328     638     296     319     615  
New   3     11     14     8     12     20  
Closed   (3 )   (5 )   (8 )   (1 )   (8 )   (9 )
End of period   310     334     644     303     323     626  
% of Qdoba system   48 %   52 %   100 %   48 %   52 %   100 %
% of consolidated system   43 %   15 %   22 %   40 %   15 %   22 %
Consolidated:                        
Total system   722     2,170     2,892     758     2,122     2,880  

% of consolidated system

  25 %   75 %   100 %   26 %   74 %   100 %

 

SOURCE Jack in the Box Inc.

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

###

Share this Story:

Comments:

comments powered by Disqus

Franchise News Room »


News By Industry »


Featured Opportunities

Jimmy John's Sandwiches
One of the fastest growing franchises in the U.S., Jimmy John’s has been making fresh, fast, tasty sandwiches since 1983.
Discovery Point Child Development Centers®
Leading education-based childcare franchise founded in 1988 with corporate headquarters in Atlanta, GA. with a turnkey business model, real estate...
Chronic Tacos
Chronic Tacos is a California inspired authentic Mexican grill that celebrates the individuality of our customers. We have developed restaurants...
HYPOXI
Operated in studios across the globe, HYPOXI is proven not only to be an effective weight loss solution for men and women, but is also a popular...
ProSource
ProSource is America's largest wholesale home improvement franchise; a truly unique B2B franchise model. Our owners enjoy strong cash flow with...

Subscribe to Franchising.com Express

A Franchise Update Media Production
Franchise Update Media | P.O. Box 20547 // San Jose, CA 95160 // PH. (408) 402-5681
Copyright © 2001 - 2017. All Rights Reserved.

In Loving Memory Of Timothy Gardner (1987-2014)