Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from
continuing operations of $28.4 million, or $0.75 per diluted share,
for the third quarter ended July 5, 2015, compared with earnings
from continuing operations of $26.1 million, or $0.64 per diluted
share, for the third 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 $0.76 in the third quarter
of fiscal 2015 compared with $0.65 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 5,2015 July 6,2014 July
5,2015 July 6,2014 Diluted earnings per share fromcontinuing
operations – GAAP
$
0.75
$
0.64
$
2.30
$
1.82
Restructuring charges – 0.01 – 0.13 Losses (gains) from
refranchising – – 0.07 (0.03 )
Operating earnings per share – Non-GAAP $ 0.76 $ 0.65 $ 2.37 $ 1.91
Lenny Comma, chairman and chief executive officer, said, “We’re
pleased with our third quarter performance, which culminated in a
17 percent increase in operating earnings per share resulting from
solid 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 recently amended
our credit facility to provide us with more than $400 million of
additional borrowing capacity to support our strategic
priorities.”
Increase in same-store sales:
12 Weeks EndedJuly 5,
2015
12 Weeks EndedJuly 6,
2014
40 Weeks EndedJuly 5,
2015
40 Weeks EndedJuly 6,
2014
Jack in the Box: Company 5.5% 2.4% 5.4% 1.8%
Franchise 7.9% 2.4% 7.0% 1.7% System 7.3% 2.4% 6.6% 1.7% Qdoba:
Company 6.6% 7.2% 9.1% 5.2% Franchise 9.0% 7.7% 11.4% 5.6% System
7.7% 7.5% 10.2% 5.4%
“Jack in the Box system same-store sales increased 7.3 percent
for the quarter, and company same-store sales increased 5.5
percent. Transactions drove approximately 30 percent of the company
growth, and sales were strong across all dayparts, with breakfast
and dinner the best performing, followed closely by late night,”
Comma said.
Jack in the Box system same-store sales growth for the quarter
of 7.3 percent exceeded that of the QSR sandwich segment by 5.5
percentage points for the comparable period, according to The NPD
Group’s SalesTrack® Weekly for the 12-week time period ended July
5, 2015. Included in this segment are 16 of the top QSR sandwich
and burger chains in the country.
“Qdoba same-store sales increased 7.7 percent system-wide and
6.6 percent for company restaurants in the third 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. “Although
transactions at company restaurants declined 1.1 percent for the
quarter, on a two-year basis, transactions grew 1.6 percent,
representing an acceleration from the previous two quarters.”
Consolidated restaurant operating margin increased by 270 basis
points to 21.8 percent of sales in the third quarter of 2015,
compared with 19.1 percent of sales in the year-ago quarter.
Restaurant operating margin for Jack in the Box company restaurants
increased 360 basis points to 22.0 percent of sales. The
improvement was due primarily to sales leverage, lower food and
packaging costs, 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, as well as commodity deflation of
approximately 1.1 percent in the quarter. Restaurant operating
margin for Qdoba company restaurants increased 80 basis points to
21.4 percent of sales, due primarily to sales leverage, including
the benefit of the new menu pricing structure, and commodity
deflation of approximately 2.2 percent, which were partially offset
by an increase in labor staffing, higher credit card fees and costs
associated with a new catering call center.
Franchise costs as a percentage of franchise revenues improved
to 47.9 percent in the third quarter from 50.6 percent in the prior
year quarter. The improvement was due primarily to higher royalty
revenue for both brands and higher rental income from Jack in the
Box franchised restaurants resulting from increases in franchise
average unit volumes.
SG&A expense for the third quarter increased by $3.6 million
and was 14.2 percent of revenues as compared to 13.6 percent in the
prior year quarter. Mark-to-market adjustments on investments
supporting the company’s non-qualified retirement plans negatively
impacted SG&A by $1.0 million in the third quarter of 2015 as
compared to a positive impact of $2.8 million in the third quarter
of 2014, resulting in a year-over-year increase in SG&A of $3.8
million. The increase also reflects a $1.2 million increase in
pension expense. These increases were partially offset by a $1.7
million decrease in Qdoba advertising costs due primarily to the
timing of marketing activities.
Impairment and other charges, net, increased by $2.1 million in
the third quarter due primarily to a $2.2 million (or approximately
$0.035 per diluted share) charge relating to the replacement of
beverage equipment.
The tax rate for the third quarter increased to 38.2 percent
versus 33.8 percent in the prior year quarter due primarily to an
increase in operating earnings before income taxes and a decrease
in the market performance of insurance products used to fund the
company’s non-qualified retirement plans. Changes in the cash value
of the insurance products are excluded from taxable income.
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 third quarter of fiscal 2015 include after-tax charges related
to the Qdoba restaurant closures of approximately $0.04 per diluted
share, as compared to $0.03 for the third quarter of fiscal
2014.
Capital Allocation
The company repurchased approximately 862,000 shares of its
common stock in the third quarter of 2015 at an average price of
$86.98 per share for an aggregate cost of $75.0 million.
Year-to-date through the third quarter, the company has repurchased
approximately 2,946,000 shares at an average price of $85.38 per
share, for an aggregate cost of $251.6 million. This leaves $65.5
million remaining under a $100 million stock-buyback program
authorized by the company’s Board of Directors in May 2015, which
expires in November 2016.
The company also announced today that on July 30, 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
September 9, 2015, to shareholders of record at the close of
business on August 26, 2015.
Guidance
The following guidance and underlying assumptions reflect the
company’s current expectations for the fourth quarter and 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.
Fourth quarter
fiscal year 2015 guidance
- Same-store sales increase of
approximately 3.5 to 5.5 percent at Jack in the Box company
restaurants versus a 3.1 percent increase in the year-ago
quarter.
- Same-store sales increase of
approximately 5.0 to 7.0 percent at Qdoba company restaurants
versus a 7.1 percent increase in the year-ago quarter.
Fiscal year 2015
guidance
- Same-store sales increase of
approximately 5.0 to 5.5 percent at Jack in the Box company
restaurants.
- Same-store sales increase of
approximately 8.0 to 8.5 percent at Qdoba company restaurants.
- Overall commodity cost inflation of
approximately 1.5 to 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. This includes charges relating to the
replacement of beverage equipment, which are expected to negatively
impact fiscal 2015 diluted earnings per share by approximately
$0.06, including approximately $0.03 in the fourth quarter.
- Approximately 15 to 20 new Jack in the
Box restaurants opening system-wide.
- Approximately 40 to 45 new Qdoba
restaurants, of which approximately 15 to 20 are expected to be
company locations.
- Capital expenditures of $90 to $100
million.
- Tax rate of approximately 37.0 to 37.5
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, ranging from $2.97 to $3.03 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, August 6, 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 August 6.
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
SUBSIDIARIESRECONCILIATION 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 5,2015 July 6,2014 July
5,2015 July 6,2014 Diluted earnings per share fromcontinuing
operations – GAAP
$
0.75
$
0.64
$
2.30
$
1.82
Restructuring charges – 0.01 – 0.13 Losses (gains) from
refranchising – – 0.07 (0.03 )
Operating earnings per share – Non-GAAP $ 0.76 $ 0.65 $ 2.37 $ 1.91
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In
thousands, except per share data) (Unaudited)
Quarter
Year-to-date July 5, July
6, July 5, July 6,
2015 2014 2015 2014 Revenues: Company
restaurant sales $ 270,655 $ 264,398 $ 891,455 $ 861,000 Franchise
revenues 88,851 84,094 294,794
278,444 359,506 348,492
1,186,249 1,139,444 Operating
costs and expenses, net: Company restaurant costs: Food and
packaging 82,649 84,459 279,790 274,119 Payroll and employee
benefits 72,896 71,733 241,648 237,165 Occupancy and other
56,103 57,671 187,602
189,378 Total company restaurant costs 211,648 213,863
709,040 700,662 Franchise costs 42,536 42,563 142,736 140,070
Selling, general and administrative expenses 50,986 47,422 166,553
155,238 Impairment and other charges, net 3,758 1,668 8,068 12,633
Losses (gains) on the sale of company-operated restaurants
183 (24 ) 4,353 (2,242 )
309,111 305,492 1,030,750
1,006,361 Earnings from operations 50,395 43,000 155,499
133,083 Interest expense, net 4,504 3,535
13,937 12,388 Earnings from
continuing operations and before income taxes 45,891 39,465 141,562
120,695 Income taxes 17,528 13,338
52,739 43,294 Earnings from continuing
operations 28,363 26,127 88,823 77,401 Losses from discontinued
operations, net of income tax benefit (1,532 ) (1,424
) (3,152 ) (4,611 ) Net earnings $ 26,831 $
24,703 $ 85,671 $ 72,790 Net earnings
per share - basic: Earnings from continuing operations $ 0.76 $
0.66 $ 2.34 $ 1.87 Losses from discontinued operations (0.04
) (0.04 ) (0.08 ) (0.11 ) Net earnings per
share (1) $ 0.72 $ 0.62 $ 2.26 $ 1.76
Net earnings per share - diluted: Earnings from continuing
operations $ 0.75 $ 0.64 $ 2.30 $ 1.82 Losses from discontinued
operations (0.04 ) (0.03 ) (0.08 )
(0.11 ) Net earnings per share (1) $ 0.71 $ 0.61 $
2.22 $ 1.71 Weighted-average shares
outstanding: Basic 37,106 39,692 37,980 41,320 Diluted 37,661
40,787 38,630 42,605 Cash dividends declared per common
share $ 0.30 $ 0.20 $ 0.70 $ 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 5,
September 28, 2015 2014 ASSETS Current assets:
Cash and cash equivalents $ 17,706 $ 10,578 Accounts and other
receivables, net 54,784 50,014 Inventories 7,448 7,481 Prepaid
expenses 40,467 36,314 Deferred income taxes 37,377 36,810 Assets
held for sale 13,440 4,766 Other current assets 1,494
597 Total current assets 172,716
146,560 Property and equipment, at cost 1,530,709 1,519,947
Less accumulated depreciation and amortization (826,691 )
(797,818 ) Property and equipment, net 704,018
722,129 Intangible assets, net 14,955 15,604 Goodwill
149,042 149,074 Other assets, net 234,883
237,298 $ 1,275,614 $ 1,270,665 LIABILITIES
AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of
long-term debt $ 18,483 $ 10,871 Accounts payable 26,064 31,810
Accrued liabilities 172,484 163,626
Total current liabilities 217,031 206,307
Long-term debt, net of current maturities 640,076 497,012
Other long-term liabilities 312,309 309,435 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, 81,070,256 and 80,127,387 issued, respectively 811 801
Capital in excess of par value 399,180 356,727 Retained earnings
1,303,892 1,244,897 Accumulated other comprehensive loss (91,747 )
(90,132 ) Treasury stock, at cost, 44,517,922 and 41,571,752
shares, respectively (1,505,938 ) (1,254,382 ) Total
stockholders’ equity 106,198 257,911 $
1,275,614 $ 1,270,665
JACK IN THE
BOX INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (Dollars in thousands) (Unaudited)
Year-to-date July 5,
July 6, 2015 2014 Cash
flows from operating activities: Net earnings $ 85,671 $ 72,790
Adjustments to reconcile net earnings to net cash provided by
operating activities: Depreciation and amortization 68,205 70,585
Deferred finance cost amortization 1,690 1,677 Excess tax benefits
from share-based compensation arrangements (17,781 ) (15,167 )
Deferred income taxes (4,046 ) (84 ) Share-based compensation
expense 10,041 8,128 Pension and postretirement expense 14,423
10,585 Gains on cash surrender value of company-owned life
insurance (1,960 ) (8,312 ) Losses (gains) on the sale of
company-operated restaurants 4,353 (2,242 ) Losses on the
disposition of property and equipment 1,074 1,051 Impairment
charges and other 4,813 8,543 Loss on early retirement of debt —
789 Changes in assets and liabilities, excluding acquisitions and
dispositions: Accounts and other receivables (6,895 ) (9,376 )
Inventories 33 (516 ) Prepaid expenses and other current assets
20,760 (4,647 ) Accounts payable 690 (3,035 ) Accrued liabilities
4,215 6,950 Pension and postretirement contributions (14,359 )
(14,107 ) Other (5,782 ) (9,689 ) Cash flows provided
by operating activities 165,145 113,923
Cash flows from investing activities: Purchases of property and
equipment (54,832 ) (43,825 ) Purchases of assets intended for sale
and leaseback (8,323 ) (19 ) Proceeds from the sale of assets —
5,698 Proceeds from the sale of company-operated restaurants 2,651
8,199 Collections on notes receivable 5,648 2,555 Acquisitions of
franchise-operated restaurants — (1,750 ) Other 1,888
2,838 Cash flows used in investing activities
(52,968 ) (26,304 ) Cash flows from financing activities:
Borrowings on revolving credit facilities 742,000 618,000
Repayments of borrowings on revolving credit facilities (698,000 )
(460,000 ) Proceeds from issuance of debt 300,000 200,000 Principal
repayments on debt (198,217 ) (193,262 ) Debt issuance costs (1,942
) (3,607 ) Dividends paid on common stock (26,556 ) (7,990 )
Proceeds from issuance of common stock 14,590 27,069 Repurchases of
common stock (254,668 ) (284,258 ) Excess tax benefits from
share-based compensation arrangements 17,781 15,167 Change in book
overdraft — 1,507 Cash flows used in
financing activities (105,012 ) (87,374 ) Effect of
exchange rate changes on cash and cash equivalents (37 )
3 Net increase in cash and cash equivalents 7,128 248
Cash and cash equivalents at beginning of period 10,578
9,644 Cash and cash equivalents at end of
period $ 17,706 $ 9,892
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 July 5, July
6, July 5, July 6,
2015 2014 2015 2014 Revenues: Company
restaurant sales 75.3 % 75.9 % 75.1 % 75.6 % Franchise revenues
24.7 % 24.1 % 24.9 % 24.4 % Total revenues 100.0 % 100.0 % 100.0 %
100.0 % Operating costs and expenses, net: Company restaurant
costs: Food and packaging (1) 30.5 % 31.9 % 31.4 % 31.8 % Payroll
and employee benefits (1) 26.9 % 27.1 % 27.1 % 27.5 % Occupancy and
other (1) 20.7 % 21.8 % 21.0 % 22.0 % Total company restaurant
costs (1) 78.2 % 80.9 % 79.5 % 81.4 % Franchise costs (1) 47.9 %
50.6 % 48.4 % 50.3 % Selling, general and administrative expenses
14.2 % 13.6 % 14.0 % 13.6 % Impairment and other charges, net 1.0 %
0.5 % 0.7 % 1.1 % Losses (gains) on the sale of company-operated
restaurants 0.1 % — % 0.4 % (0.2 )% Earnings from operations 14.0 %
12.3 % 13.1 % 11.7 % Income tax rate (2) 38.2 % 33.8 % 37.3 % 35.9
% (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 July 5,
2015 July 6, 2014 July 5,
2015 July 6, 2014 Jack in the
Box:
Company restaurant sales $ 179,451 $
180,129 $ 605,786 $ 605,206 Company restaurant costs: Food and
packaging 55,218 30.8 % 58,909 32.7 % 192,906 31.8 % 197,419 32.6 %
Payroll and employee benefits 49,599 27.6 % 49,860 27.7 % 167,227
27.6 % 168,313 27.8 % Occupancy and other 35,115 19.6 %
38,147 21.2 % 119,797 19.8 % 125,965 20.8 %
Total company restaurant costs $ 139,932 78.0 % $ 146,916 81.6 % $
479,930 79.2 % $ 491,697 81.2 % Restaurant margin $ 39,519 22.0 % $
33,213 18.4 % $ 125,856 20.8 % $ 113,509 18.8 %
Qdoba:
Company restaurant sales $ 91,204 $ 84,269 $ 285,669 $ 255,794
Company restaurant costs: Food and packaging 27,431 30.1 % 25,550
30.3 % 86,884 30.4 % 76,700 30.0 % Payroll and employee benefits
23,297 25.5 % 21,873 26.0 % 74,421 26.1 % 68,852 26.9 % Occupancy
and other 20,988 23.0 % 19,524 23.2 % 67,805
23.7 % 63,413 24.8 % Total company restaurant costs $ 71,716
78.6 % $ 66,947 79.4 % $ 229,110 80.2 % $ 208,965 81.7 % Restaurant
margin $ 19,488 21.4 % $ 17,322 20.6 % $ 56,559 19.8 % $ 46,829
18.3 %
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 July 5,
2015 July 6, 2014 July 5,
2015 July 6, 2014 Royalties $
35,936 $ 33,014 $ 117,659 $ 107,994 Rental income 52,325 50,276
173,874 166,523 Franchise fees and other 590
804 3,261 3,927 Total franchise
revenues $ 88,851 $ 84,094 $ 294,794 $ 278,444
Rental expense $ 31,388 $ 31,318 $ 105,187 $
103,442 Depreciation and amortization 7,656 7,784 25,485 26,131
Other franchise support costs 3,492 3,461
12,064 10,497 Total franchise
costs $ 42,536 $ 42,563 $ 142,736 $ 140,070
Franchise margin $ 46,315 $ 41,531 $ 152,058
$ 138,374
Franchise margin as a % of franchise
revenues
52.1 % 49.4 % 51.6 % 49.7 %
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:
July 5, 2015 July 6, 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 12
14 — 10 10 Refranchised (21 ) 21 — (14 ) 14 — Acquired from
franchisees 7 (7 ) — 4 (4 ) — Closed (6 ) (10 ) (16 ) — (9 )
(9 ) End of period 413 1,835 2,248 455
1,797 2,252 % 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 8
15 23 13 17 30 Closed (4 ) (9 ) (13 ) (1 ) (12 ) (13 ) End of
period 314 334 648 308 324 632
% of Qdoba system 48 % 52 % 100 % 49 % 51 % 100 % % of
consolidated system 43 % 15 % 22 % 40 % 15 % 22 %
Consolidated:
Total system 727 2,169 2,896 763 2,121
2,884 % of consolidated system 25 % 75 % 100 % 26 %
74 % 100 %
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Jack in the Box Inc.Investor Contact:Carol DiRaimo, (858)
571-2407orMedia Contact:Brian Luscomb, (858) 571-2291
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