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 fromcontinuing 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 EndedApril 12,
2015
12 Weeks EndedApril 13,
2014
28 Weeks EndedApril 12,
2015
28 Weeks EndedApril 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
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 28 Weeks Ended April 12,2015
April 13,2014 April 12,2015 April 13,2014 Diluted earnings
per share fromcontinuing 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
SUBSIDIARIESSUPPLEMENTAL
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
SUBSIDIARIESSUPPLEMENTAL
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 %
Jack in the Box Inc.Investor Contact:Carol
DiRaimo, (858) 571-2407orMedia Contact:Brian Luscomb, (858)
571-2291
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