Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from
continuing operations of $23.8 million, or $0.65 per diluted share,
for the fourth quarter ended September 27, 2015, compared with
earnings from continuing operations of $17.4 million, or $0.44 per
diluted share, for the fourth quarter of fiscal 2014.
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Fiscal 2015 earnings from continuing operations totaled $112.6
million, or $2.95 per diluted share, compared with $94.8 million,
or $2.26 per diluted share in 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 $0.62 in the fourth
quarter of fiscal 2015 compared with $0.54 in the prior year
quarter. For fiscal year 2015, operating earnings per share were
$3.00 compared with $2.45 last year.
A reconciliation of non-GAAP measurements to GAAP results is
provided below, with additional information included in the
attachment to this release. Figures may not add due to
rounding.
Quarter Ended Fiscal Year Ended Sept.
27,2015 Sept. 28,2014 Sept. 27,2015
Sept. 28,2014
Diluted earnings per share from continuing
operations – GAAP
$
0.65
$
0.44
$
2.95
$
2.26
Restructuring charges - - - 0.13 (Gains)/losses from refranchising
(0.02 ) 0.10 0.05
0.05 Operating earnings per share – Non-GAAP $ 0.62
$ 0.54 $ 3.00 $ 2.45
Lenny Comma, chairman and chief executive officer, said, “We’re
pleased with our fourth quarter performance, which culminated in a
15 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®. This performance capped another terrific year,
with operating earnings per share up approximately 22 percent, the
fourth consecutive year of growth in excess of 20 percent.
“We continued to use our growing free cash flow to return cash
to shareholders with a 9 percent reduction in our diluted share
count for the fiscal year. Over the last five years, we have
repurchased $1 billion in stock. The additional $200 million share
repurchase authorization we announced in September coupled with the
50 percent increase in our dividend announced in May underscores
the confidence both the management team and our Board of Directors
have in our business model and growth plans.”
Increase in same-store sales:
Quarter EndedSept. 27,
2015
Quarter EndedSept. 28,
2014
Fiscal Year EndedSept. 27,
2015
Fiscal Year EndedSept. 28,
2014
Jack in the Box: Company 4.1% 3.1% 5.1% 2.0% Franchise 6.9% 3.1%
7.0% 2.0% System 6.2% 3.1% 6.5% 2.0% Qdoba: Company 6.1% 7.1% 8.3%
5.7% Franchise 7.2% 8.4% 10.4% 6.3% System 6.6% 7.7% 9.3% 6.0%
“Jack in the Box system same-store sales increased 6.2 percent
for the quarter, and company same-store sales increased 4.1
percent. Transactions grew approximately one percent for the
system, while transactions at company restaurants declined
approximately one percent as a result of a reduction in discounting
as compared to last year. Sales were positive across all dayparts,
with breakfast, dinner and late night performing similarly and
generating the strongest growth,” Comma said.
Jack in the Box system same-store sales growth for the quarter
exceeded that of the QSR sandwich segment by 3.5 percentage points
for the comparable period, according to The NPD Group’s SalesTrack®
Weekly for the 12-week time period ended September 27, 2015.
Included in this segment are 16 of the top QSR sandwich and burger
chains in the country.
“Qdoba same-store sales increased 6.6 percent system-wide and
6.1 percent for company restaurants in the fourth 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 which was partially offset
by a 0.3 percent decline in transactions,” Comma said.
Consolidated restaurant operating margin increased by 200 basis
points to 20.0 percent of sales in the fourth quarter of 2015,
compared with 18.0 percent of sales in the year-ago quarter.
Restaurant operating margin for Jack in the Box company restaurants
increased 250 basis points to 20.3 percent of sales. The
improvement was due primarily to sales leverage, lower food and
packaging costs, and the benefit of refranchising. The decrease in
food and packaging costs as a percentage of sales resulted from the
benefit of price increases, favorable product mix changes and lower
discounting, as well as commodity deflation of approximately 0.8
percent in the quarter. Restaurant operating margin for Qdoba
company restaurants increased 100 basis points to 19.5 percent of
sales, due primarily to sales leverage, including the benefit of
the simplified pricing structure introduced in October 2014, and
commodity deflation of approximately 1.8 percent, which were
partially offset by an increase in labor staffing.
Total franchise costs as a percentage of total franchise
revenues improved to 48.6 percent in the fourth quarter from 50.5
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 fourth quarter increased by $3.0
million and was 15.4 percent of revenues as compared to 15.0
percent in the prior year quarter. The increase reflects a $1.2
million increase in pension expense and higher pre-opening costs of
$0.9 million resulting from a greater number of Qdoba openings and
restaurants under construction in the fourth quarter.
Mark-to-market adjustments on investments supporting the company’s
non-qualified retirement plans negatively impacted SG&A by $1.1
million in the fourth quarter of 2015 as compared to a negative
impact of $1.5 million in the fourth quarter of 2014, resulting in
a year-over-year decrease in SG&A of $0.4 million.
Impairment and other charges, net, increased by $1.4 million in
the fourth quarter due primarily to charges relating to the
replacement of beverage equipment.
Gains on the sale of company-operated restaurants were $1.2
million in the fourth quarter, or approximately $0.02 per diluted
share, which resulted from additional proceeds received as a result
of the extension of underlying franchise and lease agreements for
previously refranchised Jack in the Box restaurants. This compares
to a loss of $5.8 million or approximately $0.10 per diluted share
in the fourth quarter of 2014 which related primarily to the sale
of Jack in the Box restaurants in the Southeast.
Capital Allocation
The company repurchased approximately 797,000 shares of its
common stock in the fourth quarter of 2015 at an average price of
$82.22 per share for an aggregate cost of $65.5 million. During
fiscal year 2015, the company repurchased approximately 3,743,000
shares at an average price of $84.71 per share, for an aggregate
cost of $317.1 million. This essentially completed the $100 million
stock-buyback program authorized by the company’s Board of
Directors in May 2015. In September 2015, the company’s Board of
Directors authorized an additional $200 million stock-buyback
program that expires in November 2017.
The company also announced today that on November 12, 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
December 22, 2015, to shareholders of record at the close of
business on December 9, 2015.
Guidance
The following guidance and underlying assumptions reflect the
company’s current expectations for the first quarter and fiscal
year ending October 2, 2016. Fiscal 2016 is a 53-week year, with 16
weeks in the first quarter, 12 weeks in each of the second and
third quarters, and 13 weeks in the fourth quarter.
First quarter fiscal year 2016
guidance
- Same-store sales increase of
approximately 1.0 to 3.0 percent at Jack in the Box company
restaurants versus a 3.9 percent increase in the year-ago
quarter.
- Same-store sales of flat to up 2.0
percent at Qdoba company restaurants versus a 12.9 percent increase
in the year-ago quarter.
Fiscal year 2016
guidance
- Same-store sales increase of
approximately 2.0 to 4.0 percent at Jack in the Box company
restaurants.
- Same-store sales increase of
approximately 2.0 to 4.0 percent at Qdoba company restaurants.
- Commodity inflation of approximately 1
percent for Jack in the Box and deflation of approximately 3
percent at Qdoba.
- Restaurant operating margin of
approximately 20.0 to 20.5 percent.
- SG&A as a percentage of revenue of
approximately 13.0 to 13.5 percent as compared to 14.4 percent in
fiscal 2015. The decrease includes a $5.3 million reduction in
pension and postretirement expense in fiscal 2016.
- Impairment and other charges as a
percentage of revenue of approximately 80 basis points.
- Approximately 20 new Jack in the Box
restaurants opening system-wide, the majority of which will be
franchise locations.
- Approximately 50 to 60 new Qdoba
restaurants, of which approximately half are expected to be company
locations.
- Capital expenditures of $100 to $120
million.
- Tax rate of approximately 38
percent.
- Operating earnings per share, which the
company defines as diluted earnings per share from continuing
operations on a GAAP basis excluding restructuring charges and
gains or losses from refranchising, ranging from $3.55 to $3.70 in
fiscal 2016 as compared to operating earnings per share of $3.00 in
fiscal 2015.
- The estimated benefit of the 53rd week
in fiscal 2016 is approximately $0.08 per diluted share.
Conference call
The company will host a conference call for financial analysts
and investors on Wednesday, November 18, 2015, beginning at 8:30
a.m. PT (11:30 a.m. ET). The conference call will be broadcast live
over the Internet via the Jack in the Box Inc. corporate website.
To access the live call through the Internet, log onto the
Investors section of the Jack in the Box Inc. website at
http://investors.jackinthebox.com at least 15 minutes prior to the
event in order to download and install any necessary audio
software. A replay of the call will be available through the Jack
in the Box Inc. corporate website for 21 days, beginning at
approximately 11:30 a.m. PT on November 18.
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 Eats®, 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; litigation risks; 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.
Quarter Ended Fiscal Year Ended Sept. 27,2015
Sept. 28,2014 Sept. 27,2015 Sept.
28,2014
Diluted earnings per share from continuing
operations – GAAP
$
0.65
$
0.44
$
2.95
$
2.26
Restructuring charges - - - 0.13 (Gains)/losses from refranchising
(0.02 ) 0.10 0.05 0.05
Operating earnings per share – Non-GAAP $ 0.62
$ 0.54 $ 3.00 $ 2.45
JACK IN THE BOX INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except
per share data) (Unaudited) Quarter Ended
Fiscal Year Ended
September 27,2015
September 28,2014
September 27,2015
September 28,2014
Revenues: Company restaurant sales $ 265,408 $ 259,912 $ 1,156,863
$ 1,120,912 Franchise rental revenues 52,666 50,454 226,702 217,182
Franchise royalties and other 35,994 34,321
156,752 146,037 354,068
344,687 1,540,317
1,484,131 Operating costs and expenses, net: Company
restaurant costs: Food and packaging 82,198 83,219 361,988 357,338
Payroll and employee benefits 71,654 71,329 313,302 308,494
Occupancy and other 58,421 58,483
246,023 247,861 Total company
restaurant costs 212,273 213,031 921,313 913,693 Franchise
occupancy expenses 39,281 39,290 170,102 169,034 Franchise support
and other costs 3,773 3,526 15,688 13,852 Selling, general and
administrative expenses 54,592 51,550 221,145 206,788 Impairment
and other charges, net 3,689 2,275 11,757 14,908 (Gains) losses on
the sale of company-operated restaurants (1,214 )
5,790 3,139 3,548 312,394
315,462 1,343,144
1,321,823 Earnings from operations 41,674 29,225 197,173
162,308 Interest expense, net 4,866 3,290
18,803 15,678 Earnings from
continuing operations and before income taxes 36,808 25,935 178,370
146,630 Income taxes 13,030 8,492
65,769 51,786 Earnings from continuing
operations 23,778 17,443 112,601 94,844 Losses from discontinued
operations, net of income tax benefit (637 ) (1,283 )
(3,789 ) (5,894 ) Net earnings $ 23,141 $
16,160 $ 108,812 $ 88,950 Net earnings
per share - basic: Earnings from continuing operations $ 0.66 $
0.45 $ 3.00 $ 2.33 Losses from discontinued operations (0.02
) (0.03 ) (0.10 ) (0.14 ) Net earnings per
share (1) $ 0.64 $ 0.41 $ 2.89 $ 2.18
Net earnings per share - diluted: Earnings from continuing
operations $ 0.65 $ 0.44 $ 2.95 $ 2.26 Losses from discontinued
operations (0.02 ) (0.03 ) (0.10 )
(0.14 ) Net earnings per share (1) $ 0.63 $ 0.40 $
2.85 $ 2.12 Weighted-average shares
outstanding: Basic 37,276 38,982 37,587 40,781 Diluted 36,822
39,918 38,215 41,973 Cash dividends declared per common
share $ 0.30 $ 0.20 $ 1.00 $ 0.40 (1) Earnings per share may
not add due to rounding
JACK IN THE
BOX INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data) (Unaudited)
September 27,2015
September 28,2014
ASSETS Current assets: Cash and cash equivalents $ 17,743 $ 10,578
Accounts and other receivables, net 47,975 50,014 Inventories 7,376
7,481 Prepaid expenses 16,240 36,314 Deferred income taxes 40,033
36,810 Assets held for sale 15,516 4,766 Other current assets
3,106 597 Total current assets
147,989 146,560 Property and equipment, at
cost: Land 112,991 113,622 Buildings 1,091,237 1,090,360 Restaurant
and other equipment 315,235 291,443 Construction in progress
43,914 24,522 1,563,377 1,519,947 Less
accumulated depreciation and amortization (835,114 )
(797,818 ) Property and equipment, net 728,263
722,129 Intangible assets, net 14,765 15,604 Goodwill
149,027 149,074 Other assets, net 263,935
237,298 $ 1,303,979 $ 1,270,665 LIABILITIES
AND STOCKHOLDERS’ EQUITY Current liabilities: Current maturities of
long-term debt $ 26,677 $ 10,871 Accounts payable 32,137 31,810
Accrued liabilities 170,575 163,626
Total current liabilities 229,389 206,307
Long-term debt, net of current maturities 688,579 497,012
Other long-term liabilities 370,058 309,435 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, 81,096,156 and 80,127,387 issued, respectively 811 801
Capital in excess of par value 402,986 356,727 Retained earnings
1,316,119 1,244,897 Accumulated other comprehensive loss (132,530 )
(90,132 ) Treasury stock, at cost, 45,314,529 and 41,571,752
shares, respectively (1,571,433 ) (1,254,382 ) Total
stockholders’ equity 15,953 257,911 $
1,303,979 $ 1,270,665
JACK IN THE BOX INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CASH FLOWS (Dollars in thousands)
(Unaudited) Fiscal Year 2015
2014 Cash flows from operating activities: Net earnings $
108,812 $ 88,950 Adjustments to reconcile net earnings to net cash
provided by operating activities: Depreciation and amortization
89,468 91,384 Deferred finance cost amortization 2,309 2,175 Excess
tax benefits from share-based compensation arrangements (18,602 )
(17,664 ) Deferred income taxes (3,191 ) 4,152 Share-based
compensation expense 12,420 10,358 Pension and postretirement
expense 18,749 13,760 Losses (gains) on cash surrender value of
company-owned life insurance 1,240 (6,049 ) Losses on the sale of
company-operated restaurants 3,139 3,548 Losses on the disposition
of property and equipment 1,847 1,680 Impairment charges and other
6,815 10,434 Loss on early retirement of debt — 789 Changes in
assets and liabilities, excluding acquisitions and dispositions:
Accounts and other receivables (82 ) 19,589 Inventories 105 (300 )
Prepaid expenses and other current assets 35,255 14,051 Accounts
payable 2,281 (627 ) Accrued liabilities 798 7,140 Pension and
postretirement contributions (25,374 ) (25,349 ) Other
(9,114 ) (16,999 ) Cash flows provided by operating
activities 226,875 201,022 Cash flows
from investing activities: Purchases of property and equipment
(86,226 ) (60,525 ) Purchases of assets intended for sale and
leaseback (10,396 ) (2,801 ) Proceeds from sale and leaseback of
assets — 5,698 Proceeds from the sale of company-operated
restaurants 3,951 10,536 Collections on notes receivable 5,917
2,974 Acquisition of franchise-operated restaurants — (1,750 )
Other 2,281 2,889 Cash flows used in
investing activities (84,473 ) (42,979 ) Cash flows
from financing activities: Borrowings on revolving credit
facilities 857,000 652,000 Repayments of borrowings on revolving
credit facilities (768,000 ) (521,000 ) Proceeds from issuance of
debt 300,000 200,000 Principal repayments on debt (198,397 )
(193,399 ) Debt issuance costs (2,030 ) (3,607 ) Dividends paid on
common stock (37,390 ) (15,808 ) Proceeds from issuance of common
stock 15,170 31,748 Repurchases of common stock (320,163 ) (323,866
) Excess tax benefits from share-based compensation arrangements
18,602 17,664 Change in book overdraft — (848
) Cash flows used in financing activities (135,208 )
(157,116 ) Effect of exchange rate changes on cash and cash
equivalents (29 ) 7 Net increase in cash and
cash equivalents 7,165 934 Cash and cash equivalents at beginning
of period 10,578 9,644 Cash and cash
equivalents at end of period $ 17,743 $ 10,578
JACK IN THE BOX INC. AND
SUBSIDIARIESSUPPLEMENTAL
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 EARNINGS DATA Quarter Ended
Fiscal Year Ended
September 27,2015
September 28,2014
September 27,2015
September 28,2014
Revenues: Company restaurant sales 75.0 % 75.4 % 75.1 % 75.5 %
Franchise rental revenues 14.9 % 14.6 % 14.7 % 14.6 % Franchise
royalties and other 10.2 % 10.0 % 10.2 % 9.8 % Total revenues 100.0
% 100.0 % 100.0 % 100.0 % Operating costs and expenses, net:
Company restaurant costs: Food and packaging (1) 31.0 % 32.0 % 31.3
% 31.9 % Payroll and employee benefits (1) 27.0 % 27.4 % 27.1 %
27.5 % Occupancy and other (1) 22.0 % 22.5 % 21.3 % 22.1 % Total
company restaurant costs (1) 80.0 % 82.0 % 79.6 % 81.5 % Franchise
occupancy expenses (2) 74.6 % 77.9 % 75.0 % 77.8 % Franchise
support and other costs (3) 10.5 % 10.3 % 10.0 % 9.5 % Selling,
general and administrative expenses 15.4 % 15.0 % 14.4 % 13.9 %
Impairment and other charges, net 1.0 % 0.7 % 0.8 % 1.0 % (Gains)
losses on the sale of company-operated restaurants (0.3 )% 1.7 %
0.2 % 0.2 % Earnings from operations 11.8 % 8.5 % 12.8 % 10.9 %
Income tax rate (4) 35.4 % 32.7 % 36.9 % 35.3 % (1) As a
percentage of company restaurant sales. (2) As a percentage of
franchise rental revenues. (3) As a percentage of franchise
royalties and other. (4) 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 EARNINGS DATA (Dollars in
thousands) Quarter Ended
Fiscal Year Ended September 27, 2015
September 28, 2014 September 27, 2015 September
28, 2014 Jack in the Box: Company
restaurant sales $ 176,739 $ 177,255 $ 782,525 $ 782,461 Company
restaurant costs: Food and packaging 55,025 31.1 % 57,472 32.4 %
247,931 31.7 % 254,891 32.6 % Payroll and employee benefits 48,371
27.4 % 49,687 28.0 % 215,598 27.6 % 218,000 27.9 % Occupancy and
other 37,484 21.2 % 38,468 21.7 % 157,281 20.1
% 164,433 21.0 % Total company restaurant costs $ 140,880
79.7 % $ 145,627 82.2 % $ 620,810 79.3 % $ 637,324 81.5 %
Restaurant margin $ 35,859 20.3 % $ 31,628 17.8 % $ 161,715 20.7 %
$ 145,137 18.5 %
Qdoba: Company restaurant sales $
88,669 $ 82,657 $ 374,338 $ 338,451 Company restaurant costs: Food
and packaging 27,173 30.6 % 25,747 31.1 % 114,057 30.5 % 102,447
30.3 % Payroll and employee benefits 23,283 26.3 % 21,642 26.2 %
97,704 26.1 % 90,494 26.7 % Occupancy and other 20,937 23.6
% 20,015 24.2 % 88,742 23.7 % 83,428 24.6 %
Total company restaurant costs $ 71,393 80.5 % $ 67,404 81.5 % $
300,503 80.3 % $ 276,369 81.7 % Restaurant margin $ 17,276 19.5 % $
15,253 18.5 % $ 73,835 19.7 % $ 62,082 18.3 %
The following table presents the detail of our franchise
revenues and costs (dollars in thousands):
JACK IN THE BOX INC.
AND SUBSIDIARIES SUPPLEMENTAL INFORMATION
(Unaudited) Quarter Ended Fiscal Year
Ended
September 27,2015
September 28,2014
September 27,2015
September 28,2014
Franchise rental revenues
$ 52,666 $ 50,454 $ 226,702 $ 217,182 Royalties $ 35,100 $
32,992 $ 152,759 $ 140,986 Re-image contributions to franchisees —
— — (22 ) Franchise fees and other 894 1,329
3,993 5,073 Franchise royalties
and other $ 35,994 $ 34,321 $ 156,752 $
146,037 Total franchise revenues $ 88,660 $ 84,775
$ 383,454 $ 363,219 Rental expense $
31,638 $ 31,577 $ 136,974 $ 135,190 Depreciation and amortization
7,643 7,713 33,128
33,844 Franchise occupancy expenses 39,281 39,290 170,102
169,034 Franchise support and other costs 3,773
3,526 15,688 13,852 Total
franchise costs $ 43,054 $ 42,816 $ 185,790 $
182,886 Franchise margin $ 45,606 $ 41,959 $
197,664 $ 180,333 Franchise margin as a % of
franchise revenues 51.4 % 49.5 % 51.5 % 49.6 %
JACK IN THE BOX INC. AND
SUBSIDIARIESSUPPLEMENTAL
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:
2015
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 16
18 1 11 12 Refranchised (21 ) 21 — (37 ) 37 — Acquired from
franchisees 7 (7 ) — 4 (4 ) — Closed (6 ) (13 ) (19 ) (2 ) (11 )
(13 ) End of year 413 1,836 2,249 431
1,819 2,250 % of JIB system 18 % 82 % 100 % 19 % 81 %
100 % % of consolidated system 56 % 84 % 77 % 58 % 85 % 78 %
Qdoba: Beginning of year 310 328 638 296 319 615 New 17 22
39 16 22 38 Refranchised — — — — — — Acquired from franchisees — —
— — — — Closed (5 ) (11 ) (16 ) (2 ) (13 ) (15 ) End of year 322
339 661 310 328 638 % of
Qdoba system 49 % 51 % 100 % 49 % 51 % 100 % % of consolidated
system 44 % 16 % 23 % 42 % 15 % 22 %
Consolidated:
Total system 735 2,175
2,910 741 2,147 2,888 % of
consolidated system 25 % 75 % 100 % 26 % 74 % 100 %
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version on businesswire.com: http://www.businesswire.com/news/home/20151117006951/en/
Jack in the Box Inc.Investor Contact:Carol DiRaimo,
858-571-2407orMedia Contact:Brian Luscomb, 858-571-2291
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