Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from
continuing operations of $33.9 million, or $0.94 per diluted share,
for the first quarter ended January 17, 2016, compared with
$37.1 million, or $0.94 per diluted share, for the first quarter of
fiscal 2015.
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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 $0.93 in the first quarter
of fiscal 2016 compared with $0.93 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.
Sixteen Weeks Ended January 17, January 18, 2016 2015
Diluted earnings per share from continuing
operations – GAAP
$ 0.94 $ 0.94 Gains from refranchising (0.01 ) (0.01 ) Operating
earnings per share – Non-GAAP $ 0.93 $ 0.93
Lenny Comma, chairman and chief executive officer, said, “Our
first quarter results were disappointing as operating earnings per
share were below our expectations. At the Jack in the Box brand,
margin expansion offset sales that were below our plan. Solid sales
and traffic growth at Qdoba were hampered by lower than expected
margins and some non-repetitive costs.
"Jack in the Box sales in the last part of the quarter were
lower than we anticipated as several competitors began promoting
aggressive value offers. We also experienced weakness at breakfast
and lunch throughout the quarter, which we attribute primarily to
our decision to shift the timing of some of our promotional
activity around breakfast to the second quarter as compared to the
first quarter of last year. In addition, we believe a competitor's
messaging around its launch of all-day breakfast had some impact on
our results, particularly in the 10:30 a.m. to noon period.
"In late January, we introduced multiple upgrades to the core
menu at our Jack in the Box restaurants system-wide. We are
confident in our ability to drive profitable sales growth and brand
loyalty over the long-term by balancing our messages to include
both higher-quality, more craveable food along with differentiated
value offerings.
"Qdoba sales were strong on top of double-digit comparisons,
driven by the introduction of Knockout Tacos® which generated nice
traffic growth. Qdoba's profitability for the quarter was impacted
by a number of items, including advertising costs which were $0.03
per share higher than last year due to timing, higher pre-opening
costs of about $0.02 per share related to a greater number of
openings, and costs of about $0.02 per share for new uniforms and a
brand-wide conference.
"In addition to these items, mark-to-market adjustments hurt our
consolidated results by approximately $0.01 per share.
"As we have discussed previously, we have been evaluating
various levers to enhance shareholder value. At our May investor
meeting, we will discuss our long-term strategies to grow sales and
expand both brands. In the meantime, we have made a couple of key
decisions, including plans to increase Jack in the Box franchise
ownership to at least 90 percent and reduce G&A to
approximately 3 percent of consolidated system-wide sales. We are
targeting completion of these initiatives over the next two years.
We will share more specifics at the meeting, including the
potential implications of these changes to our capital
structure."
Increases in same-store sales:
Sixteen Weeks Ended January 17,
January 18, 2016 2015 Jack in the Box: Company 0.5 % 3.9 %
Franchise 1.8 % 4.6 % System 1.4 % 4.4 % Qdoba: Company 1.5 % 12.9
% Franchise 2.1 % 15.1 % System 1.8 % 14.0 %
Jack in the Box system same-store sales increased 1.4 percent
for the quarter. Company same-store sales increased 0.5 percent,
with average check up 3.4 percent.
Jack in the Box system same-store sales growth for the quarter
lagged the QSR sandwich segment by 2.4 percentage points for the
comparable period, according to The NPD Group’s SalesTrack® Weekly
for the 16-week time period ended January 17, 2016. Included
in this segment are 16 of the top QSR sandwich and burger chains in
the country.
Qdoba same-store sales increased 1.8 percent system-wide and 1.5
percent for company restaurants in the first quarter. Company
same-store sales reflected a 1.3 percent increase in transactions
as well as another quarter of double-digit growth in catering
sales.
Consolidated restaurant operating margin increased by 20 basis
points to 19.5 percent of sales in the first quarter of 2016,
compared with 19.3 percent of sales in the year-ago quarter.
Restaurant operating margin for Jack in the Box company restaurants
increased 150 basis points to 20.9 percent of sales. The
improvement was due primarily to 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
favorable product mix changes and lower discounting, commodity
deflation of approximately 1.7 percent in the quarter, and menu
price increases. Restaurant operating margin for Qdoba company
restaurants decreased 270 basis points to 16.6 percent of sales, as
higher labor staffing, new uniforms and costs associated with a
greater number of new restaurant openings more than offset the
sales growth and benefits from commodity deflation of approximately
5.4 percent in the quarter.
Franchise margin as a percentage of total franchise revenues
improved to 51.5 percent in the first quarter from 51.0 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 first quarter increased by $2.8 million
and was 14.0 percent of revenues as compared to 13.5 percent in the
prior year quarter. The increase reflects a $2.1 million increase
in advertising costs at Qdoba due to the timing of promotional
activities, higher pre-opening costs of $1.1 million resulting from
a greater number of Qdoba openings and restaurants under
construction in the first quarter, and $0.8 million related to a
Qdoba brand conference for all company and franchise operators.
Mark-to-market adjustments on investments supporting the company’s
non-qualified retirement plans negatively impacted SG&A by $1.0
million in the first quarter of 2016 as compared to a negative
impact of $0.2 million in the first quarter of 2015, resulting in a
year-over-year increase in SG&A of $0.8 million. These
increases were partially offset by a $1.6 million decrease in
pension expense and a $1.2 million decrease in incentive
compensation.
Interest expense, net, increased by $3.0 million in the first
quarter due to increased leverage and a higher effective interest
rate for 2016.
The tax rate for the first quarter of 2016 was 37.6 percent
versus 36.1 percent for the first quarter of 2015. The higher tax
rate in the first quarter of 2016 was due primarily to an increase
in state tax rates, and unfavorable adjustments on investments
supporting the company's non qualified retirement plans.
Capital Allocation
The company repurchased approximately 1,274,000 shares of its
common stock in the first quarter of 2016 at an average price of
$78.48 per share for an aggregate cost of $100.0 million. This
leaves $100.0 million remaining under a stock-buyback program
authorized by the company’s Board of Directors in September 2015
that expires in November 2017.
"In addition, last week our Board of Directors authorized an
additional $100 million stock buyback program that also expires in
November 2017. The additional authorization underscores the
confidence both the management team and our Board of Directors have
in our business model and long-term growth plans," Comma said.
The company also announced today that on February 12, 2016, 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
March 14, 2016, to shareholders of record at the close of business
on March 1, 2016.
Guidance
The following guidance and underlying assumptions reflect the
company’s current expectations for the second quarter ending
April 10, 2016, 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.
Second quarter fiscal year 2016
guidance
- Same-store sales ranging from
approximately down 3.0 percent to flat at Jack in the Box company
restaurants versus a 7.4 percent increase in the year-ago quarter.
The low end of the sales guidance for the second quarter reflects
trends through the first four weeks as compared to the same period
of the prior year when sales growth exceeded 10 percent.
- Same-store sales ranging from
approximately flat to up 3.0 percent at Qdoba company restaurants
versus a 7.0 percent increase in the year-ago quarter. Excluding
the first week of the current quarter, which was negatively
impacted by weather, sales trends are tracking at the low end of
the guidance range as compared to the first four weeks of the prior
year when sales growth exceeded 14 percent.
Fiscal year 2016
guidance
- Same-store sales increase of
approximately 1.0 to 2.0 percent at Jack in the Box company
restaurants.
- Same-store sales increase of
approximately 2.0 to 3.0 percent at Qdoba company restaurants.
- Commodity deflation of approximately 2
percent for Jack in the Box and approximately 4 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.
- 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 million 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 $3.50 to $3.63 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 Thursday, February 18, 2016, 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 February 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; food
safety incidents or negative publicity impacting the reputations of
our brands; 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.
Sixteen Weeks Ended January 17, January 18, 2016 2015
Diluted earnings per share from continuing
operations – GAAP
$ 0.94 $ 0.94 Gains from refranchising (0.01 ) (0.01 ) Operating
earnings per share – Non-GAAP $ 0.93 $ 0.93
JACK IN THE BOX INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except
per share data) (Unaudited) Sixteen
Weeks Ended January 17, January 18,
2016 2015 Revenues: Company
restaurant sales $ 353,221 $ 351,896 Franchise rental revenues
69,738 69,446 Franchise royalties and other 47,864
47,279 470,823 468,621
Operating costs and expenses, net: Company restaurant costs: Food
and packaging 108,911 113,109 Payroll and employee benefits 97,907
95,679 Occupancy and other 77,699 75,031
Total company restaurant costs 284,517 283,819 Franchise
occupancy expenses 52,219 52,418 Franchise support and other costs
4,862 4,723 Selling, general and administrative expenses 65,872
63,095 Impairment and other charges, net 1,657 2,180 Gains on the
sale of company-operated restaurants (818 ) (850 )
408,309 405,385 Earnings from
operations 62,514 63,236 Interest expense, net 8,175
5,213 Earnings from continuing operations and before
income taxes 54,339 58,023 Income taxes 20,442
20,925 Earnings from continuing operations 33,897 37,098
Losses from discontinued operations, net of income tax benefit
(676 ) (1,263 ) Net earnings $ 33,221 $ 35,835
Net earnings per share - basic: Earnings from
continuing operations $ 0.96 $ 0.96 Losses from discontinued
operations (0.02 ) (0.03 ) Net earnings per share (1)
$ 0.94 $ 0.93 Net earnings per share - diluted:
Earnings from continuing operations $ 0.94 $ 0.94 Losses from
discontinued operations (0.02 ) (0.03 ) Net earnings
per share (1) $ 0.92 $ 0.91 Weighted-average
shares outstanding: Basic 35,458 38,640 Diluted 35,946 39,384
Cash dividends declared per common share $ 0.30 $ 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) January 17,
September 27, 2016
2015 ASSETS Current assets: Cash and cash equivalents
$ 7,100 $ 17,743 Accounts and other receivables, net 51,673 47,975
Inventories 7,871 7,376 Prepaid expenses 20,365 16,240 Assets held
for sale 19,359 15,516 Other current assets 3,018
3,106 Total current assets 109,386
107,956 Property and equipment, at cost 1,570,364
1,563,377 Less accumulated depreciation and amortization
(852,360 ) (835,114 ) Property and equipment, net
718,004 728,263 Intangible assets, net 14,552
14,765 Goodwill 149,012 149,027 Other assets, net 282,053
303,968 $ 1,273,007 $ 1,303,979
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current
maturities of long-term debt $ 24,760 $ 26,677 Accounts payable
43,995 32,137 Accrued liabilities 143,854
170,575 Total current liabilities 212,609
229,389 Long-term debt, net of current maturities
761,252 688,579 Other long-term liabilities 359,265 370,058
Stockholders’ (deficit) 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, 81,270,513 and 81,096,156
issued, respectively 813 811 Capital in excess of par value 409,607
402,986 Retained earnings 1,338,724 1,316,119 Accumulated other
comprehensive loss (137,830 ) (132,530 ) Treasury stock, at cost,
46,588,687 and 45,314,529 shares, respectively (1,671,433 )
(1,571,433 ) Total stockholders’ (deficit) equity
(60,119 ) 15,953 $ 1,273,007 $ 1,303,979
JACK IN THE BOX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars
in thousands) (Unaudited) Sixteen Weeks
Ended January 17, January 18,
2016 2015 Cash flows from
operating activities: Net earnings $ 33,221 $ 35,835 Adjustments to
reconcile net earnings to net cash provided by operating
activities: Depreciation and amortization 28,514 27,370 Deferred
finance cost amortization 823 661 Excess tax benefits from
share-based compensation arrangements (2,020 ) (14,533 ) Deferred
income taxes (2,128 ) 973 Share-based compensation expense 4,088
3,885 Pension and postretirement expense 4,149 5,769 Losses (gains)
on cash surrender value of company-owned life insurance 2,466 (574
) Gains on the sale of company-operated restaurants (818 ) (850 )
Losses on the disposition of property and equipment 651 621
Impairment charges and other 446 766 Changes in assets and
liabilities: Accounts and other receivables (4,204 ) 3,999
Inventories (495 ) (121 ) Prepaid expenses and other current assets
1,205 16,683 Accounts payable 7,386 (4,623 ) Accrued liabilities
(25,403 ) (20,063 ) Pension and postretirement contributions (1,883
) (6,880 ) Other (1,089 ) (1,571 ) Cash flows
provided by operating activities 44,909 47,347
Cash flows from investing activities: Purchases of property
and equipment (31,543 ) (19,885 ) Purchases of assets intended for
sale and leaseback (3,274 ) — Proceeds from the sale and leaseback
of assets 5,803 — Proceeds from the sale of company-operated
restaurants 1,021 1,174 Collections on notes receivable 441 5,050
Acquisition of franchise-operated restaurants 324 — Other
(28 ) 22 Cash flows used in investing activities
(27,256 ) (13,639 ) Cash flows from financing
activities: Borrowings on revolving credit facilities 176,000
154,000 Repayments of borrowings on revolving credit facilities
(97,000 ) (98,000 ) Principal repayments on debt (8,479 ) (5,279 )
Dividends paid on common stock (10,592 ) (7,791 ) Proceeds from
issuance of common stock 492 11,302 Repurchases of common stock
(100,000 ) (104,669 ) Excess tax benefits from share-based
compensation arrangements 2,020 14,533 Change in book overdraft
9,295 423 Cash flows used in financing
activities (28,264 ) (35,481 ) Effect of exchange
rate changes on cash and cash equivalents (32 ) 3
Net decrease in cash and cash equivalents (10,643 ) (1,770 )
Cash and cash equivalents at beginning of period 17,743
10,578 Cash and cash equivalents at end of
period $ 7,100 $ 8,808
JACK IN THE BOX INC.
AND SUBSIDIARIES SUPPLEMENTAL INFORMATION
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.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS DATA
(Unaudited) Sixteen Weeks Ended
January 17, January 18, 2016
2015 Revenues: Company restaurant sales 75.0 % 75.1 %
Franchise rental revenues 14.8 % 14.8 % Franchise royalties and
other 10.2 % 10.1 % Total revenues 100.0 % 100.0 % Operating costs
and expenses, net: Company restaurant costs: Food and packaging (1)
30.8 % 32.1 % Payroll and employee benefits (1) 27.7 % 27.2 %
Occupancy and other (1) 22.0 % 21.3 % Total company restaurant
costs (1) 80.5 % 80.7 % Franchise occupancy expenses (2) 74.9 %
75.5 % Franchise support and other costs (3) 10.2 % 10.0 % Selling,
general and administrative expenses 14.0 % 13.5 % Impairment and
other charges, net 0.4 % 0.5 % Gains on the sale of
company-operated restaurants (0.2 )% (0.2 )% Earnings from
operations 13.3 % 13.5 % Income tax rate (4) 37.6 % 36.1 %
____________________________
(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 margin, and
restaurant costs and margin as a percentage of the related sales.
Percentages may not add due to rounding.
SUPPLEMENTAL COMPANY RESTAURANT OPERATIONS DATA
(Dollars in thousands) (Unaudited)
Sixteen Weeks Ended January 17, 2016
January 18, 2015 Jack in the Box:
Company restaurant sales $ 236,279 $ 241,343 Company restaurant
costs: Food and packaging 73,133 31.0 % 79,193 32.8 % Payroll and
employee benefits 65,689 27.8 % 66,743 27.7 % Occupancy and other
48,171 20.4 % 48,631 20.2 % Total company restaurant
costs $ 186,993 79.1 % $ 194,567 80.6 % Restaurant margin $ 49,286
20.9 % $ 46,776 19.4 %
Qdoba: Company restaurant sales $
116,942 $ 110,553 Company restaurant costs: Food and packaging
35,778 30.6 % 33,916 30.7 % Payroll and employee benefits 32,218
27.6 % 28,936 26.2 % Occupancy and other 29,528 25.3 %
26,400 23.9 %
Total company restaurant costs
$ 97,524 83.4 % $ 89,252 80.7 % Restaurant margin $ 19,418 16.6 % $
21,301 19.3 %
The following table presents franchise
revenues, costs and margin in each period:
SUPPLEMENTAL FRANCHISE OPERATIONS DATA (Dollars in
thousands) (Unaudited) Sixteen Weeks
Ended January 17, January 18,
2016 2015 Franchise rental
revenues $ 69,738 $ 69,446 Royalties 46,662 45,829 Franchise
fees and other 1,202 1,450 Franchise
royalties and other 47,864 47,279 Total
franchise revenues $ 117,602 $ 116,725 Rental
expense $ 42,172 $ 42,197 Depreciation and amortization
10,047 10,221 Franchise occupancy expenses
52,219 52,418 Franchise support and other costs 4,862
4,723 Total franchise costs 57,081
57,141 Franchise margin $ 60,521 $ 59,584
Franchise margin as a % of franchise revenues 51.5 % 51.0 %
The following table provides information
related to our operating segments in each period:
SUPPLEMENTAL SEGMENT REPORTING INFORMATION
(Dollars in thousands) (Unaudited)
Sixteen Weeks Ended January 17, January
18, 2016 2015
Revenues by segment: Jack in the Box restaurant operations $
347,583 $ 351,951 Qdoba restaurant operations 123,240
116,670 Consolidated revenues $ 470,823 $
468,621
Earnings from operations by segment: Jack in
the Box restaurant operations $ 85,690 $ 80,857 Qdoba restaurant
operations 8,737 14,676 Shared services and unallocated costs
(32,731 ) (33,147 ) Gains on the sale of company-operated
restaurants 818 850 Consolidated
earnings from operations 62,514 63,236 Interest expense, net
8,175 5,213 Consolidated earnings from
continuing operations and before income taxes $ 54,339 $
58,023
Total depreciation expense by segment: Jack in
the Box restaurant operations $ 20,473 $ 19,615 Qdoba restaurant
operations 5,588 5,280 Shared services and unallocated costs
2,225 2,260 Consolidated depreciation expense
$ 28,286 $ 27,155
The following table summarizes the
year-to-date changes in the number and mix of Jack in the Box
("JIB") and Qdoba company and franchise restaurants:
SUPPLEMENTAL RESTAURANT ACTIVITY INFORMATION
(Unaudited) January 17, 2016
January 18, 2015 Company Franchise
Total Company Franchise
Total Jack in the Box: Beginning of year 413 1,836
2,249 431 1,819 2,250 New — 5 5 1 6 7 Refranchised (1 ) 1 — (1 ) 1
— Acquired from franchisees 1 (1 ) — — — — Closed — (1 ) (1
) — (4 ) (4 ) End of period 413 1,840 2,253
431 1,822 2,253 % of JIB system 18 % 82
% 100 % 19 % 81 % 100 % % of consolidated system 56 % 84 % 77 % 58
% 85 % 78 %
Qdoba: Beginning of year 322 339 661 310 328 638
New 9 6 15 3 6 9 Closed (1 ) (1 ) (2 ) (2 ) (4 ) (6 ) End of period
330 344 674 311 330 641 %
of Qdoba system 49 % 51 % 100 % 49 % 51 % 100 % % of consolidated
system 44 % 16 % 23 % 42 % 15 % 22 %
Consolidated:
Total system 743 2,184
2,927 742 2,152 2,894 % of
consolidated system 25 % 75 % 100 % 26 % 74 % 100 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160217006553/en/
Jack in the Box Inc.Investor Contact:Carol
DiRaimo, (858) 571-2407orMedia Contact:Brian Luscomb, (858)
571-2291
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