Jack in the Box Inc. Reports Third Quarter FY 2015 Earnings; Updates Guidance for FY 2015; Declares Quarterly Cash Dividend

SAN DIEGO--()--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 from
continuing 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 Ended
July 5, 2015

 

12 Weeks Ended
July 6, 2014

 

40 Weeks Ended
July 5, 2015

 

40 Weeks Ended
July 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 SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS
(Unaudited)

Operating earnings per share, a non-GAAP measure, is defined by the company as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains or losses from refranchising. Management believes this non-GAAP financial measure provides important supplemental information to assist investors in analyzing the performance of the company’s core business. In addition, the company uses operating earnings per share in establishing performance goals for purposes of executive compensation. The company encourages investors to rely upon its GAAP numbers but includes this non-GAAP financial measure as a supplemental metric to assist investors. This non-GAAP financial measure should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, this non-GAAP financial measure used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Below is a reconciliation of non-GAAP operating earnings per share to the most directly comparable GAAP measure, diluted earnings per share from continuing operations. Figures may not add due to rounding.

12 Weeks Ended   40 Weeks Ended
July 5,
2015
July 6,
2014
July 5,
2015
July 6,
2014
Diluted earnings per share from
continuing 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 %
 

Contacts

Jack in the Box Inc.
Investor Contact:
Carol DiRaimo, (858) 571-2407
or
Media Contact:
Brian Luscomb, (858) 571-2291

Contacts

Jack in the Box Inc.
Investor Contact:
Carol DiRaimo, (858) 571-2407
or
Media Contact:
Brian Luscomb, (858) 571-2291