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Jack in the Box parent’s profit rises in 3Q

Same-store sales increase 1.1 percent at namesake brand

Jack in the Box Inc. reported a nearly 13-percent increase in third-quarter net income, despite charges related to the planned consolidation of the Qdoba Mexican Eats and Jack in the Box brand headquarters in San Diego. 

For the July 3-ended quarter, Jack in the Box Inc. reported net income of  $30.2 million, or 93 cents per share, rising from $26.8 million, or 75 cents per share, a year ago, including restructuring charges of about $7.7 million, or about 15 cents per share.

Revenue rose 2.6 percent, to $368.9 million.

Systemwide same-store sales increased 1.1 percent at Jack in the Box, including 1.5-percent growth at franchised locations. At company-owned restaurants, same-store sales decreased 0.2 percent, despite a 3.5-percent increase in average check.

Qdoba systemwide same-store sales rose 0.6 percent, including a 0.1-percent increase at franchised restaurants. At company-owned units, a 1-percent increase in same-store sales included a 0.4-percent increase in transactions, as well as growth in catering.

For the year, Jack in the Box systemwide same-store sales are expected to be flat to up 0.5 percent, and increase between 1.5 percent to 2 percent at Qdoba.

Both brands are expected to benefit from a favorable commodity environment, with deflation of 2 percent to 3 percent at Jack in the Box and about 5 percent at Qdoba, the company said.

The parent company ended the quarter with 2,254 Jack in the Box units and 688 Qdoba restaurants.

Contact Lisa Jennings at [email protected]
Follow her on Twitter: @livetodineout

TAGS: Finance
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