Profit Slips at Jack in the BoxFriday, November 23, 2012
Jack in the Box reported fiscal fourth quarter net income of $12.5 million, down from the like quarter in 2011 when it had $22.6 million in net profit.
For the 2012 fiscal year that ended Sept. 30, Jack in the Box reported net income of $57.6 million, down from $80.6 million in the like period of 2011.
Revenue during the past quarter was $357.6 million, down from $366 million in the comparable quarter last year. For the full fiscal year, revenue was $1.54 billion, down from $1.66 billion for the 2011 fiscal year.
The company said same store sales grew 3.1 percent in the fourth quarter driven by a combination of traffic growth and increases to the average check.
During the past quarter Jack in the Box completed the sale of 42 company-owned restaurants to franchisees, resulting in a $10.2 million gain. For the full year, the company sold 97 restaurants to franchise owners for $29.1 million.
As of Sept. 30, Jack’s had 2,250 restaurants, including 1,703 that are franchised. It also operates 627 Qdoba restaurants, 311 of which are franchised locations.
For the first quarter of the current fiscal year the company forecast its company-owned, same store sales would increase 1 to 2 percent, while same store sales for the full fiscal year were forecast to grow 2 to 3 percent.
Shares of the company, traded on Nasdaq under JACK, closed Nov. 20 at $26.17, down 6 cents from the prior day’s closing price, and have ranged from $18.65 to $29.47 over the past 52 weeks.
— Mike Allen