Jack in the Box Inc. reported net income of $22.8 million for its fiscal 2013 fourth quarter, nearly double the $12.5 million in net profit for the like quarter of fiscal 2012.
Revenue for the quarter that ended Sept. 29 was $338 million, down from $349 million for the like quarter last year.
The sale of 67 Qdoba Mexican Grill restaurants and an ongoing strategy of selling restaurants to franchised owners contributed to its bottom line, the company said.
Chairman and CEO Linda Lang, who announced her retirement at the end of this year, said the company is now 79 percent franchised, “and we’re near our goal for franchise ownership in the 80 to 85 percent range.”
For the full fiscal year, Jack in the Box (Nasdaq: JACK) reported net income of $51.1 million, down from $57.6 million in fiscal 2012. Revenue for the full year was $1.49 billion, compared with $1.5 billion in the prior fiscal year.
The company forecast that company-owned stores will increase 1.5 to 2.5 percent in fiscal 2014. About 10 new Jack in the Box stores will open in 2014, with three of those to be company locations.
Operating earnings per share were forecast to be in a range of $2.15 to $2.30 per diluted share this year, compared with $1.82 per share in fiscal 2013.