San Diego Business Journal

Jack in the Box Reports Q3 Results for FY2014

By Mike Allen Originally published August 6, 2014 at 4:07 p.m., updated August 7, 2014 at 9 a.m.

San Diego-based Jack in the Box Inc. reported net income of $24.7 million for its fiscal year 2014 third quarter, compared with a net loss of $5.6 million for the like quarter of 2013.

Revenue for the past quarter was $348.5 million, flat from the $350 million in revenue for the FY 2013 third quarter.

For the six months, Jack in the Box reported net income of $72.8 million compared with $28.3 million in net income for the like period of 2013.

Revenue for the first half was $1.14 billion, down from $1.15 billion for the like period of 2013.

Based on operating earnings per share, Jack in the Box reported 65 cents versus 41 cents in the like quarter of 2013. Wall Street analysts were expecting earnings per share to come in at 57 cents.

Same store sales increased 2.4 percent in the quarter, which was anticipated, and driven by growth in breakfast and late-night items, said CEO Leonard Comma.

The company forecast fourth quarter same store sales to increase about 1.5 to 2.5 percent at Jack’s stores, and by 5 to 6 percent at its Qdoba company restaurants.

For the full fiscal year, Jack said same stores sales are expected to increase 1.5 to 20 percent at Jack company restaurants, and by 5 to 5.5 percent at Qdoba company stores.

The company said this fiscal year it should open 15 Jack in the Box restaurants, and about 40 to 45 new Qdoba restaurants. It now has about 2,250 restaurants in 21 states.