Shares of Jack in the Box were popping by nearly $4 in midday trading Nov. 19 on the Nasdaq exchange, pushing the stock above $75, following the release of the company’s quarterly and fiscal 2014 results.
For the fourth quarter ended Sept. 28, Jack reported net profit of $16.2 million, compared with net profit of $22.8 million in the like quarter of the prior fiscal year.
For the full year, Jack reported net profit of $88.9 million, compared with net profit of $51.2 million for the 2013 fiscal year.
Revenue for the fourth quarter was $344.7 million, compared with revenue of $337.9 million in the like quarter of 2013.
For the full fiscal year, Jack reported revenue of $1.48 billion, nearly equal to the revenue of FY 2013.
Chairman and CEO Lenny Comma said the company recorded a better-than-expected, 3.1 percent increase in same-store sales growth at both its Jack’s and Qdoba restaurants, driven mainly by breakfast and late-night sales.
For the 2015 fiscal year, Jack forecast same-store, company-owned restaurant sales to rise 1.5 percent to 2.5 percent. The increase at company-owned Qdoba restaurants is expected to be in a range of 6 percent to 8 percent.
Jack said it expects to open 10 to 15 new Jack restaurants and 50 to 60 new Qdoba restaurants in the fiscal year that ends September 2015.
Jack in the Box operates about 2,200 restaurants in 21 states and Guam. Through its wholly-owned subsidiary, Qdoba Mexican Grill, it has about 600 restaurants in 47 states, the District of Columbia and Canada.