SAN DIEGO Jack in the Box Inc., operator or franchisor of 2,500 restaurants under the flagship Jack in the Box quick-service chain and the fast-casual Qdoba Mexican Grill, reported a 19-percent drop in its fourth-quarter net income on an unfavorable comparison to a year ago when it booked a 12-cents-per-share benefit from the refranchising of corporate stores in Hawaii.
Net income totaled $27.0 million, or 43 cents per share, for the quarter ended Sept. 30, compared with $33.2 million, or 46 cents per share, for the same quarter in 2006. All per-share data reflects Jack in the Box’s 2-for-1 stock split effective Oct. 15.
Corporate earnings for the latest quarter came in at the high end of the company’s guidance and beat Wall Street estimates. Jack in the Box said its results were driven by higher sales and improved labor efficiencies.
Fourth quarter same-store sales at Jack in the Box corporate restaurants increased 5.2 percent. Systemwide same-store sales at Qdoba increased 5.8 percent.
For the full fiscal 2007, net earnings reached $126.3 million, or $1.88 per share, which included a third-quarter benefit of 4 cents per diluted share from an insurance recovery. Fiscal 2006 earnings totaled $108.0 million, or $1.50 per share.
Annual same-store sales at Jack in the Box corporate locations surged 6.1 percent and systemwide same-store sales were up 4.6 percent at Qdoba.