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Qdoba comps increase
August 7, 2007
SAN DIEGO —Comparable-store sales at Jack in the Box Inc.'s Qdoba Mexican Grill restaurants increased 5 percent in the third quarter ended July 8. Year-to-date comps at Qdoba were up 4.2 percent.
Revenues for the company were $680 million for the third quarter, up 6 percent compared with revenues of $643 million for the third quarter of 2006. Year-to-date revenues were $2.2 billion compared with revenues of $2.1 million for the first three months of 2006.
Net income for the company was $34.7 million for the third quarter, up 25 percent compared with net income of $27.8 million for the 2006 third quarter. Year-to-date net income was $99 million, up 32 percent compared with net income of $74.9 million for the first nine months of last year.
Qdoba opened 18 company and franchised restaurants versus 14 last year. Qdoba also purchased nine franchised restaurants in western Michigan during the quarter.
The board of directors of Jack in the Box has approved a 2-for-1 split of the company's common stock, to be effected in the form of a special 100-percent stock dividend. The split is subject to stockholder approval of a charter amendment to increase the number of shares of the company's common stock.The company will hold a special meeting of stockholders, tentatively set for Sept. 21, to vote on the charter amendment.
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