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Qdoba parent reports 2008 earnings dip
November 18, 2008
SAN DIEGO — Jack in the Box Inc., the parent company of Qdoba Mexican Grill, has announced that net earnings for the fourth quarter ended Sept. 28 were up slightly but year-end net was down 5 percent.
System-wide same-store sales at Qdoba Mexican Grill were down 1 percent for the quarter. Year-to-date, comps were up 1.6 percent.
Same-store sales at Jack in the Box company restaurants were down 0.8 percent in the fourth quarter versus a year-ago increase of 5.2 percent. Same-store sales were negatively impacted by Hurricane Ike, which led to the closing of 228 restaurants when the storm made landfall on Sept. 12. Year-to-date comparable sales at company Jack in the Box restaurants increased 0.2 percent, following a 6.1 percent increase in fiscal 2007.
Four company locations remain closed today.
Revenues for the fourth quarter were down 0.9 percent, at $582.7 million compared to $588 million in the same period last year. Year to date, revenues were $2.54 billion, up 1.2 percent from $2.51 a year ago.
Net income for the quarter was up 1 percent at $26.9 million compared to $26.8 million in fourth quarter 2007. Year to date, net income was $119.3 million, down 5 percent from $125.6 million in 2007.
As previously announced, in September 2008 the company's board of directors approved plans to sell its Quick Stuff convenience stores.
At year end, the company's system included 2,158 Jack in the Box restaurants, 812 of which were franchised, and 454 Qdoba locations, 342 of which were franchised.
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