Jack in the Box Inc. Reports First Quarter FY 2013 Earnings; Updates Guidance for FY 2013
Jack in the Box Inc. (NASDAQ: JACK) reported earnings from continuing operations of $23.9 million, or $0.54 per diluted share, for the first quarter ended January 20, 2013, compared with earnings from continuing operations of $12.0 million, or $0.27 per diluted share, for the first quarter of fiscal 2012.
Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains from refranchising, were $0.54 per share in the first quarter of fiscal 2013 compared with $0.25 per share in the prior year quarter. Gains from refranchising contributed approximately $0.01 per diluted share for the quarter as compared with approximately $0.02 per diluted share in the prior year quarter.
A reconciliation of non-GAAP measurements to GAAP results is provided below with additional information included in the attachment to this release. Figures may not add due to rounding.
| 16 Weeks Ended | |||||||||
| January 20, 2013 | January 22, 2012 | ||||||||
| Diluted earnings per share from continuing operations – GAAP | $ | 0.54 | $ | 0.27 | |||||
| Plus: Restructuring charges | 0.01 | ? | |||||||
| Less: Gains from refranchising | (0.01 | ) | (0.02 | ) | |||||
| Operating earnings per share – Non-GAAP | $ | 0.54 | $ | 0.25 | |||||
During the first quarter of 2013, the company continued to review and refine its organization to create a structure that more efficiently supports its business model. As a result, restructuring charges of $0.8 million, or approximately $0.01 per diluted share, were recorded during the first quarter of 2013. These charges are included in “impairment and other charges, net” in the accompanying consolidated statements of earnings.
As previously announced, during the fourth quarter of 2012, the company began outsourcing its distribution business, and the transition was completed in the first quarter of fiscal 2013. As a result of the outsourcing, the company recorded an after-tax charge totaling $3.3 million in the first quarter of fiscal 2013, which reduced diluted net earnings per share by approximately $0.07. This charge and the results of operations for the distribution business are included in discontinued operations in the accompanying consolidated statements of earnings for all periods presented.
Increase in same-store sales:
| 16 Weeks Ended January 20, 2013 | 16 Weeks Ended January 22, 2012 | |||||||
| Jack in the Box®: | ||||||||
| Company | 2.1 | % | 5.3 | % | ||||
| Franchise | 1.8 | % | 2.8 | % | ||||
| System | 1.9 | % | 3.6 | % | ||||
| Qdoba®: | ||||||||
| Company | 1.5 | % | 3.5 | % | ||||
| Franchise | 0.5 | % | 4.0 | % | ||||
| System | 1.0 | % | 3.8 | % | ||||
Linda A. Lang, chairman and chief executive officer, said, “Jack in the Box company same-store sales increased 2.1 percent and system same-store sales increased 1.9 percent in the first quarter. Jack in the Box system same-store sales growth for the quarter exceeded that of the QSR sandwich segment for the comparable period, according to The NPD Group’s SalesTrack Weekly for the 16-week time period ended January 20, 2013. Included in this segment are the top 15 sandwich and QSR burger chain competitors.
“Qdoba same-store sales in the first quarter increased 1.5 percent for company restaurants, driven by transaction and catering growth. One of our key priorities for 2013 is to drive traffic at Qdoba, and we believe our promotional efforts aimed at differentiating the brand resulted in the improvement in traffic and sales trends.
“Numerous companies in both the restaurant and retail space have reported some weakening in sales in the last part of January and first half of February which has been attributed to higher payroll taxes, delayed tax refunds and the rapid increase in gas prices over the last month. Our sales guidance for the second quarter reflects the softness we’ve seen thus far in the quarter and the uncertainty surrounding consumer spending,” Lang said.
Consolidated restaurant operating margin improved by 220 basis points to 15.7 percent of sales in the first quarter of 2013, compared with 13.5 percent of sales in the year-ago quarter. Restaurant operating margin increased 320 basis points to 17.1% of sales for Jack in the Box and decreased 40 basis points to 11.6% of sales for Qdoba.
Food and packaging costs in the quarter were 130 basis points lower than prior year. The decrease resulted from the benefit of price increases, favorable product mix at Jack in the Box, and a greater proportion of Qdoba company restaurants which combined to more than offset slight commodity inflation and the impact of promotional activity at Qdoba. Overall commodity costs were up less than 1 percent in the quarter.
Payroll and employee benefits costs were 40 basis points lower than the year-ago quarter, reflecting leverage from same-store sales increases, the favorable impact of recent acquisitions of Qdoba franchised restaurants, and a modest benefit from refranchising Jack in the Box restaurants.
Occupancy and other costs decreased 50 basis points in the first quarter due primarily to leverage from same-store sales increases and the favorable impact of recent acquisitions of Qdoba franchised restaurants.
SG&A expense for the first quarter increased by $1.6 million and was 14.5 percent of revenues as compared to 14.4 percent in the prior year quarter. Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans positively impacted SG&A by $1.3 million in the first quarter as compared to a positive impact of $3.2 million in last year’s first quarter, resulting in a year-over-year increase in SG&A of $1.9 million. The increase in SG&A was also due to higher incentive compensation, increased G&A related to Qdoba growth, and higher pension costs which were partially offset by the benefit of the company’s restructuring activities as well as lower advertising and overhead costs resulting from the Jack in the Box refranchising strategy.
Impairment and other charges decreased $1.1 million in the quarter compared to a year ago primarily due to income of $2.1 million recognized in 2013 in connection with the resolution of two eminent domain matters involving Jack in the Box restaurants.
Gains on the sale of company-operated Jack in the Box restaurants were $0.7 million in the 2013 quarter, or approximately $0.01 per diluted share, which primarily represented additional proceeds received as a result of the extension of underlying franchise and lease agreements for previously sold restaurants. This compares to gains of $1.1 million, or approximately $0.02 per diluted share, in the year-ago quarter.
The tax rate for the first quarter of 2013 was 30.2 percent versus 34.3 percent for the first quarter of 2012. The lower tax rate in the first quarter of fiscal 2013 was due primarily to legislation that retroactively reinstated Work Opportunity Tax Credits, as well as the market performance of insurance investment products used to fund certain non-qualified retirement plans. Changes in the cash value of the insurance products are not deductible or taxable. The company now expects its full year tax rate to be approximately 35 to 36 percent as a result of the reinstated tax credits.
The company repurchased approximately 985,000 shares of its common stock in the first quarter at an average price of $27.26 per share for an aggregate cost of $26.9 million, leaving $50 million remaining under a $100 million stock-buyback program authorized by the company’s board of directors that expires in November 2013, and $100 million remaining under an authorization that expires in November 2014.
Restaurant openings
Nine new Jack in the Box restaurants opened in the first quarter of fiscal 2013, including six franchised locations, compared with 16 new restaurants opened system-wide during the same quarter last year, of which 11 were franchised.
In the first quarter, 17 Qdoba restaurants opened, including 14 franchised locations, versus 15 new restaurants in the year-ago quarter, of which 9 were franchised. The company also acquired 6 Qdoba restaurants from franchisees in the quarter.
At January 20, 2013, the company’s system total comprised 2,255 Jack in the Box restaurants, including 1,704 franchised locations, and 636 Qdoba restaurants, including 311 franchised locations.
Guidance
The following guidance and underlying assumptions reflect the company’s current expectations for the second quarter ending April 14, 2013, and the fiscal year ending September 29, 2013. Fiscal 2013 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.
Second quarter fiscal year 2013 guidance
- Same-store sales are expected to be approximately flat at Jack in the Box company restaurants versus a 5.6 percent increase in the year-ago quarter.
- Same-store sales are expected to be flat to down 2 percent at Qdoba company restaurants versus a 3.8 percent increase in the year-ago quarter.
Fiscal year 2013 guidance
- Same-store sales are expected to increase approximately 1.5 to 2.5 percent at Jack in the Box company restaurants.
- Same-store sales are expected to increase approximately 1.0 to 2.0 percent at Qdoba company restaurants.
- Overall commodity costs are expected to increase by approximately 2 to 3 percent for the full year.
- Restaurant operating margin for the full year is expected to range from approximately 15.5 to 16.0 percent, depending on same-store sales and commodity inflation.
- SG&A as a percentage of revenue is expected to be in the mid-14 percent range as compared to 14.7% in fiscal 2012. G&A as a percentage of system-wide sales is expected to decline to approximately 4.3% in fiscal 2013 from 4.6% in fiscal 2012.
- Impairment and other charges as a percentage of revenue are expected to be approximately 50 to 70 basis points, excluding restructuring charges.
- The company no longer provides guidance with respect to refranchising gains or proceeds.
- 20 to 25 new Jack in the Box restaurants are expected to open, including approximately 10 company locations.
- 70 to 85 new Qdoba restaurants are expected to open, of which approximately 40 to 45 are expected to be company locations.
- Capital expenditures are expected to be $95 to $105 million.
- The tax rate is expected to be approximately 35 to 36 percent.
- Operating earnings per share, which the company defines as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains from refranchising, are now expected to range from $1.48 to $1.63 in fiscal 2013 as compared to operating earnings per share of $1.20 in fiscal 2012.
- Diluted earnings per share includes approximately $0.04 of incentive payments to Jack in the Box franchisees in fiscal 2013 to complete the installation of new signage as compared to $0.11 in fiscal 2012 to complete the re-image program.
About Jack in the Box Inc.
Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 21 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill®, a leader in fast-casual dining, with more than 600 restaurants in 44 states, the District of Columbia and Canada.
JACK IN THE BOX INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS
(Unaudited)
Operating earnings per share, a non-GAAP measure, is defined by the company as diluted earnings per share from continuing operations on a GAAP basis excluding restructuring charges and gains from refranchising. Management believes this non-GAAP financial measure provides important supplemental information to assist investors in analyzing the performance of the company’s core business. In addition, the company uses operating earnings per share in establishing performance goals for purposes of executive compensation. The company encourages investors to rely upon its GAAP numbers but includes this non-GAAP financial measure as a supplemental metric to assist investors. This non-GAAP financial measure should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP. In addition, this non-GAAP financial measure used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
Below is a reconciliation of non-GAAP operating earnings per share to the most directly comparable GAAP measure, diluted earnings per share from continuing operations. Figures may not add due to rounding.
| 16 Weeks Ended | |||||||||
| January 20, 2013 | January 22, 2012 | ||||||||
| Diluted earnings per share from continuing operations – GAAP | $ | 0.54 | $ | 0.27 | |||||
| Plus: Restructuring charges | 0.01 | ? | |||||||
| Less: Gains from refranchising | (0.01 | ) | (0.02 | ) | |||||
| Operating earnings per share – Non-GAAP | $ | 0.54 | $ | 0.25 | |||||
| JACK IN THE BOX INC. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | |||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Sixteen Weeks Ended | |||||||||||||||||
| January 20, 2013 | January 22, 2012 | ||||||||||||||||
| Revenues: | |||||||||||||||||
| Company restaurant sales | $ | 360,094 | $ | 364,102 | |||||||||||||
| Franchise revenues | 105,429 | 93,819 | |||||||||||||||
| 465,523 | 457,921 | ||||||||||||||||
| Operating costs and expenses, net: | |||||||||||||||||
| Company restaurant costs: | |||||||||||||||||
| Food and packaging | 116,101 | 122,107 | |||||||||||||||
| Payroll and employee benefits | 104,064 | 106,811 | |||||||||||||||
| Occupancy and other | 83,354 | 85,943 | |||||||||||||||
| Total company restaurant costs | 303,519 | 314,861 | |||||||||||||||
| Franchise costs | 52,488 | 49,859 | |||||||||||||||
| Selling, general and administrative expenses | 67,336 | 65,717 | |||||||||||||||
| Impairment and other charges, net | 3,263 | 4,351 | |||||||||||||||
| Gains on the sale of company-operated restaurants | (748 | ) | (1,122 | ) | |||||||||||||
| 425,858 | 433,666 | ||||||||||||||||
| Earnings from operations | 39,665 | 24,255 | |||||||||||||||
| Interest expense, net | 5,365 | 6,057 | |||||||||||||||
| Earnings from continuing operations and before income taxes | 34,300 | 18,198 | |||||||||||||||
| Income taxes | 10,356 | 6,248 | |||||||||||||||
| Earnings from continuing operations | 23,944 | 11,950 | |||||||||||||||
| Losses from discontinued operations, net of income tax benefit | | (3,255 | ) | | — | ||||||||||||
| Net earnings | $ | 20,689 | $ | 11,950 | |||||||||||||
| Net earnings per share - basic: | |||||||||||||||||
| Earnings from continuing operations | $ | 0.56 | $ | 0.27 | |||||||||||||
| Losses from discontinued operations | (0.08 | ) | — | ||||||||||||||
| Net earnings per share | $ | 0.48 | $ | 0.27 | |||||||||||||
| Net earnings per share - diluted: | |||||||||||||||||
| Earnings from continuing operations | $ | 0.54 | $ | 0.27 | |||||||||||||
| Losses from discontinued operations | (0.07 | ) | — | ||||||||||||||
| Net earnings per share | $ | 0.47 | $ | 0.27 | |||||||||||||
| Weighted-average shares outstanding: | |||||||||||||||||
| Basic | 42,997 | 43,863 | |||||||||||||||
| Diluted | 44,356 | 44,659 | |||||||||||||||
| JACK IN THE BOX INC. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
| (Dollars in thousands, except share data) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| January 20, 2013 | September 30, 2012 | ||||||||||||||||
| ASSETS | |||||||||||||||||
| Current assets: | |||||||||||||||||
| Cash and cash equivalents | $ | 9,542 | $ | 8,469 | |||||||||||||
| Accounts and other receivables, net | 40,489 | 78,798 | |||||||||||||||
| Inventories | 8,235 | 7,752 | |||||||||||||||
| Prepaid expenses | 20,543 | 32,821 | |||||||||||||||
| Deferred income taxes | 26,931 | 26,932 | |||||||||||||||
| Assets held for sale and leaseback | 44,847 | 45,443 | |||||||||||||||
| Assets of discontinued operations held for sale | — | 30,591 | |||||||||||||||
| Other current assets | 671 | 375 | |||||||||||||||
| Total current assets | 151,258 | 231,181 | |||||||||||||||
| Property and equipment, at cost | 1,528,889 | 1,529,650 | |||||||||||||||
| Less accumulated depreciation and amortization | (729,755 | ) | (708,858 | ) | |||||||||||||
| Property and equipment, net | 799,134 | 820,792 | |||||||||||||||
| Goodwill | 147,283 | 140,622 | |||||||||||||||
| Other assets, net | 279,614 | 271,130 | |||||||||||||||
| $ | 1,377,289 | $ | 1,463,725 | ||||||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||||||||
| Current liabilities: | |||||||||||||||||
| Current maturities of long-term debt | $ | 20,976 | $ | 15,952 | |||||||||||||
| Accounts payable | 38,231 | 94,713 | |||||||||||||||
| Accrued liabilities | 150,579 | 164,637 | |||||||||||||||
| Total current liabilities | 209,786 | 275,302 | |||||||||||||||
| Long-term debt, net of current maturities | 374,947 | 405,276 | |||||||||||||||
| Other long-term liabilities | 367,387 | 371,202 | |||||||||||||||
| Stockholders’ equity: | |||||||||||||||||
| Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued | — | — | |||||||||||||||
Common stock $0.01 par value, 175,000,000 shares authorized, 76,427,051 and 75,827,894 issued, respectively | 764 | 758 | |||||||||||||||
| Capital in excess of par value | 236,672 | 221,100 | |||||||||||||||
| Retained earnings | 1,141,360 | 1,120,671 | |||||||||||||||
| Accumulated other comprehensive loss | (132,168 | ) | (136,013 | ) | |||||||||||||
| Treasury stock, at cost, 32,941,042 and 31,955,606 shares, respectively | (821,459 | ) | (794,571 | ) | |||||||||||||
| Total stockholders’ equity | 425,169 | 411,945 | |||||||||||||||
| $ | 1,377,289 | $ | 1,463,725 | ||||||||||||||
| JACK IN THE BOX INC. AND SUBSIDIARIES | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| (Unaudited) | |||||||||||||||||
| Sixteen Weeks Ended | |||||||||||||||||
| January 20, 2013 | January 22, 2012 | ||||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net earnings | $ | 20,689 | $ | 11,950 | |||||||||||||
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||
| Depreciation and amortization | 30,016 | 29,534 | |||||||||||||||
| Deferred finance cost amortization | 729 | 788 | |||||||||||||||
| Deferred income taxes | (1,370 | ) | (1,203 | ) | |||||||||||||
| Share-based compensation expense | 4,062 | 2,022 | |||||||||||||||
| Pension and postretirement expense | 9,584 | 8,212 | |||||||||||||||
| Gains on cash surrender value of company-owned life insurance | (2,836 | ) | (6,742 | ) | |||||||||||||
| Gains on the sale of company-operated restaurants | (748 | ) | (1,122 | ) | |||||||||||||
| (Gains) losses on the disposition of property and equipment | (832 | ) | 1,083 | ||||||||||||||
| Impairment charges and other | 4,458 | 1,199 | |||||||||||||||
| Loss on early retirement of debt | 939 | — | |||||||||||||||
| Changes in assets and liabilities, excluding acquisitions and dispositions: | |||||||||||||||||
| Accounts and other receivables | 38,766 | 8,630 | |||||||||||||||
| Inventories | 26,361 | (6,462 | ) | ||||||||||||||
| Prepaid expenses and other current assets | 11,980 | (1,412 | ) | ||||||||||||||
| Accounts payable | (33,966 | ) | 2,222 | ||||||||||||||
| Accrued liabilities | (9,141 | ) | (21,849 | ) | |||||||||||||
| Pension and postretirement contributions | (5,525 | ) | (996 | ) | |||||||||||||
| Other | (3,201 | ) | 1,938 | ||||||||||||||
| Cash flows provided by operating activities | 89,965 | 27,792 | |||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchases of property and equipment | (21,394 | ) | (26,945 | ) | |||||||||||||
| Purchases of assets intended for sale and leaseback | (13,357 | ) | (11,046 | ) | |||||||||||||
| Proceeds from sale and leaseback of assets | 13,513 | 3,143 | |||||||||||||||
| Proceeds from the sale of company-operated restaurants | 833 | 1,249 | |||||||||||||||
| Collections on notes receivable | 1,848 | 3,539 | |||||||||||||||
| Disbursements for loans to franchisees | — | (2,604 | ) | ||||||||||||||
| Acquisitions of franchise-operated restaurants | (7,800 | ) | (6,195 | ) | |||||||||||||
| Other | 2,042 | 14 | |||||||||||||||
| Cash flows used in investing activities | (24,315 | ) | (38,845 | ) | |||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Borrowings on revolving credit facilities | 385,148 | 222,020 | |||||||||||||||
| Repayments of borrowings on revolving credit facilities | (445,148 | ) | (191,295 | ) | |||||||||||||
| Proceeds from issuance of debt | 200,000 | — | |||||||||||||||
| Principal repayments on debt | (165,305 | ) | (5,380 | ) | |||||||||||||
| Debt issuance costs | (4,386 | ) | — | ||||||||||||||
| Proceeds from issuance of common stock | 10,733 | 785 | |||||||||||||||
| Repurchases of common stock | (26,888 | ) | (6,901 | ) | |||||||||||||
| Excess tax benefits from share-based compensation arrangements | 675 | 191 | |||||||||||||||
| Change in book overdraft | (19,406 | ) | (6,147 | ) | |||||||||||||
| Cash flows provided by (used in) financing activities | (64,577 | ) | 13,273 | ||||||||||||||
| Net increase in cash and cash equivalents | 1,073 | 2,220 | |||||||||||||||
| Cash and cash equivalents at beginning of period | 8,469 | 11,424 | |||||||||||||||
| Cash and cash equivalents at end of period | $ | 9,542 | $ | 13,644 | |||||||||||||
| JACK IN THE BOX INC. AND SUBSIDIARIES | |||||||||||||||
| SUPPLEMENTAL INFORMATION | |||||||||||||||
(Unaudited) | |||||||||||||||
The following table presents certain income and expense items included in our consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF EARNINGS DATA | |||||||||||||||
| Sixteen Weeks Ended | |||||||||||||||
| January 20, 2013 | January 22, 2012 | ||||||||||||||
| Revenues: | |||||||||||||||
| Company restaurant sales | 77.4 | % | 79.5 | % | |||||||||||
| Franchise revenues | 22.6 | % | 20.5 | % | |||||||||||
| Total revenues | 100.0 | % | 100.0 | % | |||||||||||
| Operating costs and expenses, net: | |||||||||||||||
| Company restaurant costs: | |||||||||||||||
Food and packaging(1) | 32.2 | % | 33.5 | % | |||||||||||
Payroll and employee benefits(1) | 28.9 | % | 29.3 | % | |||||||||||
Occupancy and other(1) | 23.1 | % | 23.6 | % | |||||||||||
Total company restaurant costs(1) | 84.3 | % | 86.5 | % | |||||||||||
Franchise costs(1) | 49.8 | % | 53.1 | % | |||||||||||
| Selling, general and administrative expenses | 14.5 | % | 14.4 | % | |||||||||||
| Impairment and other charges, net | 0.7 | % | 1.0 | % | |||||||||||
| Gains on the sale of company-operated restaurants | (0.2 | )% | (0.2 | )% | |||||||||||
| Earnings from operations | 8.5 | % | 5.3 | % | |||||||||||
Income tax rate(2) | 30.2 | % | 34.3 | % | |||||||||||
(1) | As a percentage of the related sales and/or revenues. | ||
(2) | As a percentage of earnings from continuing operations and before income taxes. | ||
The following table presents Jack in the Box and Qdoba company restaurant sales, costs and costs as a percentage of the related sales. Percentages may not add due to rounding.
| SUPPLEMENTAL COMPANY-OPERATED RESTAURANTS STATEMENTS OF EARNINGS DATA | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Sixteen Weeks Ended | ||||||||||||||||||||||
| January 20, 2013 | January 22, 2012 | |||||||||||||||||||||
| Jack in the Box: | ||||||||||||||||||||||
| Company restaurant sales | $ | 267,176 | $ | 294,353 | ||||||||||||||||||
| Company restaurant costs: | ||||||||||||||||||||||
| Food and packaging | 87,798 | 32.9 | % | 101,591 | 34.5 | % | ||||||||||||||||
| Payroll and employee benefits | 77,002 | 28.8 | % | 86,569 | 29.4 | % | ||||||||||||||||
| Occupancy and other | 56,588 | 21.2 | % | 65,291 | 22.2 | % | ||||||||||||||||
| Total company restaurant costs | $ | 221,388 | 82.9 | % | $ | 253,451 | 86.1 | % | ||||||||||||||
| Qdoba: | ||||||||||||||||||||||
| Company restaurant sales | $ | 92,918 | $ | 69,749 | ||||||||||||||||||
| Company restaurant costs: | ||||||||||||||||||||||
| Food and packaging | 28,303 | 30.5 | % | 20,516 | 29.4 | % | ||||||||||||||||
| Payroll and employee benefits | 27,062 | 29.1 | % | 20,242 | 29.0 | % | ||||||||||||||||
| Occupancy and other | 26,766 | 28.8 | % | 20,652 | 29.6 | % | ||||||||||||||||
| Total company restaurant costs | $ | 82,131 | 88.4 | % | $ | 61,410 | 88.0 | % | ||||||||||||||
JACK IN THE BOX INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION | ||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||
The following table summarizes the changes in the number and mix of Jack in the Box and Qdoba company and franchise restaurants in each fiscal year: | ||||||||||||||||||||||||||||||
| January 20, 2013 | January 22, 2012 | |||||||||||||||||||||||||||||
| Company | Franchise | Total | Company | Franchise | Total | |||||||||||||||||||||||||
| Jack in the Box: | ||||||||||||||||||||||||||||||
| Beginning of year | 547 | 1,703 | 2,250 | 629 | 1,592 | |||||||||||||||||||||||||
