UPDATE 1-Jack in the Box Q4 profit surges, sees weak 2010

* Q4 EPS $0.70 vs $0.47 yr-ago

* Revenue $540.3 mln vs $582.7 yr-ago

* Sees FY10 EPS $1.90-$2.10

* Sees weak Q1 same-store sales

* Shares fall 7 pct in post-market trade

Nov 18 (Reuters) - Jack in the Box (JACK.O) posted a 51 percent increase in quarterly profit, helped by refranchising efforts and cost controls, but forecast disappointing fiscal 2010 earnings, sending its shares down 7 percent in after-hours trade.

The fast-food chain operator forecast earnings of $1.90 to $2.10 a share for fiscal 2010. Analysts were expecting earnings of $2.31 a share, before items, according to Thomson Reuters I/B/E/S.

For the first quarter, the company expects same-store sales to fall about 10 percent at its Jack in the Box restaurants and 5 percent at its Qdoba brand.

Jack in the Box, which operates primarily in the western and southern United States, earned $40.6 million, or 70 cents a share, in the fourth quarter, compared with $26.9 million, or 47 cents a share, a year ago.

Revenue fell 7 percent to $540.3 million.

Aggressive promotions and discounts from larger peers and tight consumer spending weighed on sales in the quarter.

Shares of the San Diego-based company fell $1.46 to $18.57 in after-hours trade. They closed at $20.03 Wednesday on Nasdaq. (Reporting by Renju Jose in Bangalore; Editing by Maju Samuel)