Key Developments For Jack in the Box Inc.
Jack in the Box Inc. (JACK.O) (Nasdaq)
Jack in the Box Inc. Comments On Q1 2010 and FY 2010 Same Store Sales Guidance; Issues FY 2010 EPS Guidance Below Analysts' Estimates
Jack in the Box Inc. announced that for the first quarter of 2010, it expects same-store sales to decrease approximately 10% at Jack in the Box company restaurants versus a 1.7% increase in the year ago quarter. Same-store sales are expected to decrease approximately 5% at Qdoba system restaurants versus a 1.1% decrease in the year-ago quarter. For fiscal 2010, the Company expects 3% to 7% decrease in same-store sales at Jack in the Box company restaurants, with trends improving in the second half of 2010. Same-store sales are expected to decrease 3% to 5% in same-store sales at Qdoba system restaurants. Diluted earnings per share (EPS) of $1.90 to $2.10, with the range reflecting uncertainty in the timing of anticipated refranchising transactions as well as same-store sales volatility. According to Reuters Estimates, analysts were expecting the Company to report EPS of $2.31 for fiscal 2010.
Jack in the Box Inc. President Paul L. Schultz To Retire
Jack in the Box Inc. announced that Paul L. Schultz will retire as President and Chief Operating Officer, effective January 31, 2010.
Jack in the Box Inc. Comments On Q4 2009 Same Store Sales Guidance; Raises FY 2009 EPS Guidance; Updates FY 2009 Same Store Sales Guidance
Jack in the Box Inc. announced that for the fourth quarter 2009, it expects 2.5% to 4.5% same-store sales decrease at Jack in the Box company restaurants and 2% to 4% same-store sales decrease at Qdoba system restaurants. For fiscal 2009, the Company expects diluted earnings per share (EPS) from continuing operations of $2.11 to $2.18, including franchise gains, with the range reflecting uncertainty in the timing of anticipated refranchising transactions as well as same-store sales volatility. EPS guidance from continuing operations excludes the results for Quick Stuff, which contributed $0.02 per diluted share in fiscal 2008, as well as any potential insurance recoveries related to Hurricane Ike. The Company expects flat to 1% decrease in same-store sales at Jack in the Box company restaurants and 1% to 3% decrease in same-store sales at Qdoba system restaurants. According to Reuters Estimates, analysts were expecting the Company to report EPS of $2.12 for fiscal 2009.
Jack in the Box Inc. Announces Agreement to Sell 55 Quick Stuff Locations
Jack in the Box Inc. announced that it has entered into a purchase and sale agreement for 55 of its 61 Quick Stuff convenience stores and gas stations. The all-cash transaction is expected to be completed by the close of the Company`s fiscal year ending September 27, 2009. In addition, the Company is currently in negotiations with several other bidders on the remaining Quick Stuff sites and also expects to complete the disposition of those locations by the end of the current fiscal year. Disposition of the Company`s 61 Quick Stuff stores is expected to result in a charge, net of taxes, of approximately $10 to $14 million, which will be recorded in discontinued operations in the Company's fiscal third quarter 2009 results. The company does not intend to sell any of the Jack in the Box restaurants adjoining the Quick Stuff locations in connection with these transactions.
Jack in the Box Inc. Comments On Q3 2009 Same Store Sales Guidance; Reaffirms FY 2009 Same Store Sales Guidance; Raises Low End Of Prior FY 2009 EPS Guidance
Jack in the Box Inc. announced that for third quarter of 2009, it expects flat to 2% same store sales increase at Jack in the Box company restaurants versus a 0.4% decrease in the year-ago quarter and 2% to 4% same-store sales decrease at Qdoba system restaurants versus a 0.5% increase in the year-ago quarter. For fiscal 2009, it expects flat to 2% increase in same-store sales at Jack in the Box company restaurants and 1% to 3% decrease in same-store sales at Qdoba system restaurants and diluted earnings per share (EPS0 from continuing operations of $2.08-$2.20, including franchise gains. Earnings per share guidance from continuing operations excludes the results for Quick Stuff, which contributed $0.02 per diluted share in fiscal 2008, as well as any potential insurance recoveries related to Hurricane Ike. According to Reuters Estimates, analysts were expecting the Company to report EPS of $2.04 for fiscal 2009.
