First quarter fiscal year 2013 guidance
- Same-store sales are expected to increase approximately 1 to 2 percent at Jack in the Box company restaurants versus a 5.3 percent increase in the year-ago quarter.
- Same-store sales are expected to increase approximately 1 to 2 percent at Qdoba company restaurants versus a 3.5 percent increase in the year-ago quarter.
Fiscal year 2013 guidance
- Same-store sales are expected to increase approximately 2 to 3 percent at Jack in the Box company restaurants.
- Same-store sales are expected to increase approximately 2 to 3 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 will no longer provide 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 37 to 38 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 expected to range from $1.45 to $1.60 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.
Long-term goals (2014 to 2016)
The company today provided an update to the long-term goals that were introduced in February 2012. The company expects:
- Same-store sales growth of 2 to 3 percent annually at Jack in the Box company restaurants and 3 to 4 percent annually at Qdoba company restaurants.
- Restaurant operating margin of 16 to 16.5 percent beginning in fiscal 2014.
- G&A of 3.5 to 4.0 percent of consolidated system-wide sales beginning in fiscal 2014.
- Jack in the Box system new unit growth of approximately 2 percent per year.
- Qdoba company new unit growth of approximately 15 percent annualized and franchise unit growth of 30 to 40 restaurants per year.
- Operating earnings per share of approximately $2.00 beginning in fiscal 2014.
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