In June 2013, following the completion of its previously disclosed review of market performance for its Qdoba Mexican Grill® brand, the company announced plans to close 67 of its company-operated Qdoba restaurants. In the third quarter of 2013, 62 of these restaurants were closed, and the results of operations, impairment charges, lease obligations and other exit costs for these restaurants are included in discontinued operations in the accompanying consolidated statements of earnings for all periods presented. Of the remaining five restaurants closing, three were sold to an existing franchisee in the fourth quarter, one closed in the fourth quarter when its lease expired, and the final restaurant will close when its lease expires prior to the end of the calendar year. The results of operations and impairment charges related to these five restaurants have been included in continuing operations.Discontinued operations for the fourth quarter and fiscal 2013 include after-tax charges related to the Qdoba restaurant closures of approximately $0.02 and $0.61 per diluted share, respectively, as compared to $0.03 and $0.11 for the fourth quarter and fiscal 2012, respectively.
Jack In The Box Inc. Reports Fourth Quarter FY 2013 Earnings; Issues Guidance For FY 2014; Updates Long-term Goals
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