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Jack In The Box Inc. (JACK-2.18%) has submitted its 10-K filing for the fiscal year ended September 29, 2024.
The filing includes details of the company's operations, financial performance, and strategic initiatives. Jack In The Box operates and franchises quick-service restaurants under the Jack in the Box and Del Taco brands, with a total of 2,191 Jack in the Box restaurants and 594 Del Taco restaurants as of the fiscal year-end.
Company restaurant sales for the year totaled $709 million, while franchise rental revenues were $375 million. Franchise royalties and other revenues amounted to $238 million. The company reported a net loss of $36.7 million for the year, compared to net earnings of $130.8 million in the previous year.
The company recorded a goodwill impairment charge of $162.6 million related to the Del Taco brand, attributed to recent negative trends in same-store sales and increased labor costs in California.
Jack In The Box continued its refranchising strategy, selling 47 Del Taco company-operated restaurants during the fiscal year. The company aims to create an asset-light model and generate development agreements to enhance its growth pipeline.
Total assets at the end of the fiscal year were $2.74 billion, with total liabilities of $3.59 billion. The company had $54.2 million in cash and restricted cash, with available borrowings of $169.5 million under its credit facilities.
Jack In The Box declared four quarterly cash dividends of $0.44 per share during the fiscal year. The company repurchased 1.1 million shares of its common stock for $70.6 million, including applicable excise tax.
The company is subject to various legal proceedings, including a jury verdict awarding $6.4 million in damages in the Gessele vs. Jack in the Box Inc. case, which the company is contesting through post-trial motions.
Jack In The Box's Board of Directors declared a cash dividend of $0.44 per share on November 14, 2024, to be paid on December 30, 2024, to shareholders of record as of December 12, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jack In The Box Inc. annual 10-K report dated November 21, 2024. To report an error, please email earnings@qz.com.