Jack in the Box Reports 16% Increase in Profit
From Reuters
Hamburger chain Jack in the Box Inc. posted a better-than-expected 16% gain in quarterly profit and raised its earnings forecast for the year because of a drop in food and worker’s compensation costs, as well as a lower tax rate.
The San Diego-based company’s shares rose as much as 9% after the announcement to a 2 1/2 -month high. The stock closed at $43.44, up $2.88.
Net income for its fiscal third quarter ended July 9 rose to $27.8 million, or 77 cents a share, from $23.9 million, or 66 cents, a year earlier. Revenue rose 10% to $649 million.
