Jack in the Box Profit Up 15%

The fast-food chain operator cites a lower tax rate for the results. Revenue rises 9%.

Jack in the Box Inc., the San Diego-based operator of more than 2,033 fast-food restaurants, said Wednesday that fiscal third-quarter profit climbed 15%, helped by a lower tax rate.

The company raised its net income forecast for the year to $2.52 a share from $2.46. It made $2.14 last year. Same-store sales are expected to climb 3%.

Net income rose to $23.9 million, or 66 cents a share, from $20.7 million, or 56 cents, a year earlier. Sales climbed 9% to $590.2 million.

Profit was boosted by a drop in the company’s tax rate to 31% from 37% a year earlier as a result of the resolution of a previous year’s tax issue. Jack in the Box also benefited as sales at stores open at least a year jumped 2.8% after it introduced two new burgers on ciabatta bread.

The company expects beef costs to jump 12% to 14% this year, an increase from an earlier forecast of 10% to 12%.

Excluding the 6-cent benefit from the lower tax rate, the company would have made 60 cents a share. On that basis, which does not conform to generally accepted accounting principles, Jack in the Box matched the average estimate of nine analysts surveyed by Thomson Financial.

Jack in the Box shares fell 52 cents to $37.33.