Exhibit 99.1

Jack in the Box Inc. Reports Fourth Quarter FY 2011 Earnings; Issues Guidance for FY 2012

SAN DIEGO--(BUSINESS WIRE)--November 21, 2011--Jack in the Box Inc. (NASDAQ: JACK) today reported net earnings of $22.7 million, or $0.49 per diluted share, for the fourth quarter ended October 2, 2011, compared with net earnings of $4.0 million, or $0.07 per diluted share, for the fourth quarter of fiscal 2010. Fiscal 2011 net earnings totaled $80.6 million, or $1.61 per diluted share, compared with net earnings of $70.2 million, or $1.26 per diluted share, in fiscal 2010. In last year’s fourth quarter, 40 Jack in the Box® company restaurants were closed, and the company recorded pre-tax charges totaling $28.0 million (included in “impairment and other charges, net” in the accompanying consolidated statements of earnings), which reduced diluted earnings per share by approximately $0.33 in both the fourth quarter and fiscal 2010.

Operating earnings per share, a non-GAAP measure which the company defines as diluted earnings per share on a GAAP basis less gains from refranchising, were approximately $0.19 per diluted share in the fourth quarter of 2011. For fiscal year 2011, operating earnings per share were approximately $0.83 compared with approximately $0.61 last year (including the $0.33 charge relating to restaurant closures in 2010).

Gains from refranchising contributed approximately $0.30 per diluted share for the fourth quarter of 2011 and approximately $0.78 for fiscal year 2011 as compared with approximately $0.65 per diluted share in fiscal year 2010.

The fourth quarter and fiscal year ended October 2, 2011, included 12 weeks and 52 weeks, respectively, as compared to 13 weeks and 53 weeks in the fourth quarter and fiscal year ended October 3, 2010, respectively. The company estimates that the extra week benefited diluted earnings per share by approximately $0.03 in both the fourth quarter and fiscal 2010.

Increase (decrease) in same-store sales:

Linda A. Lang, chairman, chief executive officer and president, said, “Jack in the Box company same-store sales increased 5.8 percent in the fourth quarter, ahead of our expectations, as sales and traffic accelerated in the last two months of the quarter. On a two-year cumulative basis, this represented our fifth consecutive quarter of sequentially improving company same-store sales trends. We believe these results have been largely driven by the investments we have made to enhance the entire guest experience at the Jack in the Box brand.

“Qdoba’s same-store sales in the fourth quarter increased 3.7 percent system-wide, representing the third consecutive quarter that two-year cumulative same-store sales have been greater than 9 percent,” Lang said.

Consolidated restaurant operating margin was 13.5 percent of sales in the fourth quarter of 2011, compared with 12.5 percent of sales in the year-ago quarter.

Food and packaging costs in the quarter were 190 basis points higher than prior year. Overall commodity costs were approximately 7 percent higher in the quarter, driven by higher costs for most commodities other than poultry and largely consistent with the company’s expectations.

Payroll and employee benefits costs were 110 basis points lower than the year-ago quarter, reflecting lower insurance costs and the benefit of refranchising. These decreases were partially offset by higher unemployment taxes resulting from rate increases in several states.

Occupancy and other costs decreased 180 basis points in the fourth quarter due primarily to lower repairs and maintenance costs and utilities expenses, and the benefit of refranchising. These decreases were partially offset by higher rent expense as a percentage of sales due to the greater proportion of company-operated Qdoba restaurants versus the prior year.

SG&A expense for the fourth quarter decreased by $7.3 million and was 10.6 percent of revenues compared with 10.8 percent last year. SG&A expense for fiscal 2011 decreased by $18.9 million and was 10.2 percent of revenues compared with 10.6 percent last year. The variances in SG&A were attributable primarily to the following:

• The 53^rd week added approximately $3.6 million to SG&A in last year’s fourth quarter and fiscal year.
• Advertising costs were $5.2 million lower in the fourth quarter and $17.9 million lower in fiscal 2011, due primarily to the impact of refranchising Jack in the Box restaurants and a decrease in incremental spending compared to the fourth quarter and fiscal 2010. These decreases were partially offset by higher advertising expense for Qdoba due to the increase in the number of company-owned restaurants and same-store sales growth.
• Incentive compensation accruals decreased by $2.3 million in the fourth quarter of 2011.
• Pension expense, which is non-cash in nature, decreased by $1.3 million in the fourth quarter and by $5.3 million for fiscal 2011.
• The company’s refranchising strategy and planned overhead reductions resulted in lower general and administrative costs of approximately $0.4 million for the fourth quarter and $5.9 million for the full year.

These decreases were partially offset by the following:

• Mark-to-market adjustments on investments supporting the company’s non-qualified retirement plans negatively impacted SG&A by $4.6 million in the fourth quarter as compared to a positive impact of $2.1 million in last year’s fourth quarter, resulting in a year-over-year increase in SG&A of $6.7 million. For fiscal 2011, mark-to-market adjustments negatively impacted SG&A by $0.1 million as compared to a positive impact of $2.7 million last year, resulting in a year-over-year increase in SG&A of $2.8 million.
• Insurance recoveries related to Hurricane Ike resulted in a $1.2 million benefit in the fourth quarter of 2010 and a $4.2 million benefit in fiscal 2010.
• Incentive compensation accruals increased by $2.2 million in fiscal 2011.
• Qdoba G&A increased by $0.9 million in the fourth quarter and $4.4 million in fiscal 2011 due primarily to higher overhead to support recently acquired franchise markets and new unit growth.

Gains on the sale of 106 company-operated Jack in the Box restaurants to franchisees totaled $22.2 million in the fourth quarter, or approximately $0.30 per diluted share. For fiscal 2011, gains on the sale of 332 company-operated restaurants to franchisees totaled $61.1 million, or approximately $0.78 per diluted share, compared with $55.0 million, or approximately $0.65 per diluted share in fiscal 2010 from the sale of 219 company-operated restaurants. Total proceeds related to refranchising, including cash and notes receivable, for the fourth quarter and fiscal 2011 were $43.4 million and $120.3 million, respectively.

“With the sale of 332 restaurants in fiscal 2011, the Jack in the Box system was 72 percent franchised as of the end of the year, and we’ve achieved our original goal of increasing the percentage of franchise ownership to 70 to 80 percent two years ahead of plan,” Lang said. “Over the last six years, we have refranchised more than 1,000 restaurants and expect to refranchise 150 to 200 restaurants over the next couple of years, which will bring our Jack in the Box franchise ownership to approximately 80 percent of the system.”

The company repurchased approximately 2,637,000 shares of its common stock in the fourth quarter of 2011 at an average price of $20.42 per share. In fiscal 2011, the company returned over $193 million to shareholders through the repurchase of approximately 9,106,000 shares of its common stock at an average price of $21.27 per share. In October 2011, the company completed the repurchase of the remaining $6.4 million authorized by its board of directors in May 2011. In November 2011, the company’s board of directors authorized an additional $100 million stock-buyback program that expires in November 2013.

Restaurant openings

Ten new Jack in the Box restaurants opened in the fourth quarter, including 6 franchised locations, compared with 14 new restaurants opened system-wide during the same quarter last year, of which 2 were franchised. For the full year, 31 new Jack in the Box restaurants opened, including 16 franchised locations, compared with 46 new restaurants in fiscal 2010, 16 of which were franchised.

In the fourth quarter, 20 Qdoba restaurants opened, including 12 franchised locations, versus 13 new restaurants in the year-ago quarter, of which 6 were franchised. For the full year, 67 Qdoba restaurants opened, including 42 franchised locations, compared with 36 new restaurants in fiscal 2010, 21 of which were franchised.

At October 2, 2011, the company’s system total comprised 2,221 Jack in the Box restaurants, including 1,592 franchised locations, and 583 Qdoba restaurants, including 338 franchised locations.

Guidance

The following guidance and underlying assumptions reflect the company’s current expectations for the first quarter ending January 22, 2012, and the fiscal year ending September 30, 2012. Fiscal 2012 is a 52-week year, with 16 weeks in the first quarter, and 12 weeks in each of the second, third and fourth quarters.

First quarter fiscal year 2012 guidance

• Same-store sales are expected to increase approximately 4 to 5 percent at Jack in the Box company restaurants versus a 1.5 percent increase in the year-ago quarter.
• Same-store sales are expected to increase approximately 2 to 3 percent at Qdoba system restaurants versus a 6.4 percent increase in the year-ago quarter.

Fiscal year 2012 guidance

• Same-store sales are expected to increase approximately 2 to 4 percent at Jack in the Box company restaurants.
• Same-store sales are expected to increase approximately 3 to 5 percent at Qdoba system restaurants.
• Overall commodity costs are expected to increase by approximately 5 percent for the full year, with higher inflation in the first half of the fiscal year.
• Restaurant operating margin for the full year is expected to be in the mid-13 percent range, depending on same-store sales and commodity inflation.
• 25 to 30 new Jack in the Box restaurants are expected to open, including approximately 15 company locations.
• 70 to 90 new Qdoba restaurants are expected to open, of which approximately half are expected to be company locations.
• $15 to $25 million in gains on the sale of 80 to 120 Jack in the Box restaurants to franchisees, with $35 to $50 million in total proceeds resulting from the sales.
• Capital expenditures of $90 to $100 million.

• SG&A expense in the mid-10 percent range, including higher pension expense, restaurant technology investments and costs related to Qdoba growth.
• Impairment and other charges of 30 to 40 basis points.
• Tax rate of approximately 37 to 38 percent.
• Diluted earnings per share of $1.10 to $1.43, with the range reflecting uncertainty in the timing of anticipated refranchising transactions as well as same-store sales results and commodity inflation. Operating earnings per share, which the company defines as diluted earnings per share on a GAAP basis less gains from refranchising, are expected to range from $0.90 to $1.10 per diluted share. Diluted earnings per share includes approximately $0.07 to $0.09 of re-image incentive payments to franchisees in fiscal 2012 to complete the re-image program as compared to $0.11 in fiscal 2011. Gains from refranchising are expected to contribute $0.20 to $0.33 to diluted earnings per share, as compared to approximately $0.79 in fiscal 2011.

Conference call

The company will host a conference call for financial analysts and investors on Tuesday, November 22, 2011, beginning at 8:30 a.m. PT (11:30 a.m. ET). The conference call will be broadcast live over the Internet via the Jack in the Box website. To access the live call through the Internet, log onto the Investors section of the Jack in the Box Inc. website at http://investors.jackinthebox.com at least 15 minutes prior to the event in order to download and install any necessary audio software. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days, beginning at approximately 11:30 a.m. PT on November 22.

About Jack in the Box Inc.

Jack in the Box Inc. (NASDAQ: JACK), based in San Diego, is a restaurant company that operates and franchises Jack in the Box^® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 19 states. Additionally, through a wholly owned subsidiary, the company operates and franchises Qdoba Mexican Grill^®, a leader in fast-casual dining, with more than 580 restaurants in 42 states and the District of Columbia. For more information, visit www.jackinthebox.com.

Safe harbor statement

This press release contains forward-looking statements within the meaning of the federal securities laws. Such statements are subject to substantial risks and uncertainties. A variety of factors could cause the company’s actual results to differ materially from those expressed in the forward-looking statements, including the success of new products and marketing initiatives, the impact of competition, stock market volatility, unemployment, trends in consumer spending patterns, commodity costs, and timing of sales of Jack in the Box restaurants to franchisees. These factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission which are available online at www.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.

CONTACT:
Jack in the Box Inc.
Investor Contact:
Carol DiRaimo, 858-571-2407
Media Contact:
Brian Luscomb, 858-571-2291