Shares of Qdoba-owner Jack in the Box shed more than 6 percent Thursday after the fast food company reported disappointing quarterly earnings and guidance.
The quick-service restaurant chain reported earnings seven cents below estimates at $1.18 per share. The company attributed the miss to lower-than-expected sales at its Qdoba Mexican Grill subsidiary.
Jack in the Box's full-year earnings forecast was well below consensus with an earnings per share range of $4.25 to $4.45 a share versus FactSet estimates of $4.71 a share.
The company signaled its intention to sell about 75 of its franchised restaurants in different markets as the firm has been trying to move towards a higher-margin franchise system. Jack in the Box also announced a quarterly cash dividend of 40 cents per share on common stock, payable on March 20, 2017.
With Thursday's decline, shares are down 13 percent for the year so far.