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Foodmaker to Open 600 Eateries in Southeast

November 27, 1998| Associated Press

Despite slow growth in the fast-food industry, the parent of the Jack in the Box chain plans to open about 600 restaurants in the next five years. Foodmaker Inc., which operates more than 1,400 Jack in the Box outlets in 11 Western states, has continued to serve up sizzling earnings, even as Americans' appetite for fast food has begun to wane. The expansion will begin within a year as the San Diego-based company moves into three Southeastern states. "We've got the ability to execute the fundamentals [of the fast-food business] better than the other guys," President and Chief Executive Robert Nugent told the San Diego Union-Tribune. Foodmaker's net income in the fourth quarter ended Sept. 27 was $12.4 million, up from $8.3 million a year ago. On Wednesday, Foodmaker shares fell 13 cents to close at $18.88 on the New York Stock Exchange.

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