Jamba Reports Decrease In Q3 Revenues
Posts operating profit of $2.5m compared to an operating loss in year ago quarter
Jamba, a holding company which through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises Jamba Juice stores, has reported revenues of $79m for the third quarter of fiscal 2009, a decrease of 8.2% compared to $86.1m for the same quarter prior year. For the quarter, operating profit was $2.5m compared to an operating loss of $11.43m in the same quarter previous year.
Net income for the quarter is $2.8m compared to a net loss of $12.4m for the corresponding period last year. Diluted earnings per share for the quarter were $0.04 compared to the diluted loss per share of $0.23 for the prior year quarter. Company-owned comparable store sales for the quarter declined 5.3%.
During the quarter 10 new franchise stores and one new company-owned store were opened bringing the store count to 742 stores system-wide, of which 254 are franchise stores and 488 are company-owned stores.
James White, president and chief executive officer of Jamba, said: I am especially pleased with our food initiative. Food is now present with full or limited offerings in 377 stores. As an early indicator of progress, system-wide our stores with food are showing a 200-400 basis point improvement in comparable store sales over our non-food stores.
We opened 10 new campus locations, which gives us brand presence on over 30 college and university campuses across the nation, and one new company store in California. We also recently completed the sale of eight company stores to current franchise operators in conjunction with our goal of refranchising up to 150 Company-owned stores by the close of 2010.”
Company's outlook for the fiscal 2009 is to reduce cost of sales at or below 26% of company store revenue, and labor costs at or below 34% of company store revenue.
The company's outlook for fiscal 2010 is to deliver positive comparable store sales, and to grow through franchise development by adding up to 50 franchise stores and expanding into one major international market.
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