US: Jamba Juice losses deepen in Q1
- Q1 net losses widen by 2.8% to US$7.3m
- Operating losses deepen by 23.5% to $6.3m
- Net sales increase by 17.7% to $63.2m
- Company completes store sales as part of franchising initiative
Jamba Juice saw its net losses widen in the first quarter
Jamba Juice has reported wider net losses in the first quarter as a result of a reduction in the number of company-owned stores as part of its franchising initiative.
For the 16 weeks to 19 April, the company reported a 2.8% increase in net losses to US$7.3m. Operating losses deepened by 23.5% to $6.3m, the company said yesterday (23 May).
Net sales however, climbed by 17.7% to $63.2m.
Out of Jamba’s 741 stores, around 307 are company-owned, with the rest operated by franchises. During the quarter, Jamba sold 42 company-owned stores to franchises.
Despite the losses, Jamba said it expects to achieve full-year comparable store sales of around 2% to 4%, and develop 50-70 franchise formats in the US this year.
“Our performance this quarter puts us on a solid path to deliver our overall objectives for the year,” said Jamba Juice's president, chairman and CEO, James White. “Most importantly, we achieved positive company-store comparable sales for our second consecutive quarter, reflecting sequential improvement in seven of the last eight quarters.”
Click here to view the earnings release.
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