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Jamba, Inc. Announces Third Quarter 2012 Financial Results



  Jamba, Inc. Announces Third Quarter 2012 Financial Results

      Comparable Sales Up 3.9% for Company Stores; 2.5% System-wide^(1)

            International Stores Grow to 33, Up from 10 a Year Ago

   Company Reiterates Fiscal 2012 Guidance and Provides Initial Fiscal 2013
                                   Outlook

Business Wire

EMERYVILLE, Calif. -- November 01, 2012

Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial results for the
third fiscal quarter ended October 2, 2012. The Company recorded a quarterly
comparable sales increase of 3.9%, marking two years of consecutive, quarterly
Company-owned stores and system-wide sales growth.

Jamba continued its solid gains in store-level profitability as improved
traffic drove increases in all day parts. During the quarter, Jamba opened 12
new stores, eight in the U.S. and four in international markets.

“The excellent results Jamba has achieved during the quarter and year-to-date
give us good momentum for a strong finish to the year,” said James D. White,
chairman, president and CEO of Jamba, Inc. “This progress gave us an
opportunity during the quarter to increase our investments in marketing to
deliver customer value-oriented promotions designed to grow our customer base
and strategic growth initiatives, like JambaGO® and Talbott Teas®, which will
accelerate our growth as a healthy, active lifestyle brand.

“Our marketing encourages trial by new customers, who become long-term fans,
by showcasing our healthy on-the-go options along with our value proposition.
Our innovative JambaGO initiative continues in high gear with 169 served
locations at the end of the quarter.

“Based on our strong year-to-date performance, we are affirming our guidance
for 2012 and providing a preliminary 2013 outlook that underscores our
optimism for the future,” concluded Mr. White.

Highlights for the 13 weeks ended October 2, 2012, compared to the 12 weeks
ended October 4, 2011:

  * Company-owned comparable store sales^(1) increased 3.9%,
    franchise-operated comparable store sales^(1) increased 1.0% and
    system-wide comparable store sales^(1) increased 2.5%.
  * Net income was $4.1 million, and represents $0.04 diluted earnings per
    share for the quarter, compared to net income of $4.1 million or $0.05
    diluted earnings per share for the prior year period.
  * Investment during the quarter was accelerated in targeted customer
    value-price promotions and several growth initiatives, including JambaGO.
  * General and administrative expense increased to $9.7 million from $7.4
    million, resulting from the accelerated investment in growth initiatives
    and an additional week of expenses included in the 2012 fiscal third
    quarter.

This is the third quarter the Company’s results are being reported on the
basis of 13-week fiscal quarters which results in 12 fiscal periods.
Therefore, the fiscal 2012 quarterly results are not directly comparable to
fiscal 2011 quarterly results. The fiscal 2012 third quarter began on July 4,
2012 and ended on October 2, 2012. The third quarter of fiscal 2012 had 13
weeks and the third quarter of fiscal 2011 had 12 weeks. For comparable sales,
the percentage change in company-owned and system-wide comparable sales
compares the sales during a 13- and 39-week period in 2012 to the sales from
the equivalent 13- and 39-week periods in the prior year. The Company has
provided pro-forma results for fiscal 2011 third quarter in the attached
tables.

Third Quarter Fiscal 2012 Results

Revenue

For the third quarter ended October 2, 2012, total revenue increased 14.7% to
$65.5 million from $57.1 million in the third quarter ended October 4, 2011.
The increase is primarily due to the inclusion of 13 weeks in the fiscal 2012
third quarter compared to 12 weeks in the fiscal 2011 third quarter. The
increase in company-owned comparable store sales of 3.9% was driven primarily
by an increase in transaction count of 510 basis points, partially offset by
an average check decrease of 120 basis points. This represents the Company’s
eighth consecutive quarter of positive company-owned comparable store sales
growth. In the third quarter of 2012, franchise-operated comparable store
sales increased 1.0% and system-wide comparable store sales increased 2.5%.
Franchise and other revenue increased 23.9% to $3.7 million from $3.0 million
in the 12-week period ended October 4, 2011. Jamba’s CPG revenue was $0.6
million in the third quarter of 2012, compared to $0.3 million in the prior
year period.

Non-GAAP Adjusted Operating Profit^(2) and Non-GAAP Adjusted Operating Profit
Margin^(2)

Jamba’s non-GAAP adjusted operating profit increased $2.1 million to $17.4
million from the third quarter of 2011 reflecting Company-operated store
comparable sales growth and the impact of the Company’s cost savings
initiatives. Non-GAAP adjusted operating profit margin^(2) decreased by 30
basis points to 26.6% for the 13-week third quarter of 2012 compared to 26.9%
in the 12-week quarter ended October 4, 2011, primarily due to increased
investment in targeted customer value-price promotions and higher commodity
costs.

General and Administrative (G&A) Expense

General and administrative expense increase resulted from the additional week
included in the 13-week third quarter of 2012 and accelerated investments in
growth initiatives, including JambaGO, the Talbott Teas business and research
on development concepts. On a non-GAAP adjusted basis ^(3), excluding these
factors, G&A increased $0.4 million.

Number of Stores

System-wide, Jamba has 755 stores in the United States, of which 454 are
franchise-operated stores and 301 are company-owned. During the quarter, the
Company opened eight new domestic franchise stores, all of which were
non-traditional. No new company-owned stores were opened. Internationally,
there are 33 stores locations, all of which are franchise-operated. The
Company’s international franchise partners opened four Jamba Juice stores -
two in Canada, one in South Korea and one in the Philippines.

Guidance for 2012

The Company reaffirms the following guidance for its fiscal 2012:

  * Deliver positive company-owned comparable store sales^(1) of 4%-6%;
  * Achieve adjusted operating profit ^ margin^(2) of 20%-23%;
  * Develop 40-50 U.S. locations, plus up to 15 new stores at international
    locations and 400-500 JambaGO units;
  * Maintain base general and administrative expenses flat, in dollars with
    fiscal 2011;
  * Deliver CPG licensing revenue of approximately $3 million.

Outlook for 2013

The Company now expects to achieve the following results for its fiscal 2013:

  * Deliver positive company-owned comparable store sales^(1) of 4%-6% and
    store-level margin of 20%;
  * Achieve income from operations of 2.5%-3.0% of revenue;
  * Deliver CPG revenue of $4 million -$5 million;
  * Develop 60-80 U.S. and international locations;
  * Add 1,000 JambaGO locations.

Liquidity

On October 2, 2012, the Company held $31.9 million in cash and cash
equivalents as compared to $19.6 million cash and cash equivalents at January
3, 2012. On October 2, 2012, the Company had no restricted cash. At the end of
fiscal 2011, the restricted cash balance was $1.4 million.

Webcast and Conference Call Information

A conference call to review the third quarter 2012 results will be held today,
November 1, 2012 at 5:00 p.m. ET. The conference call can be accessed live
over the phone by dialing (877) 941-4774 or for international callers by
dialing (480) 629-9760. A replay will be available at 8:00 p.m. ET and can be
accessed by dialing (877) 870-5176 or (858) 384-5517 for international
callers; the pin number is 4569417. The replay will be available until
November 22, 2012. The call can be accessed from the Company’s website at
www.jambajuice.com under the Corporate Investor Relations section or directly
at http://ir.jambajuice.com.

About Jamba, Inc.

Jamba, Inc., (the “Company”) owns and franchises Jamba Juice stores through
its wholly-owned subsidiary, Jamba Juice Company. Jamba Juice Company is a
leading restaurant retailer of better-for-you, specialty beverage and food
offerings, which include great tasting, whole fruit smoothies, fresh squeezed
juices and juice blends, hot coffee and teas, hot oatmeal, breakfast wraps,
sandwiches and mini-wraps, California Flatbreads™, frozen yogurt, and a
variety of baked goods and snacks. As of October 2, 2012, there were 788 store
locations globally. There were 301 Company owned and operated stores and 454
franchise operated stores in the United States, and 33 international stores.
Jamba–branded consumer products for at-home enjoyment are also available
through select retailers across the nation and in Jamba outlets in the United
States.

Fans of Jamba Juice can find out more about Jamba Juice's locations as well as
specific offerings and promotions by visiting the Jamba Juice website at
www.JambaJuice.com or by contacting Jamba’s Guest Services team at
1-866-4R-FRUIT (473-7848).

Forward-Looking Statements

This press release (including information incorporated or deemed incorporated
by reference herein) contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are those involving future events and future results that are based
on current expectations, estimates, forecasts, and projections as well as the
current beliefs and assumptions of the Company’s management. Words such as
“outlook”, “guidance”, “believes”, “expects”, “appears”, “may”, “will”,
“should”, “anticipates”, or the negative thereof or comparable terminology,
are intended to identify such forward looking statements. Any statement that
is not a historical fact, including the statements made under the captions
“Guidance for 2012” and “Outlook for 2013” and any other estimates,
projections, future trends and the outcome of events that have not yet
occurred, is a forward-looking statement. Forward-looking statements are only
predictions and are subject to risks, uncertainties and assumptions that are
difficult to predict. Therefore actual results may differ materially and
adversely from those expressed in any forward-looking statements. Factors that
might cause or contribute to such differences include, but are not limited to
factors discussed under the section entitled “Risk Factors” in the Company’s
reports filed with the SEC. Many of such factors relate to events and
circumstances that are beyond the Company’s control. You should not place
undue reliance on forward-looking statements. The Company does not assume any
obligation to update the information contained in this press release.

Non-GAAP Financial Measures

The Company provides certain supplemental non-GAAP financial measures to its
investors as a complement to the most comparable GAAP measures. The GAAP
measure most directly comparable to non-GAAP adjusted operating profit is net
income/loss. An explanation and reconciliation of this non-GAAP financial
measure to GAAP information is set forth below.

The Company believes that providing these non-GAAP measures to its investors,
in addition to corresponding GAAP income statement measures, provides
investors the benefit of viewing the Company's performance using the same
financial metrics that the management team uses in making many key decisions
and understanding how the Company's core business operations may perform and
may look in the future. The Company’s core business operations comprise
company-owned and franchise-operated stores and consumer packaged goods (CPG)
operations. The Company believes its core business performance represents the
Company's on-going performance in the ordinary course of its operations.
Management excludes from the Company’s core business performance those items,
such as impairment charges, income taxes, restructuring and severance programs
and costs relating to specific major projects which are non-routine, expenses
or income from certain legal actions, settlements and related costs, general
and administrative expense, including non-cash compensation related to stock
and options. Management does not believe these items, including non-cash
items, are reflective of the Company's ongoing core operations and accordingly
excludes those items from non-GAAP adjusted operating profit and non-GAAP
adjusted operating profit margin. Additionally, each non-GAAP measure has
historically been presented by the Company as a complement to its most
comparable GAAP measure, and the Company believes that the continuation of
this practice increases the consistency and comparability of the Company's
earnings releases. The non-GAAP adjustments are discussed further below.

Non-GAAP financial measures are not in accordance with, or an alternative for,
generally accepted accounting principles in the United States of America.
Non-GAAP measures should not be considered in isolation from or as a
substitute for financial information presented in accordance with generally
accepted accounting principles, and may be different from non-GAAP measures
used by other companies.

Footnotes

    Comparable store sales are calculated using sales of Jamba Juice stores
    open at least one full fiscal year. Company-owned comparable store sales
    percentages are based on sales from company-owned stores included in our
    store base. Franchise-operated comparable store sales percentages are
    based on sales from franchised stores, as reported by franchisees, which
    are included in our store base. System-wide sales percentages are based on
    sales by both company-owned and franchise-operated stores, as reported by
    our franchisees, which are included in our store base. Company-owned
    stores that were sold in refranchising transactions are included in the
    stores base for each accounting period of the fiscal quarter to the extent
    the sale is consummated at least three days prior to the end of such
    accounting period, but only for the days such stores have been
    company-owned. Thereafter, such stores are excluded from the store base
    until such stores have been franchise-operated for at least one full
    fiscal period, at which point such stores are included in the store base
(1) and compared to sales in the comparable period of the prior year.
    Comparable store sales exclude closed locations. Company-owned comparable
    store sales percentages as used herein, may not be equivalent to
    company-owned comparable store sales as defined or used by other
    companies. Franchise-operated comparable store sales percentages and
    system-wide sales percentages as used herein are non-GAAP financial
    measures and should not be considered in isolation or as substitute for
    other measures of performance prepared in accordance with generally
    accepted accounting principles in the United States. Management reviews
    the increase or decrease in company-owned comparable store sales,
    franchise-operated comparable store sales and system-wide sales compared
    with the same period in the prior year to assess business trends and make
    certain business decisions. The Company believes the data is useful in
    assessing the overall performance of the Jamba brand and, ultimately, the
    performance of the Company, the company-owned stores, and the
    franchise-operated stores.
    Non-GAAP adjusted operating profit is calculated as net income (loss) as
    determined in accordance with GAAP, excluding the items described below
    and as specifically identified in the non-GAAP reconciliation schedules
    set forth below. Non-GAAP adjusted operating profit margin is calculated
    as non-GAAP adjusted operating profit as a percentage of GAAP total
    revenue. The Company evaluates its performance using non-GAAP adjusted
    operating profit margin to assess the Company's historical and prospective
    operating financial performance, as well as its core operating performance
    relative to its competitors. Specifically, management uses these non-GAAP
(2) measures to further understand the Company's core business operating
    performance. The Company believes its core business operating performance
    represents the Company's on-going performance in the ordinary course of
    its core operations. Accordingly, the Company excludes from its core
    operating performance those items whose impact are not reflective of its
    core operations such as (a) interest income, (b) interest expense, (c)
    income taxes, (d) depreciation and amortization, (e) impairment of
    long-lived assets, (f) other operating, net, and (g) general and
    administrative expenses. The definition of adjusted operating profit
    margin is the same definition previously used by the Company to define
    operating profit margin in its 2012 guidance.
    Non-GAAP adjusted G&A expense is calculated as G&A as determined in
    accordance with GAAP excluding the items described below and as
    specifically identified in the non-GAAP reconciliation schedules set forth
    below. The Company believes that G&A expense adjusted for non-routine
    items and performance compensation is a helpful indicator of the Company’s
    operating performance in that it shows the G&A expense without the impact
(3) of the non-routine items and performance compensation, specifically, the
    impact of one additional week in the 13-week period ended October 2, 2012
    and one additional week in the 40-week period ended October 4, 2011, the
    costs incurred for accelerated growth initiatives, charges for share-based
    compensation and the semi-annual performance-based compensation for
    achieving its strategic objectives. Management does not believe these
    items are reflective of the Company’s ongoing performance and accordingly
    excludes those items from non-GAAP adjusted G&A expense.

                                                                 
JAMBA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
                                                                   
                                                   October 2,     January 3,
(In thousands, except share and per share            2012           2012      
amounts)
                                                                   
ASSETS
Current assets:
Cash and cash equivalents                          $ 31,856       $ 19,607
Restricted cash                                      -              1,352
Receivables, net of allowances of $325 and $294      6,488          13,040
Inventories                                          2,637          2,228
Prepaid and refundable taxes                         846            574
Prepaid rent                                         2,987          2,761
Prepaid expenses and other current assets            809            1,509     
Total current assets                                 45,623         41,071
                                                                   
Property, fixtures and equipment, net                38,884         44,760
Goodwill                                             1,336          -
Trademarks and other intangible assets, net          1,439          1,130
Other long-term assets                               1,375          1,332     
                                                      
Total assets                                       $ 88,657       $ 88,293    
                                                                   
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                                   $ 6,928        $ 4,155
Accrued compensation and benefits                    4,292          6,566
Workers' compensation and health insurance           1,161          1,092
reserves
Accrued jambacard liability                          26,192         33,256
Other current liabilities                            9,399          9,961     
Total current liabilities                            47,972         55,030
                                                                   
Deferred rent and other long-term liabilities        12,855         13,079    
Total liabilities                                    60,827         68,109    
                                                                   
Commitments and contingencies
                                                                   
Series B redeemable preferred stock, $.001 par
value, 304,348 shares authorized; 72,889 and         7,882          17,880
168,389 shares issued and outstanding at October
2, 2012 and January 3, 2012, respectively.
                                                                   
Stockholders' equity:
Common stock, $.001 par value, 150,000,000
shares authorized; 77,333,489 and 67,280,485         78             68
shares issued and outstanding at October 2, 2012
and January 3, 2012, respectively.
Additional paid-in-capital                           379,449        369,027
Accumulated deficit                                  (359,579 )     (366,791 )
Total stockholders' equity                           19,948         2,304     
                                                                   
Total liabilities and stockholders' equity         $ 88,657       $ 88,293    
                                                                              

JAMBA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                                     
                                                                       
                   13 Week          12 Week          39 Week          40 Week
                   Period Ended     Period Ended     Period Ended     Period Ended
(In thousands
except share and   October 2,       October 4,       October 2,       October 4,
per share          2012             2011             2012             2011
amounts)
                                                                       
Revenue:
  Company Stores     61,795         $ 54,102           174,350        $ 173,274
  Franchise and      3,687            2,976            10,223           8,834       
  other revenue
      Total          65,482           57,078           184,573          182,108     
      revenue
                                                                       
Costs and
operating
expenses:
  Cost of sales      14,918           11,808           40,504           39,828
  Labor              16,457           14,565           49,013           53,139
  Occupancy          7,353            6,802            22,097           23,707
  Store              9,328            8,539            26,158           25,728
  operating
  Depreciation
  and                2,793            2,805            8,528            9,621
  amortization
  General and        9,663            7,398            29,125           25,881
  administrative
  Impairment of
  long-lived         75               312              637              1,214
  assets
  Other              347              924              579              1,503       
  operating, net
      Total
      costs and      60,934           53,153           176,641          180,621     
      operating
      expenses
                                                                       
Income from          4,548            3,925            7,932            1,487
operations
                                                                       
Other income
(expense), net:
                                                                       
  Interest           21               99               61               126
  income
  Interest           (52        )     (117       )     (147       )     (456       )
  expense
      Total
      other          (31        )     (18        )     (86        )     (330       )
      expense,
      net
                                                                       
Income before        4,517            3,907            7,846            1,157
income taxes
                                                                       
Income tax
benefit              (413       )     217              (634       )     380
(expense)
                                                                       
Net income           4,104            4,124            7,212            1,537       
                                                                       
Preferred stock
dividends and        (1,123     )     (489       )     (2,076     )     (1,854     )
deemed dividends
                                                                       
Net income
available (net
loss               $ 2,981          $ 3,635          $ 5,136          $ (317       )
attributable) to
common
stockholders
                                                                       
Weighted-average
shares used in
computation of
earnings (loss)
per share:
                                                                       
  Basic              70,672,511       67,042,745       68,450,782       66,024,576
  Diluted            72,365,921       85,196,847       70,076,089       66,024,576
                                                                       
Earnings (loss)
per share:
  Basic            $ 0.04           $ 0.05           $ 0.07           $ 0.00
  Diluted          $ 0.04           $ 0.05           $ 0.07           $ 0.00
                                                                                    

JAMBA, INC.
(Unaudited)
                                                                  
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Operating Profit,
Non-GAAP Adjusted Operating Profit Margin
                                                                    
                     13 Week         12 Week         39 Week       40 Week
                     Period Ended    Period Ended    Period        Period
                                                     Ended         Ended
(In thousands)       October 2,      October 4,      October 2,    October 4,
                     2012            2011            2012          2011
                                                                    
                                                                    
Net income           $  4,104        $  4,124        $ 7,212       $ 1,537
Interest income         (21     )       (99     )      (61     )     (126    )
Interest expense        52              117            147           456
Income tax              413             (217    )      634           (380    )
(benefit) expense
Depreciation and        2,793           2,805          8,528         9,621
amortization
Impairment of           75              312            637           1,214
long-lived assets
Other operating,        347             924            579           1,503
net
General and             9,663           7,398          29,125        25,881   
administrative
Non-GAAP Adjusted    $  17,426       $  15,364       $ 46,801      $ 39,706   
operating profit
                                                                    
                                                                    
Non-GAAP Adjusted
operating profit
margin
                                                                    
Total Revenue        $  65,482       $  57,078       $ 184,573     $ 182,108  
Non-GAAP Adjusted
operating profit        26.6    %       26.9    %      25.4    %     21.8    %
margin
                                                                    
                                                                    
                                                                    
Reconciliation of GAAP General & Administrative (G&A) Expense to Non-GAAP
General & Administrative Expense adjusted
                                                                    
                     13 Week         12 Week         39 Week       40 Week
                     Period Ended    Period Ended    Period        Period
                                                     Ended         Ended
(In thousands)       October 2,      October 4,      October 2,    October 4,
                     2012            2011            2012          2011
                                                                    
G&A expense          $  9,663        $  7,398        $ 29,125      $ 25,881
Adjustment for
same weeks for          -               754            -             (619    )
each period ended
Charges for
accelerated growth      (928    )       -              (1,715  )     -
initiatives
Share-based             (656    )       (295    )      (1,429  )     (833    )
compensation
Performance-based       -               (194    )      (2,050  )     (718    )
compensation
Non-GAAP G&A         $  8,079        $  7,663        $ 23,931      $ 23,711   
expense adjusted
                                                                              

JAMBA, INC.
PRO-FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                                           
                                                            Non-GAAP
                                          13 Week           13 Week
(In thousands)                            Period Ended      Period Ended
                                          October 2, 2012   September 27, 2011
Revenue:
      Company Stores                      $   61,795        $    60,233
      Franchise and other revenue             3,687              3,159      
             Total revenue                    65,482             63,392     
                                                             
Costs and operating expenses:
      Cost of sales                           14,918             13,108
      Labor                                   16,457             16,102
      Occupancy                               7,353              7,271
      Store operating                         9,328              9,095
      Depreciation and amortization           2,793              3,060
      General and administrative              9,663              8,152
      Impairment of long-lived assets         75                 312
      Other operating, net                    347                933        
             Total costs and operating        60,934             58,033     
             expenses
                                                             
Income from operations                        4,548              5,359
                                                             
                                                             
Total other expense, net                      (31      )         (29       )
                                                             
Income before income taxes                    4,517              5,330
                                                             
Income tax benefit (expense)                  (413     )         217
                                                             
                                                             
Net income                                    4,104              5,547      
                                                             
Preferred stock dividends and deemed          (1,123   )         (551      )
dividends
                                                             
                                                             
Net income available to common            $   2,981         $    4,996      
stockholders
                                                                            

JAMBA, INC.
(Unaudited)
                                                                   
STORE COUNT
                      NUMBER OF STORES
                      COMPANY      FRANCHISE                        TOTAL
                                   Domestic       International
39 week period
ended October 2,
2012
At January 3, 2012    307          443            19                769
Opened                -            19             16                35
Closed                (5     )     (9       )     (2        )       (16    )
Refranchised          (1     )     1              -                 -       
At October 2, 2012    301          454            33                788     
                                                                     
                                                                     
40 week period
ended October 4,
2011
At December 28,       351          391            1                 743
2010
Opened                9            20             9                 38
Closed                (8     )     (11      )     -                 (19    )
Refranchised          (42    )     42             -                 -       
At October 4, 2011    310          442            10                762     
                                                                     
                                                                     
                                                                     
COMPARABLE STORE
SALES
                      13 WEEK      12 WEEK        39 WEEK           40 WEEK
                      PERIOD       PERIOD ENDED   PERIOD ENDED      PERIOD
                      ENDED                                         ENDED
                      October 2,   October 4,     October 2, 2012   October 4,
                      2012         2011                             2011
                                                                     
Percentage Change
in Comparable store
sales
Company stores        3.9    %     3.3      %     6.7       %       3.2    %
Franchise stores      1.0    %     4.2      %     5.8       %       3.3    %
System-wide           2.5    %     3.7      %     6.2       %       3.3    %
                                                                     
                                                                     
Percentage Change
in Comparable
Company store sales
Traffic effect        5.1    %     -2.1     %     4.5       %       -1.6   %
Average check         -1.2   %     5.4      %     2.2       %       4.8    %
effect
Total Comparable      3.9    %     3.3      %     6.7       %       3.2    %
Company store sales

Contact:

Investor Relations
ICR
Dara Dierks, 203-682-8200
investors@jambajuice.com
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