Jamba Inc. (JMBA) fell the most since 2011 after the seller of juices and snacks reported second-quarter sales that trailed analysts’ estimates.
Revenue totaled $67.3 million for the quarter that ended July 2, the Emeryville, California-based company said in a statement yesterday. The average of six estimates compiled by Bloomberg was $70.4 million. Earnings per share matched the 36-cent average projection.
“The decline is simply the fact that second-quarter sales didn’t meet expectations,” Conrad Lyon, a B. Riley & Co. analyst, said today in a telephone interview. “The majority of names in the restaurant sector have displayed similar results. Some have postulated that it’s consumers firing all the gunpowder on buying big-ticket items, be it cars, or be it second homes, refinancing homes, sucking up their discretionary cash.”
Jamba seeks to boost future sales through a long-term focus on labor and supply-chain strategies, as well as marketing initiatives, Chief Executive Officer James White said on a conference call yesterday.
The company maintained its forecasts of 2013 growth in comparable sales from company-owned stores of 4 percent to 6 percent and annual revenue from consumer packaged goods $4 million to $5 million.
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