Jamba Q4 net loss narrows to $41.2m
Total revenues increase 2.8% to $56.1m
Jamba, the holding company of smoothie chain Jamba Juice, has reported a net loss of $41.2m, or $0.75 per diluted share, for the fourth quarter ended December 30, 2008, compared to $150m, or $2.85 per diluted share, in the same quarter of 2007.
For the fourth quarter of 2008, total revenues increased 2.8% to $56.1m from $54.6m for the same quarter of 2007. Company-owned comparable store sales decreased 12% for the fourth quarter of 2008.
For fiscal 2008, total revenues increased 8.1% to $342.9m from $317.2m in fiscal 2007. Company-owned comparable store sales decreased 8.1% for fiscal 2008. Net loss was $149.16m, or $2.80 per diluted share, compared to $113.29m, or $2.17 per diluted share, in fiscal 2007.
James White, president and chief executive officer of Jamba, said: While we are disappointed with the results for fiscal 2008, the company's board of directors and new management team have taken significant steps to improve long-term performance. As previously announced, we are making significant progress implementing our strategic priorities.
Our strategic priorities are focused on a disciplined expense reduction effort, building a customer-first and operationally focused service culture across the company, assembling a retail food capability across all day-parts, accelerating franchise and non-traditional store growth, and enhancing our licensing platform.
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