News

Jamba records loss for Q3

November 17, 2008

EMERYVILLE, Calif. — Comparable-store sales at Jamba Inc. restaurants fell 10.3 percent in the third quarter ended Oct. 7, the company announced. Jamba had recorded a comparable-store sales increase of 3.8 percent in the 2007 third quarter.

Revenues for the company were $86.6 million for the quarter, up 4 percent compared with revenues of $83.6 million for the 2007 third quarter. Year-to-date revenues were $286.8 million, up 9 percent compared with revenues of $262.6 million for the first nine months of last year.

The company lost $12.4 million during the quarter, compared with net income of $22.4 million for the 2007 third quarter. Year to date, the company has lost $108 million compared with net income of $36.7 million for the first nine months of last year.

Jamba Inc. has appointed James White as president and chief executive officer and as a member of its board of directors, the company announced.

White was most recently senior vice president of consumer brands at Safeway Inc. He is expected to start Dec. 1.

Interim CEO Steven Berrard will step down but will remain as chairman.