Jamba, Inc. said comps at Jamba Juice locations increased 5.6 percent during the third quarter as the smoothie company made progress on plans to become more asset light.
Total revenues at the company decreased 39.1 percent year over year, to $35.5 million, largely due to its reduction in company-owned locations. Jamba Juice finalized three refranchising deals during Q3, bringing its total number of company-owned units to 94, down from 272 at the close of the year-ago quarter.
Net income grew to $1.6 million, up from $0.5 million during the year-ago quarter.
“With the completion of four more refranchising deals, we have virtually finalized our transformation to an asset-light model,” said CEO James White, who last month announced plans to retire once a CEO replacement was found. “Strong sales momentum resumed across the country with very solid gains in our core California market plus double-digit increases in our less developed Chicago and New York markets.”
Ninety-one percent of Jamba Juice locations are currently franchised.