Jamba reports Q2 systemwide SSS flat
On a comparable calendar basis, company comparable store sales increased 1.0% in the second quarter of fiscal 2017, following a decline of 7.3% in the first quarter of fiscal 2017. System-wide comparable store sales were flat in the second quarter of fiscal 2017, following a decline of 5.8% in the first quarter of fiscal 2017. The decline in the first quarter for both company and system-wide comparable store sales was primarily due to the historic wet weather during the period that affected west coast geographies. President, and CEO stated, "The accounting team continues to work diligently to complete the 2016 audit and regulatory filings. We have committed significant resources to complete this work accurately and to ensure it does not distract from excellence in operating the day-to-day business." Pace concluded, "I remain confident in the direction and prospects for this iconic brand." The Company launched a catering test in May 2017, featuring the Jamba Bowl Bar, allowing guests to customize their bowl for a healthful breakfast, lunch, or snack occasion. The Company expects to continue the test through the remainder of 2017. The Company initially launched a delivery test in 15 Texas stores in March 2017. The test expanded to the Southern California market in May 2017. The Company expects to continue the test through the remainder of 2017. The Company expects to record additional expenses in fiscal 2017 resulting from efforts to complete 2016 financial statements, their subsequent audit and review, and remediation efforts related to the anticipated Material Weakness disclosed in the Company's Form 12b-25 filed with the Securities and Exchange Commission on May 15, 2017.