Jamba, Inc. (NASDAQ:JMBA) today reported unaudited financial results for
the third fiscal quarter ended October 1, 2013.
As previously disclosed, Jamba’s results for the quarter were impacted
by constraints on consumer spending and adverse weather in key markets.
As a result, same store sales, revenue, income from operations and
operating margins all declined for the quarter compared with the prior
year period.
Despite the challenging environment, the Company had important
accomplishments that set the stage for future growth. JambaGO™ express
smoothie units are opening in over 1,000 retail locations across the
country, the largest expansion to date. Fresh-squeezed premium juice,
now being added to a growing number of California units, is boosting
same store sales. A recently initiated major cost and productivity
program is expected to yield significant savings.
“We faced a challenging quarter that was atypical of our past
performance during which we had more than two years of same store sales
growth. But we believe the setbacks will be transient while the growth
prospects resulting from our achievements will be long term,” said James
D. White, chairman, president and chief executive of Jamba. “We have a
powerful position in the on-trend, fast growing healthy food, beverage
and premium juice segments. Our domestic and international development
prospects are growing. Our digital marketing programs are now in high
gear with the National rollout of the ISIS Mobile Wallet launch. And our
JambaGO expansion will give many customers who are new to Jamba the
opportunity to experience our great smoothies.”
Highlights for the 13 weeks ended October 1, 2013, compared to the 13
weeks ended October 1, 2012:
-
Net income was $2.7 million, or $0.15(1) diluted earnings
per share for the quarter, compared to net income of $4.1 million, or
$0.21(1) diluted earnings per share for the prior year
period.
-
Comparable store sales(2) for the quarter decreased 5.5%
for company-owned stores, 1.3% for franchise-operated stores and 3.4%
system wide.
-
Total revenue was $61.4 million compared to total revenue of $65.5
million for the prior year period.
-
Income from operations was $3.3 million and operating margin was 5.4%
for the third quarter of 2013.
-
General and administrative expenses decreased 13.3% to $8.4 million
compared with $9.7 million for the prior year period.
-
During the quarter, franchisees opened 29 new stores globally -- 26 in
the U.S., which included 12 smoothie stations, and three new
international stores.
Third Quarter Fiscal 2013 Results
Revenue
For the 13 weeks ended October 1, 2013, total revenue decreased 6.3% to
$61.4 million from $65.5 million in the prior year period. The decrease
is due to the 5.5% decrease in company-owned comparable store sales(2),
partially offset by the increase in franchise and other revenue of $0.6
million. The decrease in company-owned comparable store sales(2)
of 5.5% primarily reflected a decrease in transaction count of 880 basis
points partially offset by an average check increase of 330 basis
points. This decline in comparable store sales was primarily as a result
of constraints on consumer spending, adverse weather in key markets,
increased competition and the impact of promotional campaigns. During
the 13-week period ended October 1, 2013, franchise-operated comparable
store sales(2) decreased 1.3%. Franchise and other revenue
increased 15.8% to $4.3 million from $3.7 million in the prior year
period. Revenue for CPG and JambaGO was $0.8 million in the 13
week-period ended October 1, 2013, compared to $0.7 million in the prior
year period.
Income from Operations and Operating Margin
Jamba’s operating margin was 5.4% for the third quarter of 2013 compared
to 6.9% for the quarter ended October 1, 2013, a decrease of 150 basis
points. Income from operations for the third quarter of 2013 was $3.3
million compared to $4.5 million for the third quarter of 2012, a 26.9%
decrease, reflecting the effects of decreased company-owned comparable
store sales, partially offset by the increased franchise revenue and
reduced general and administrative expenses.
During the quarter the Company launched a cost and productivity program
to drive down costs across the enterprise and is expected to yield
savings of 100 to 200 basis points in operating margin.
Retail Growth
As of October 1, 2013, system-wide, Jamba has 849 stores in the United
States, of which 517 are franchise-operated stores in the United States
and 287 are company-owned. Franchise-operated stores include Jamba
Smoothie Stations™, the new limited menu express format. As of October
1, 2013, there were 33 smoothie station locations. During the quarter,
Jamba opened 26 new domestic franchise-operated stores, consisting of
five traditional, nine non-traditional and 12 smoothie stations; and
three international store locations in South Korea. During the quarter,
no new company-owned stores opened.
At quarter end, there were 45 international store locations, all of
which are franchise-operated. Subsequent to the end of the quarter,
JambaGO was launched in over 1,000 retail locations across the nation,
bringing the total to 1,800. Whole food blending and fresh-squeezed
premium juice was offered at 53 California locations, with a target of
up to 61 locations by the end of 2013. As part of the growth strategy,
Jamba entered into development agreements with new and existing
franchisees that included the refranchise of seven locations and the
development of 12 new store locations.
Liquidity
On October 1, 2013, the Company held $28.9 million in cash and cash
equivalents as compared to $31.5 million cash and cash equivalents at
January 1, 2013. On October 1, 2013, the Company had no restricted cash.
At the end of fiscal 2012, the restricted cash balance was $0.2 million.
Guidance for 2013
The Company expects to achieve the following results for fiscal 2013:
-
Company-owned comparable store sales(2) flat to 1.0%
-
Store-level margin of 16.0% - 17.0%;
-
Operating margin of 1.0% - 2.0% of revenue;
-
CPG revenue of $3 million;
-
60 - 80 new U.S. and international locations;
-
1,500 new JambaGO served locations.
Guidance for 2014
The Company continues to expect to achieve the following results for
fiscal 2014:
-
Positive company-owned comparable store sales(2) of 2.0% -
4.0% ;
-
Store-level margin of 18.0% - 19.0%;
-
Operating margin of 2.0% - 3.0%;
-
60 - 80 new U.S. and international store locations;
-
Up to 1,000 new JambaGO installations.
Earnings Conference Call
A conference call to review the third quarter 2013 results will be held
today, November 4, 2013 at 5:00 p.m. ET. The conference call can be
accessed live over the phone by dialing (877) 941-1427 or for
international callers by dialing (480) 629-9664. A replay will be
available at 8:00 p.m. ET and can be accessed by dialing (877) 870-5176
or (858) 384-5517 for international callers; the pin number is 4639549.
The replay will be available until November 25, 2013. The call can be
accessed from the Company’s website at www.jambajuice.com
under the Corporate Investor Relations section or directly at http://ir.jambajuice.com.
About Jamba, Inc.
Jamba, Inc., (the “Company”) owns and franchises Jamba Juice stores
through its wholly-owned subsidiary, Jamba Juice Company. Jamba Juice
Company is a leading restaurant retailer of better-for-you, specialty
beverage and food offerings, which include great tasting, whole fruit
smoothies, fresh-squeezed juices and juice blends, hot coffee and teas,
hot oatmeal, breakfast wraps, sandwiches and mini-wraps, Artisan
Flatbreads, frozen yogurt, and a variety of baked goods and snacks. As
of October 1, 2013, there were 849 store locations globally. There were
287 company-owned and operated stores and 517 franchise-operated stores
in the United States, and 45 international stores. Jamba Juice Company
has expanded the Jamba brand by direct selling of consumer packaged
goods (“CPG”) and licensing its trademark. CPG products for at-home
enjoyment are also available online, through select retailers across the
nation and in Jamba outlets in the United States.
Fans of Jamba Juice can find out more about Jamba Juice's locations as
well as specific offerings and promotions by visiting the Jamba Juice
website at www.JambaJuice.com or
by contacting Jamba’s Guest Services team at 1-866-4R-FRUIT (473-7848).
Forward-Looking Statements
This press release (including information incorporated or deemed
incorporated by reference herein) contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are those involving future events and
future results that are based on current expectations, estimates,
forecasts, and projections as well as the current beliefs and
assumptions of the Company’s management. Words such as “outlook”,
“believes”, “expects”, “appears”, “may”, “will”, “should”,
“anticipates”, or the negative thereof or comparable terminology, are
intended to identify such forward looking statements. Any statement that
is not a historical fact, including the statements made under the
captions “Guidance for 2013” and “Guidance for 2014” and any other
estimates, projections, future trends and the outcome of events that
have not yet occurred, is a forward-looking statement. Forward-looking
statements are only predictions and are subject to risks, uncertainties
and assumptions that are difficult to predict. Therefore actual results
may differ materially and adversely from those expressed in any
forward-looking statements. Factors that might cause or contribute to
such differences include, but are not limited to factors discussed under
the section entitled “Risk Factors” in the Company’s reports filed with
the SEC. Many of such factors relate to events and circumstances that
are beyond the Company’s control. You should not place undue reliance on
forward-looking statements. The Company does not assume any obligation
to update the information contained in this press release.
Non-GAAP Financial Measures
The Company provides certain supplemental non-GAAP financial measures to
its investors as a complement to the most comparable GAAP measures. The
Company believes that providing these non-GAAP measures to its
investors, in addition to corresponding GAAP income statement measures,
provides investors the benefit of viewing the Company's performance
using the same financial metrics that the management team uses in making
many key decisions and understanding how the Company's core business
operations may perform and may look in the future. The non-GAAP
financial measures are discussed further in Footnotes below.
Non-GAAP financial measures are not in accordance with, or an
alternative for, generally accepted accounting principles in the United
States of America. Non-GAAP measures should not be considered in
isolation from or as a substitute for financial information presented in
accordance with generally accepted accounting principles, and may be
different from non-GAAP measures used by other companies.
Footnotes:
(1) The Company completed a 5-for-1 reverse stock split on May 31, 2013
and all per share amounts are presented on a post-split basis.
(2) Comparable store sales are calculated using sales of Jamba Juice
stores open more than one full fiscal year. Company-owned comparable
store sales percentages are based on sales from company-owned stores
included in our store base. Franchise-operated comparable store sales
percentages are based on sales from franchised stores, as reported by
franchisees, which are included in our store base. System-wide sales
percentages are based on sales by both company-owned and
franchise-operated stores, as reported by our franchisees, which are
included in our store base. Company-owned stores that were sold in
refranchising transactions are included in the company-owned store base
for each accounting period of the fiscal quarter to the extent the sale
is consummated at least three days prior to the end of such accounting
period, but only for the days such stores have been company-owned.
Thereafter, such stores are excluded from the store base until such
stores have been franchise-operated for at least one full fiscal period,
at which point such stores are included in the franchise-operated store
base and compared to sales in the comparable period of the prior year.
Comparable store sales exclude closed locations. Company-owned
comparable store sales percentages as used herein, may not be equivalent
to company-owned comparable store sales as defined or used by other
companies. Franchise-operated comparable store sales percentages and
system-wide sales percentages as used herein are non-GAAP financial
measures and should not be considered in isolation or as substitute for
other measures of performance prepared in accordance with generally
accepted accounting principles in the United States. Management reviews
the increase or decrease in company-owned comparable store sales,
franchise-operated comparable store sales and system-wide sales compared
with the same period in the prior year to assess business trends and
make certain business decisions. The Company believes the data is useful
in assessing the overall performance of the Jamba brand and, ultimately,
the performance of the Company, the company-owned stores, and
franchise-operated stores.
|
|
|
|
|
|
|
JAMBA, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
October 1,
|
|
|
January 1,
|
(In thousands, except share and per share amounts)
|
|
|
|
2013
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
28,886
|
|
|
|
$
|
31,486
|
|
Restricted cash
|
|
|
|
-
|
|
|
|
|
205
|
|
Receivables, net of allowances of $210 and $103
|
|
|
|
7,187
|
|
|
|
|
11,327
|
|
Inventories
|
|
|
|
3,315
|
|
|
|
|
3,143
|
|
Prepaid and refundable taxes
|
|
|
|
680
|
|
|
|
|
655
|
|
Prepaid rent
|
|
|
|
3,115
|
|
|
|
|
3,080
|
|
Prepaid expenses and other current assets
|
|
|
|
2,467
|
|
|
|
|
1,681
|
|
Total current assets
|
|
|
|
45,650
|
|
|
|
|
51,577
|
|
|
|
|
|
|
|
|
Property, fixtures and equipment, net
|
|
|
|
39,534
|
|
|
|
|
38,442
|
|
Goodwill
|
|
|
|
1,233
|
|
|
|
|
1,336
|
|
Trademarks and other intangible assets, net
|
|
|
|
1,244
|
|
|
|
|
1,412
|
|
Other long-term assets
|
|
|
|
1,155
|
|
|
|
|
846
|
|
Total assets
|
|
|
$
|
88,816
|
|
|
|
$
|
93,613
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
3,550
|
|
|
|
$
|
8,206
|
|
Accrued compensation and benefits
|
|
|
|
3,981
|
|
|
|
|
7,566
|
|
Workers' compensation and health insurance reserves
|
|
|
|
1,184
|
|
|
|
|
1,087
|
|
Accrued jambacard liability
|
|
|
|
26,041
|
|
|
|
|
33,634
|
|
Other current liabilities
|
|
|
|
11,584
|
|
|
|
|
9,728
|
|
Total current liabilities
|
|
|
|
46,340
|
|
|
|
|
60,221
|
|
Deferred rent and other long-term liabilities
|
|
|
|
10,962
|
|
|
|
|
11,880
|
|
Total liabilities
|
|
|
|
57,302
|
|
|
|
|
72,101
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series B redeemable preferred stock, $.001 par value, 304,348
shares authorized; 0 and 72,889 shares issued and outstanding at
October 1, 2013 and January 1, 2013, respectively.
|
|
|
|
-
|
|
|
|
|
7,916
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock, $.001 par value, 30,000,000 shares authorized;
17,121,674 and 15,481,782 shares issued and outstanding at October
1, 2013 and January 1, 2013, respectively.
|
|
|
|
17
|
|
|
|
|
78
|
|
Additional paid-in-capital
|
|
|
|
390,181
|
|
|
|
|
380,007
|
|
Accumulated deficit
|
|
|
|
(358,684
|
)
|
|
|
|
(366,489
|
)
|
Total stockholders' equity
|
|
|
|
31,514
|
|
|
|
|
13,596
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity
|
|
|
$
|
88,816
|
|
|
|
$
|
93,613
|
|
|
|
|
|
|
|
|
Share and per share data have been adjusted for all periods
presented to reflect a five-for-one reverse stock split effective
May 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAMBA, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Week
|
|
|
13 Week
|
|
|
39 Week
|
|
|
39 Week
|
|
|
|
|
Period Ended
|
|
|
Period Ended
|
|
|
Period Ended
|
|
|
Period Ended
|
(In thousands except share and per share amounts)
|
|
|
October 1,
2013
|
|
|
October 2,
2012
|
|
|
October 1,
2013
|
|
|
October 2, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company stores
|
|
|
$
|
57,092
|
|
|
|
$
|
61,795
|
|
|
|
$
|
171,030
|
|
|
|
$
|
174,350
|
|
Franchise and other revenue
|
|
|
|
4,269
|
|
|
|
|
3,687
|
|
|
|
|
12,654
|
|
|
|
|
10,223
|
|
Total revenue
|
|
|
|
61,361
|
|
|
|
|
65,482
|
|
|
|
|
183,684
|
|
|
|
|
184,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
|
14,592
|
|
|
|
|
14,918
|
|
|
|
|
41,854
|
|
|
|
|
40,504
|
|
Labor
|
|
|
|
|
15,862
|
|
|
|
|
16,457
|
|
|
|
|
48,466
|
|
|
|
|
49,013
|
|
Occupancy
|
|
|
|
7,405
|
|
|
|
|
7,353
|
|
|
|
|
22,100
|
|
|
|
|
22,097
|
|
Store operating
|
|
|
|
9,060
|
|
|
|
|
9,328
|
|
|
|
|
25,740
|
|
|
|
|
26,158
|
|
Depreciation and amortization
|
|
|
|
2,808
|
|
|
|
|
2,793
|
|
|
|
|
8,348
|
|
|
|
|
8,528
|
|
General and administrative
|
|
|
|
8,377
|
|
|
|
|
9,663
|
|
|
|
|
27,767
|
|
|
|
|
29,125
|
|
Impairment of long-lived assets
|
|
|
|
217
|
|
|
|
|
75
|
|
|
|
|
491
|
|
|
|
|
637
|
|
Other operating, net
|
|
|
|
(284
|
)
|
|
|
|
347
|
|
|
|
|
252
|
|
|
|
|
579
|
|
Total costs and operating expenses
|
|
|
|
58,037
|
|
|
|
|
60,934
|
|
|
|
|
175,018
|
|
|
|
|
176,641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
|
3,324
|
|
|
|
|
4,548
|
|
|
|
|
8,666
|
|
|
|
|
7,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
1
|
|
|
|
|
21
|
|
|
|
|
1
|
|
|
|
|
61
|
|
Interest expense
|
|
|
|
(54
|
)
|
|
|
|
(52
|
)
|
|
|
|
(191
|
)
|
|
|
|
(147
|
)
|
Total other expense, net
|
|
|
|
(53
|
)
|
|
|
|
(31
|
)
|
|
|
|
(190
|
)
|
|
|
|
(86
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before income taxes
|
|
|
|
3,271
|
|
|
|
|
4,517
|
|
|
|
|
8,476
|
|
|
|
|
7,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
(576
|
)
|
|
|
|
(413
|
)
|
|
|
|
(671
|
)
|
|
|
|
(634
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
2,695
|
|
|
|
|
4,104
|
|
|
|
|
7,805
|
|
|
|
|
7,212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends and deemed dividends
|
|
|
|
-
|
|
|
|
|
(1,123
|
)
|
|
|
|
(588
|
)
|
|
|
|
(2,076
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders
|
|
|
$
|
2,695
|
|
|
|
$
|
2,981
|
|
|
|
$
|
7,217
|
|
|
|
$
|
5,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computation of loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
17,084,929
|
|
|
|
|
14,134,502
|
|
|
|
|
16,680,631
|
|
|
|
|
13,690,156
|
|
Diluted
|
|
|
|
17,548,512
|
|
|
|
|
14,473,184
|
|
|
|
|
17,112,329
|
|
|
|
|
14,015,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.16
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.43
|
|
|
|
$
|
0.38
|
|
Diluted
|
|
|
$
|
0.15
|
|
|
|
$
|
0.21
|
|
|
|
$
|
0.42
|
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and per share data have been adjusted for all periods
presented to reflect a five-for-one reverse stock split effective
May 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAMBA, INC.
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STORE COUNT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF STORES
|
|
|
|
|
|
|
COMPANY
|
|
|
FRANCHISE
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
Domestic
|
|
|
International
|
|
|
|
|
|
|
Quarter ended October 1, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 1, 2013
|
|
|
301
|
|
|
|
473
|
|
|
|
35
|
|
|
|
809
|
|
|
|
|
Opened
|
|
|
2
|
|
|
|
43
|
|
|
|
12
|
|
|
|
57
|
|
|
|
|
Closed
|
|
|
(1
|
)
|
|
|
(14
|
)
|
|
|
(2
|
)
|
|
|
(17
|
)
|
|
|
|
Refranchised
|
|
|
(15
|
)
|
|
|
15
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
At October 1, 2013
|
|
|
287
|
|
|
|
517
|
|
|
|
45
|
|
|
|
849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended October 2, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At January 3, 2012
|
|
|
307
|
|
|
|
443
|
|
|
|
19
|
|
|
|
769
|
|
|
|
|
Opened
|
|
|
-
|
|
|
|
19
|
|
|
|
16
|
|
|
|
35
|
|
|
|
|
Closed
|
|
|
(5
|
)
|
|
|
(9
|
)
|
|
|
(2
|
)
|
|
|
(16
|
)
|
|
|
|
Refranchised
|
|
|
(1
|
)
|
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
At October 2, 2012
|
|
|
301
|
|
|
|
454
|
|
|
|
33
|
|
|
|
788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPARABLE STORE SALES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 Week
|
|
|
13 Week
|
|
|
39 Week
|
|
|
39 Week
|
|
|
|
|
|
|
Period Ended
|
|
|
Period Ended
|
|
|
Period Ended
|
|
|
Period Ended
|
|
|
|
|
|
|
October 1, 2013
|
|
|
October 2, 2012
|
|
|
October 1, 2013
|
|
|
October 2, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change in Comparable store sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company stores
|
|
|
|
|
|
-5.5
|
%
|
|
|
3.9
|
%
|
|
|
-0.1
|
%
|
|
|
6.7
|
%
|
Franchise stores
|
|
|
|
|
|
-1.3
|
%
|
|
|
1.0
|
%
|
|
|
-0.3
|
%
|
|
|
5.8
|
%
|
System-wide
|
|
|
|
|
|
-3.4
|
%
|
|
|
2.5
|
%
|
|
|
-0.2
|
%
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Change in Comparable Company store sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traffic effect
|
|
|
|
|
|
-8.8
|
%
|
|
|
5.1
|
%
|
|
|
-2.1
|
%
|
|
|
4.5
|
%
|
Average check effect
|
|
|
|
|
|
3.3
|
%
|
|
|
-1.2
|
%
|
|
|
2.0
|
%
|
|
|
2.2
|
%
|
Total Comparable Company store sales
|
|
|
|
|
|
-5.5
|
%
|
|
|
3.9
|
%
|
|
|
-0.1
|
%
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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