On July the 11th of 2016, Jamba Juice (NASDAQ: JMBA) announced a new development agreement, which will yield 20 new locations within the Detroit market. The agreement was made with Omar Ammori and Kevin Denha. It also includes an accelerate growth plan for the first 3 years of the plan. Mr. Ammori currently owns and operates over 200 T-Mobile stores in 15 different states. He previously was a Fuddruckers franchisee and is best known as the co-founder of Wireless Vision.
Mr. Denha has an abundance of real estate holding and also helped found Wireless Vision in correlation with Ammori. Through the cooperative agreement, Jamba sincerely believes they’ll be able to grow their business and reach new markets. The agreement will see Mr. Ammori and Mr. Denha open 5 new locations in Meijer stores in the Detroit Metro, with three additional Jamba stores opening before the end of 2017. Jamba Inc. is best known for their specialty and food items.
Jamba last reported their earnings on May the 5th 2016 for the quarter ending on March 29, 2016. For the quarter, system-wide store sales decreased by 2.1%, while company-owner store sales increased by .2%. Franchise store sales decreased by 2.4%. Total revenue for the period fell 64.3% to $18.8 million. For the previous quarter, the company reported $52.5 million in revenue. The company’s refranchising initiative led to a decrease in number of company stores.
At the conclusion of the 1st quarter of 2015, the company had 259 stores. For the 1st quarter of 2016, the company owned just 68 stores. According to the company’s 2016 outlook, they expect to generate total revenues of $80 to $82 million. The company also foresees 100 new stores opening during the year with 75% being domestic and 25% being international. Finally, the company will enter two new markets in 2016. This includes Indonesia and Thailand.
During the past year, the company’s stock has fluctuated between $10.02 and $16.33. During Monday’s trading period, the company’s stock climbed 6.46% to settle at $10.88. It rose an additional .18% after house. For additional information, be sure to check out the company’s press release right now.