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What: Shares of Jamba (NASDAQ:JMBA) were taking a spill today, dropping as much as 16% after sales missed expectations in its quarterly report.

So what: The smoothie maker said revenue edged up 2% to $67.3 million, but analysts were expecting a 6.7% growth rate to $70.4 million. Company-owned same-store sales were weak at 2.2%, and management cited "a challenging consumer and competitive environment" for the slow growth. Earnings per share of $0.36, however, matched the analyst consensus. Despite the slow sales growth, Jamba is sticking by its forecast of 4% to 6% comparable sales growth for the year.

Now what: Though the market ignored it, a 51% jump in net income and 33% improvement in EPS were impressive as operating margins increased 230 basis points to 9.9%. An increase in franchise and consumer products helped drive the improved profitability. If sales continue to grow in those areas, expect margins and profits to move along with them, but the sales miss is concerning, as Jamba is essentially a warm-weather business, generally making its profits in the second and third quarters. With that in mind, the 4% to 6% comparable sales range for the year seems as if it will be hard to reach.

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