Potbelly Corporation (NASDAQ: PBPB),
(“Potbelly” or the
“Company”) the iconic neighborhood sandwich shop concept,
today reported financial results for the third fiscal quarter ended
September 24, 2023.
Key highlights for the quarter ended
September 24, 2023, compared to September 25, 2022:
- Total revenues
increased by 2.7% to $120.8 million compared to $117.6
million.
- Average Weekly
Sales (AWS) increased 7.7% to $25,190 and, despite refranchising,
total company shop sales increased by 1.6% to $118.3 million
compared to $116.4 million.
- Positive same-store
sales for the tenth-consecutive quarter, ending the third quarter
at +8.0%, with traffic growth as a major driver and expansion of
traffic share during each period of the quarter.
- GAAP net income
attributable to Potbelly Corporation was $1.5 million compared to
$9.0 million. GAAP diluted earnings per share (EPS) was $0.05
compared to $0.31.
- Adjusted net
income1 attributable to Potbelly Corporation was $1.1 million
compared to $0.3 million. Adjusted diluted EPS1 was $0.04 compared
to $0.01.
- Adjusted
EBITDA1 increased 55.6% to $7.3 million compared to $4.7
million.(1) Adjusted net income, adjusted diluted EPS and adjusted
EBITDA are non-GAAP measures. For reconciliations of these measures
to the most directly comparable GAAP measure, see the accompanying
financial tables. For a discussion of why we consider them useful,
see “Non-GAAP Financial Measures” below.
Bob Wright, President and Chief Executive
Officer of Potbelly Corporation, commented, “We delivered another
excellent quarter for Potbelly, which represented the cumulative
effect of our disciplined strategy and execution efforts over the
past many quarters and years, further driving our confidence in the
sustainability of the results we’ve achieved thus far. During the
quarter, we grew same-store sales by 8% with traffic as a major
driver; continued to take traffic share from the fast-casual
category each week through the quarter and grew shop-level margins
by 400 basis points. These results have allowed us to further
amplify Potbelly’s attractive unit economic model for franchisees,
and we are thrilled to have signed additional development deals,
bringing our total shop commitments to 150 shops-to-date.”
Wright continued, “Our momentum has continued
into the fourth quarter, culminating in same-store sales guidance
of 4.0-6.0% with a focus on continuing to grow traffic. Overall, we
expect our top-line momentum and profitability improvements to
drive adjusted EBITDA growth more than 65% for the year, totaling
between $25.9 million and $27.9 million. We are pleased with what
we’ve accomplished thus far and excited for how much further we can
drive our unique brand.”
Outlook
|
Fourth Quarter 2023 |
Fiscal Year 2023 |
Average Sales |
$24,250 to $24,750 AWS |
$1.29M AUV |
Same-store sales |
4.0% to 6.0% |
11.5% to 12.0% |
Shop-level margin |
12.5% to 14.5% |
13.4% to 13.9% |
Adj. EBITDA |
$5.0 million to $7.0 million |
$25.9 million to $27.9 million |
Conference Call
A conference call and audio webcast has been scheduled for 5:00
p.m. Eastern Time today to discuss these results. Investors,
analysts, and members of the media interested in listening to the
live presentation are encouraged to join a webcast of the call with
accompanying presentation slides, available on the investor
relations portion of the Company's website at www.potbelly.com. For
those that cannot join the webcast, you can participate by dialing
1-844-825-9789 in the U.S. & Canada, or 1-412-317-5180
internationally.
For those unable to participate, an audio replay will be
available through Wednesday, November 8, 2023. To access the
replay, please call 1-844-512-2921 (U.S.) or 1-412-317-6671
(International) and enter confirmation code 10182310. A web-based
archive of the conference call will also be available at the above
website.
About PotbellyPotbelly Corporation is a
neighborhood sandwich concept that has been feeding customers’
smiles with warm, toasty sandwiches, signature salads, hand-dipped
shakes and other fresh menu items, customized just the way
customers want them, for more than 40 years. Potbelly promises
Fresh, Fast & Friendly service in an environment that reflects
the local neighborhood. Since opening its first shop in Chicago in
1977, Potbelly has expanded to neighborhoods across the country -
with approximately 430 shops in the United States including
approximately 69 franchised shops in the United States. For more
information, please visit our website at www.potbelly.com.
Definitions
The following definitions apply to these terms as used
throughout this press release:
- Revenues – represents net company-operated
sandwich shop sales and our franchise royalties and fees. Net
company-operated shop sales consist of food and beverage sales, net
of promotional allowances and employee meals. Franchise royalties
and fees consist of royalty income, franchise fee, and other fees
collected from franchisees including advertising and rent.
- Company-operated comparable store sales or same-store
traffic – an operating measure that represents the change
in year-over-year sales or transactions for the comparable
company-operated store base open for 15 months or longer.
- Average Weekly Sales (AWS) – an operating
measure that represents the average weekly sales of all
company-operated shops which reported sales during the associated
time period.
- Average Unit Volume (AUV) – an operating
measure that represents the average annual sales of all
company-operated shops which reported sales during the associated
time period.
- System-wide sales – an operating measure that
represents the sum of sales generated by company-operated shops and
sales generated by franchised shops, net of all promotional
allowances, discounts, and employee meals. Net sales from
franchised shops are not included in total revenues. Rather,
revenues are limited to the royalties, fees and other income
collected from franchisees.
- EBITDA – a non-GAAP measure that represents
income before depreciation and amortization expense, interest
expense and the provision for income taxes.
- Adjusted EBITDA – a non-GAAP measure that
represents income before depreciation and amortization expense,
interest expense and the provision for income taxes, adjusted to
eliminate the impact of other items, including certain non-cash and
other items that we do not consider reflective of underlying
business performance.
- Shop-level profit (loss) – a non-GAAP measure
that represents income (loss) from operations excluding franchise
royalties and fees, franchise support, marketing and rent expenses,
general and administrative expenses, depreciation expense,
pre-opening costs, restructuring costs, loss on Franchise Growth
Acceleration Initiative activities and impairment, loss on the
disposal of property and equipment and shop closures.
- Shop-level profit (loss) margin – a non-GAAP
measure that represents shop-level profit expressed as a percentage
of net company-operated sandwich shop sales.
- Adjusted net income (loss) – a non-GAAP
measure that represents net income (loss), adjusted to eliminate
the impact of restructuring costs, impairment, loss on the disposal
of property and equipment, shop closures, and other items we do not
consider representative of our ongoing operating performance,
including the income tax effects of those adjustments and the
change in our income tax valuation allowance.
- Adjusted diluted EPS – a non-GAAP measure that
represents adjusted net income (loss) divided by the weighted
average number of fully dilutive common shares outstanding.
Non-GAAP Financial Measures
We prepare our financial statements in accordance with Generally
Accepted Accounting Principles (“GAAP”). Within this press release,
we make reference to EBITDA, adjusted EBITDA, adjusted diluted EPS,
adjusted net income, shop-level profit, and shop-level profit
margin, which are non-GAAP financial measures. The Company includes
these non-GAAP financial measures because management believes they
are useful to investors in that they provide for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making.
Management uses adjusted EBITDA, adjusted net income and
adjusted diluted EPS to evaluate the Company’s performance and in
order to have comparable financial results to analyze changes in
our underlying business from quarter to quarter. Adjusted EBITDA,
adjusted net income and adjusted diluted EPS exclude the impact of
certain non-cash charges and other items that affect the
comparability of results in past quarters and which we do not
believe are reflective of underlying business performance.
Management uses shop-level profit and shop-level profit margin as
key metrics to evaluate the profitability of incremental sales at
our shops, to evaluate our shop performance across periods and to
evaluate our shop financial performance against our
competitors.
Accordingly, the Company believes the presentation of these
non-GAAP financial measures, when used in conjunction with GAAP
financial measures, is a useful financial analysis tool that can
assist investors in assessing the Company’s operating performance
and underlying prospects. This analysis should not be considered in
isolation or as a substitute for analysis of our results as
reported under GAAP. This analysis, as well as the other
information in this press release, should be read in conjunction
with the Company’s financial statements and footnotes contained in
the documents that the Company files with the U.S. Securities and
Exchange Commission. The non-GAAP financial measures used by the
Company in this press release may be different from the methods
used by other companies. For more information on the non-GAAP
financial measures, please refer to the table, “Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures.”
Forward-Looking Statements
In addition to historical information, this presentation and our
earnings conference call contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
Forward-looking statements, written, oral or otherwise made,
represent the Company’s expectation or belief concerning future
events. Without limiting the foregoing, the words “believes,”
“expects,” “may,” “might,” “will,” “should,” “seeks,” “intends,”
“plans,” “strives,” “goal,” “estimates,” “forecasts,” “projects” or
“anticipates” or the negative of these terms and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements included in this presentation may
include, among others, statements relating to our (i) future
financial position and results of operations, (ii) business
strategy, including our five-pillar strategic plan and our short-
and long-term goals, (iii) growth potential, including franchise
unit growth, (iv) ability to sustain progress made towards our
profitability targets and long-term strategic growth through fiscal
year 2024, (v) intentions to leverage sales and control costs, (vi)
expectation that we will make meaningful progress in Potbelly’s
next phase of growth, (vii) anticipated revenue and profitability
growth in 2023, (viii) expectations and plans for new shop
development deals; (ix) expectations regarding digital business
growth and opportunities for digital innovation; and (x) plans for
food and marketing innovations; (xi) ability to drive demand; (xii)
fourth quarter and fiscal year 2023 outlook including our
projections regarding AWSs, AUVs, same-store sales, shop-level
margin and adjusted EBITDA; and (xiii) expectations regarding
wages.
By nature, forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or implied by the forward-looking statement,
due to reasons including, but not limited to, risks related to the
COVID-19 outbreak; compliance with our Credit Agreement covenants;
competition; general economic conditions; our ability to
successfully implement our business strategy; the success of our
initiatives to increase sales and traffic; changes in commodity,
energy and other costs; our ability to attract and retain
management and employees; consumer reaction to industry-related
public health issues and perceptions of food safety; our ability to
manage our growth; reputational and brand issues; price and
availability of commodities; consumer confidence and spending
patterns; and weather conditions. In addition, there may be other
factors of which we are presently unaware or that we currently deem
immaterial that could cause our actual results to be materially
different from the results referenced in the forward-looking
statements. All forward-looking statements contained in this press
release are qualified in their entirety by this cautionary
statement. Although we believe that our plans, intentions and
expectations are reasonable, we may not achieve our plans,
intentions or expectations. Forward-looking statements are based on
current expectations and assumptions and currently available data
and are neither predictions nor guarantees of future events or
performance. You should not place undue reliance on forward-looking
statements, which speak only as of the date hereof. See “Risk
Factors” and “Cautionary Statement on Forward-Looking Statements”
included in our most recent annual report on Form 10-K and other
risk factors described from time to time in subsequent quarterly
reports on Form 10-Q or other subsequent filings, all of which are
available on our website at www.potbelly.com. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
Investor Contact: Jeff
PriesterICRinvestor@potbelly.com
Media Contact:ICRPotbellyPR@icrinc.com
Potbelly CorporationConsolidated
Statements of Operations and Margin Analysis –
Unaudited(Amounts in thousands, except per share
data) |
|
For the Quarter Ended |
|
For the Year to Date Ended |
|
Sep 24,2023 |
|
% ofRevenues |
|
Sep 25,2022 |
|
% ofRevenue |
|
Sep 24,2023 |
|
% ofRevenue |
|
Sep 25,2022 |
|
% ofRevenue |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandwich shop sales, net |
$118,340 |
|
98.0% |
|
$116,449 |
|
|
99.0% |
|
$359,995 |
|
98.5% |
|
$328,873 |
|
|
99.1% |
Franchise royalties, fees and rent income |
|
2,428 |
|
2.0 |
|
|
1,200 |
|
|
1.0 |
|
|
5,665 |
|
1.5 |
|
|
2,950 |
|
|
0.9 |
Total revenues |
|
120,768 |
|
100.0 |
|
|
117,649 |
|
|
100.0 |
|
|
365,660 |
|
100.0 |
|
|
331,823 |
|
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Percentages stated as a percent
of sandwich shop sales, net) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandwich shop operating expenses, excluding depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food, beverage and packaging costs |
|
32,901 |
|
27.8 |
|
|
34,814 |
|
|
29.9 |
|
|
100,424 |
|
27.9 |
|
|
94,952 |
|
|
28.9 |
Labor and related expenses |
|
34,188 |
|
28.9 |
|
|
36,031 |
|
|
30.9 |
|
|
108,556 |
|
30.2 |
|
|
105,405 |
|
|
32.1 |
Occupancy expenses |
|
12,653 |
|
10.7 |
|
|
13,559 |
|
|
11.6 |
|
|
39,046 |
|
10.8 |
|
|
41,209 |
|
|
12.5 |
Other operating expenses |
|
21,277 |
|
18.0 |
|
|
19,743 |
|
|
17.0 |
|
|
62,686 |
|
17.4 |
|
|
56,977 |
|
|
17.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Percentages stated as a percent
of total revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise support, rent and marketing expenses |
|
1,553 |
|
1.3 |
|
|
115 |
|
|
NM |
|
|
3,359 |
|
0.9 |
|
|
361 |
|
|
0.1 |
General and administrative expenses |
|
11,894 |
|
9.8 |
|
|
9,554 |
|
|
8.1 |
|
|
33,558 |
|
9.2 |
|
|
26,899 |
|
|
8.1 |
Depreciation expense |
|
3,044 |
|
2.5 |
|
|
2,922 |
|
|
2.5 |
|
|
8,902 |
|
2.4 |
|
|
9,089 |
|
|
2.7 |
Pre-opening costs |
|
59 |
|
NM |
|
|
- |
|
|
NM |
|
|
114 |
|
NM |
|
|
- |
|
|
NM |
Loss on Franchise Growth Acceleration Initiative activities |
|
110 |
|
NM |
|
|
- |
|
|
NM |
|
|
1,073 |
|
0.3 |
|
|
- |
|
|
NM |
Impairment, loss on disposal of property and equipment and shop
closures |
|
458 |
|
0.4 |
|
|
1,616 |
|
|
1.4 |
|
|
2,161 |
|
0.6 |
|
|
3,980 |
|
|
1.2 |
Total expenses |
|
118,137 |
|
97.8 |
|
|
118,354 |
|
|
100.6 |
|
|
359,879 |
|
98.4 |
|
|
338,872 |
|
|
102.1 |
Income (loss) from operations |
|
2,631 |
|
2.2 |
|
|
(705) |
|
|
(0.6) |
|
|
5,781 |
|
1.6 |
|
|
(7,049) |
|
|
(2.1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
853 |
|
0.7 |
|
|
354 |
|
|
0.3 |
|
|
2,531 |
|
0.7 |
|
|
1,037 |
|
|
0.3 |
(Gain) Loss on extinguishment of
debt |
|
— |
|
NM |
|
|
(10,191) |
|
|
(8.7) |
|
|
239 |
|
0.1 |
|
|
(10,191) |
|
|
NM |
Income before income taxes |
|
1,778 |
|
1.5 |
|
|
9,132 |
|
|
7.8 |
|
|
3,011 |
|
0.8 |
|
|
2,105 |
|
|
0.6 |
Income tax expense (benefit) |
|
129 |
|
0.1 |
|
|
(4) |
|
|
NM |
|
|
186 |
|
NM |
|
|
148 |
|
|
NM |
Net income |
|
1,649 |
|
1.4 |
|
|
9,136 |
|
|
7.8 |
|
|
2,825 |
|
0.8 |
|
|
1,957 |
|
|
0.6 |
Net income attributable to
non-controlling interest |
|
154 |
|
0.1 |
|
|
107 |
|
|
NM |
|
|
442 |
|
0.1 |
|
|
267 |
|
|
NM |
Net income attributable
to Potbelly Corporation |
$1,495 |
|
1.2% |
|
$9,029 |
|
|
7.7% |
|
$2,383 |
|
0.7% |
|
|
1,690 |
|
|
0.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$0.05 |
|
|
|
$0.31 |
|
|
|
|
$0.08 |
|
|
|
$0.06 |
|
|
|
Diluted |
$0.05 |
|
|
|
$0.31 |
|
|
|
|
$0.08 |
|
|
|
$0.06 |
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
29,324 |
|
|
|
|
28,726 |
|
|
|
|
|
29,143 |
|
|
|
|
28,563 |
|
|
|
Diluted |
|
30,028 |
|
|
|
|
28,867 |
|
|
|
|
|
29,915 |
|
|
|
|
28,947 |
|
|
|
_______________________________"NM" - Amount is not
meaningful
Potbelly CorporationReconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures –
Unaudited(Amounts in thousands, except per share
data) |
|
For the Quarter Ended |
|
For the Year To Date Ended |
|
September 24,2023 |
|
September 25,2022 |
|
September 24,2023 |
|
September 25,2022 |
Net income attributable to Potbelly Corporation, as reported |
$ |
1,495 |
|
|
$ |
9,029 |
|
|
$ |
2,383 |
|
|
$ |
1,690 |
|
Impairment, loss on disposal of property and equipment and shop
closures |
|
458 |
|
|
|
1,616 |
|
|
|
2,161 |
|
|
|
3,980 |
|
(Gain) / Loss on extinguishment of debt(1) |
|
— |
|
|
|
(10,191 |
) |
|
|
239 |
|
|
|
(10,191 |
) |
Loss on Franchise Growth Acceleration Initiative activities(2) |
|
110 |
|
|
|
— |
|
|
|
1,073 |
|
|
|
— |
|
Total adjustments before income tax |
|
568 |
|
|
|
(8,575 |
) |
|
|
3,473 |
|
|
|
(6,211 |
) |
Income tax adjustments(3) |
|
(983 |
) |
|
|
(183 |
) |
|
|
(2,160 |
) |
|
|
1,826 |
|
Total adjustments after income tax |
|
(415 |
) |
|
|
(8,758 |
) |
|
|
1,313 |
|
|
|
(4,385 |
) |
Adjusted net income (loss)
attributable to Potbelly Corporation |
$ |
1,080 |
|
|
$ |
271 |
|
|
$ |
3,696 |
|
|
$ |
(2,695 |
) |
Adjusted net income (loss)
attributable to Potbelly Corporation per share, basic |
$ |
0.04 |
|
|
$ |
0.01 |
|
|
$ |
0.13 |
|
|
$ |
(0.09 |
) |
Adjusted net income (loss)
attributable to Potbelly Corporation per share, diluted |
$ |
0.04 |
|
|
$ |
0.01 |
|
|
$ |
0.12 |
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
Shares used in computing
adjusted net income (loss) attributable to Potbelly Corporation per
share: |
|
|
|
|
|
|
|
Basic |
|
29,324 |
|
|
|
28,726 |
|
|
|
29,143 |
|
|
|
28,563 |
|
Diluted |
|
30,028 |
|
|
|
28,867 |
|
|
|
29,915 |
|
|
|
28,947 |
|
|
For the Quarter Ended |
|
For the Year To Date Ended |
|
September 24,2023 |
|
September 25,2022 |
|
September 24,2023 |
|
September 25,2022 |
Net income attributable to Potbelly Corporation, as reported |
$ |
1,495 |
|
$ |
9,029 |
|
|
$ |
2,383 |
|
$ |
1,690 |
|
Depreciation expense |
|
3,044 |
|
|
2,922 |
|
|
|
8,902 |
|
|
9,089 |
|
Interest expense, net |
|
853 |
|
|
354 |
|
|
|
2,531 |
|
|
1,037 |
|
Income tax expense (benefit) |
|
129 |
|
|
(4 |
) |
|
|
186 |
|
|
148 |
|
EBITDA |
|
5,521 |
|
|
12,301 |
|
|
|
14,002 |
|
|
11,964 |
|
Impairment, loss on disposal of property and equipment and shop
closures |
|
458 |
|
|
1,616 |
|
|
|
2,161 |
|
|
3,980 |
|
Stock-based compensation |
|
1,192 |
|
|
951 |
|
|
|
3,407 |
|
|
2,446 |
|
(Gain) / Loss on extinguishment of debt(1) |
|
- |
|
|
(10,191 |
) |
|
|
239 |
|
|
(10,191 |
) |
Loss on Franchise Growth Acceleration Initiative activities(2) |
|
110 |
|
|
- |
|
|
|
1,073 |
|
|
- |
|
Adjusted EBITDA |
$ |
7,281 |
|
$ |
4,677 |
|
|
$ |
20,882 |
|
$ |
8,199 |
|
Potbelly CorporationReconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures –
Unaudited(Amounts in thousands, except per share
data) |
|
For the Quarter Ended |
|
For the Year To Date Ended |
|
September 24,2023 |
|
September 25,2022 |
|
September 24,2023 |
|
September 25,2022 |
Income (loss) from operations |
$ |
2,631 |
|
|
$ |
(705 |
) |
|
$ |
5,781 |
|
|
$ |
(7,049 |
) |
Less: Franchise royalties, fees and rent income |
|
2,428 |
|
|
|
1,200 |
|
|
|
5,665 |
|
|
|
2,950 |
|
Franchise support, rent and marketing expenses |
|
1,553 |
|
|
|
115 |
|
|
|
3,359 |
|
|
|
361 |
|
General and administrative expenses |
|
11,894 |
|
|
|
9,554 |
|
|
|
33,558 |
|
|
|
26,899 |
|
Pre-opening costs |
|
59 |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
Loss on Franchise Growth Acceleration Initiative activities(2) |
|
110 |
|
|
|
— |
|
|
|
1,073 |
|
|
|
— |
|
Depreciation expense |
|
3,044 |
|
|
|
2,922 |
|
|
|
8,902 |
|
|
|
9,089 |
|
Impairment, loss on disposal of property and equipment and shop
closures |
|
458 |
|
|
|
1,616 |
|
|
|
2,161 |
|
|
|
3,980 |
|
Shop-level profit [Y] |
$ |
17,321 |
|
|
$ |
12,302 |
|
|
$ |
49,283 |
|
|
$ |
30,330 |
|
Total revenues |
$ |
120,768 |
|
|
$ |
117,649 |
|
|
$ |
365,660 |
|
|
$ |
331,823 |
|
Less: Franchise royalties, fees and rent income |
|
2,428 |
|
|
|
1,200 |
|
|
|
5,665 |
|
|
|
2,950 |
|
Sandwich shop sales, net
[X] |
$ |
118,340 |
|
|
$ |
116,449 |
|
|
$ |
359,995 |
|
|
$ |
328,873 |
|
Shop-level profit margin
[Y÷X] |
|
14.6 |
% |
|
|
10.6 |
% |
|
|
13.7 |
% |
|
|
9.2 |
% |
|
|
|
|
|
|
|
|
Potbelly CorporationConsolidated Selected
Balance Sheet Data & Selected Operating Data –
Unaudited(Amounts in thousands, except per share
data) |
|
September 24,2023 |
|
December 25, 2022 |
Selected Balance Sheet
Data |
|
|
|
Cash and cash equivalents |
$ |
30,938 |
|
$ |
15,619 |
Restricted cash |
|
749 |
|
|
— |
Total assets |
|
251,281 |
|
|
245,171 |
Current portion of long-term
debt |
|
1,250 |
|
|
— |
Long-term debt, net of current
portion |
|
20,918 |
|
|
8,550 |
Total liabilities |
|
241,622 |
|
|
240,898 |
Total equity |
|
9,659 |
|
|
4,273 |
|
For the Quarter Ended |
|
For the Year to Date Ended |
|
September 24,2023 |
|
September 25,2022 |
|
September 24,2023 |
|
September 25,2022 |
Selected Operating
Data |
|
|
|
|
|
|
|
Shop Activity: |
|
|
|
|
|
|
|
Company-operated shops, end of period |
361 |
|
|
388 |
|
|
361 |
|
|
388 |
|
Franchise shops, end of period |
69 |
|
|
46 |
|
|
69 |
|
|
46 |
|
Revenue Data: |
|
|
|
|
|
|
|
Company-operated comparable store sales |
8.0 |
% |
|
15.0 |
% |
|
14.0 |
% |
|
18.5 |
% |
|
For the Quarter Ended |
|
For the Year to Date Ended |
|
September 24,2023 |
|
September 25,2022 |
|
September 24,2023 |
|
September 25,2022 |
Sales from company-operated
shops, net |
$ |
118,340 |
|
$ |
116,449 |
|
$ |
359,995 |
|
$ |
328,873 |
Sales from franchise shops,
net |
|
19,863 |
|
|
12,892 |
|
|
52,203 |
|
|
35,953 |
System-wide sales |
$ |
138,203 |
|
$ |
129,341 |
|
$ |
412,198 |
|
$ |
364,826 |
|
|
|
|
|
|
|
|
Potbelly
CorporationFootnotes to the Press Release,
Reconciliation of Non-GAAP Financial Measures to GAAP Financial
Measures & Selected Operating Data
1) This adjustment relates to the loss recognized upon
termination of the Company’s former credit agreement which was
completed during the first quarter of 2023.2) This adjustment
includes net losses recognized during the period which relate to
the Company’s Franchise Growth Acceleration Initiative, including
net gains and losses on the sale of assets and fair value
adjustments for assets classified as held-for-sale.3) This
adjustment includes the tax impacts of the other adjustments listed
above based on the Company’s effective tax rate and the change in
the Company’s income tax valuation allowance during the period.
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