Welcome to our dedicated page for Potbelly Corpora news (Ticker: PBPB), a resource for investors and traders seeking the latest updates and insights on Potbelly Corpora stock.
Potbelly Corporation Common Stock (NASDAQ: PBPB) represents shares of Potbelly Corporation, a beloved sandwich shop chain with deep roots in the United States. Founded in 1977, Potbelly began as a small antique store in Chicago that transformed into a local favorite eating spot, known for its warm, toasty sandwiches. The company has since expanded, boasting over 400 locations across 29 states and Washington D.C., as well as 30 additional franchise shops internationally, including the Middle East and the UK.
Potbelly's core business revolves around its unique dining experience, which combines fresh, tasty food with live local music and friendly service. The menu features a variety of items such as toasty sandwiches, signature salads, soups, chili, and desserts. In select locations, breakfast offerings include breakfast sandwiches and steel-cut oatmeal.
Recent achievements and initiatives highlight Potbelly's commitment to growth and customer satisfaction. The company recently relaunched its loyalty program, Potbelly Perks, which now rewards members faster and offers more flexible reward redemptions. This program is part of Potbelly's broader digital innovation strategy, aiming to enhance customer engagement and boost sales.
Financially, Potbelly has shown resilience and strategic foresight. The company secured a new credit facility that significantly reduces interest rates compared to previous terms, expected to save approximately $2 million annually. This move strengthens Potbelly's financial position, providing the flexibility to pursue growth ambitions under its Five-Pillar Strategy.
Potbelly continues to expand its footprint through strategic franchise agreements. Recent deals are set to add 18 new shops, driven by existing franchisees expanding their commitments. This expansion is part of Potbelly's Franchise Growth Acceleration Initiative, which focuses on increasing average unit volumes and driving same-store sales growth through innovative store designs and a diverse menu.
For investors and stakeholders, Potbelly represents a steady growth opportunity within the fast-casual dining sector. The company's blend of unique dining experiences, strategic financial management, and aggressive expansion plans position it well for future success. Stay updated with the latest developments and financial results by visiting the investor relations section of the Potbelly website.
Potbelly Corporation (NASDAQ: PBPB) reported a fourth quarter with improved same-store sales (SSS) declining by 19.7%, marking a 130 basis point improvement from the prior quarter. Total revenues increased 3% sequentially to $74.9 million. The company achieved a restructuring plan, reducing expenses by $3.5 million annually and renegotiating 321 leases. Despite a GAAP net loss of $16.4 million, Potbelly aims for profitability and positive cash flow in the second half of 2021, driven by its new 'Traffic-Driven Profitability' strategy and improved digital sales, accounting for 35.8% of total sales.
Potbelly Corporation (NASDAQ: PBPB) has announced the release date for its fiscal fourth quarter and full year 2020 financial results, which is set for March 11, 2021, after market close. The company will hold a conference call with investors at 5:00 p.m. ET on the same day, hosted by President and CEO Bob Wright, and CFO Steve Cirulis. The event will also be available via webcast. Potbelly operates over 400 company-owned sandwich shops in the U.S. and has a strong neighborhood presence, promising quality service and food.
Potbelly Corporation has entered into a securities purchase agreement to raise approximately $16 million through a private placement of common stock and warrants. The offering includes 3,249,688 shares at an offering price of $4.91 per share. Additionally, Potbelly has reached an agreement to amend its credit facility with JP Morgan, securing $25 million until January 31, 2023. The funds from this initiative aim to enhance the company’s balance sheet and support a focus on traffic-driven profitability amid a recovering dining environment.
Potbelly Corporation (NASDAQ: PBPB) has appointed Adiya Dixon as Chief Legal Officer and Secretary, effective November 16, 2020. In her new role, Dixon will provide legal advice to the executive team and manage various legal matters including corporate compliance and transactions. Bob Wright, CEO, expressed enthusiasm for Dixon's broad business experience as Potbelly aims for growth post-pandemic. Dixon previously held leadership positions at The Wendy’s Company and has a strong legal background. She succeeds Matthew Revord, who recently left the company.
Potbelly Corporation (NASDAQ: PBPB) reported Q3 2020 results, showcasing a positive shift in performance. Same-store sales improved by over 2,000 basis points, ending at (21.0%), with further gains into October at (19.4%). The company achieved shop-level profitability and maintained cash burn at $0.5 million weekly. Potbelly renegotiated 280 leases and is optimizing G&A expenses, aiming for $3.5-$4.0 million in savings. Total revenues rose to $72.7 million, a substantial increase from the prior quarter, although net loss was $13.4 million or ($0.56) per share.
Potbelly Corporation (NASDAQ: PBPB) will announce its unaudited financial results for the third fiscal quarter of 2020 on November 5, 2020, after market close. A conference call and webcast for investors will take place at 5:00 p.m. ET on the same day, featuring President and CEO Bob Wright and CFO Steve Cirulis. The call can be accessed via phone or through Potbelly's Investor Relations webpage. An audio replay will be available from 8:00 p.m. ET on November 5 until midnight on November 12, 2020.
Potbelly Corporation (NASDAQ: PBPB) appointed Adam Noyes as Chief Operations Officer effective August 28, 2020, succeeding the previous Chief Restaurant Operations Officer. Noyes aims to enhance staffing, training, and customer experiences while focusing on top-line growth, shop margins, and franchise operations. With over 30 years in the restaurant industry, he previously led significant operational improvements at Checkers and Rally’s Restaurants. As part of his inducement to join, he received 79,075 shares of common stock, vesting over three years.
Potbelly Corporation (PBPB) reported significant progress in its second fiscal quarter ended June 28, 2020, despite facing challenges due to the pandemic. Same-store sales improved from a 68% decline in late March to a mid-20% decline in June. The company has been cash flow-positive at the store level since May 31, 2020, with a weekly cash burn reduced by 75%. Liquidity remains stable at $45.8 million. Digital sales surged to 46% of total sales, and the Potbelly Perks loyalty program saw membership increase by 53% to over 2 million. However, total revenues fell to $56.2 million from $105.6 million, with a net loss of $22.2 million.
Potbelly Corporation (NASDAQ: PBPB) has appointed Robert D. Wright as its new President and CEO, effective July 20, 2020. Wright, who previously served at Wendy’s, brings over 30 years of restaurant industry experience. His immediate focus will be on enhancing the guest experience and reviewing the company's cost structure. The leadership change aims to drive business turnaround and growth. As an inducement, Wright will receive 300,000 shares of common stock, with vesting conditions tied to his continued employment.
Potbelly Corporation (NASDAQ: PBPB) reported Q1 2020 financial results with total revenues of $87.6 million, down from $98.1 million year-over-year. Comparable store sales decreased 10.1%, but improved to -45% by early May. The GAAP net loss was $13.3 million or $0.56 per share, a decrease from $18.4 million or $0.76 per share in 2019. Adjusted EBITDA fell to ($4.2 million). The company's delivery and pick-up revenue surged 45% in April. Potbelly is focusing on off-premise sales and cash preservation due to the pandemic's impact on dining operations.
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