Welcome to our dedicated page for Potbelly Corporation news (Ticker: PBPB), a resource for investors and traders seeking the latest updates and insights on Potbelly Corporation 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 has announced a new 16-unit shop development agreement in Florida, expanding its reach in the region. This agreement includes 14 shops in Broward County and 2 shops in Gainesville. CEO Bob Wright expressed excitement about partnering with Rami Boaziz of Stellar Hospitality, emphasizing this deal as part of their Franchise Growth Acceleration Initiative. The initiative aims to increase Potbelly's footprint to 2,000 units over the next decade, with a goal of franchising 85% of those units. The franchise model is designed for potential investors with operational experience and a strong entrepreneurial mindset. Potbelly currently operates around 425 shops nationwide, including 53 franchised locations.
Potbelly Corporation (NASDAQ: PBPB) is prioritizing refranchising, targeting conversion of approximately 25% of its corporate locations over three years. The brand recently signed a multi-unit deal in New York City, introducing 13 new shops and refranchising eight locations to United One Group, guided by seasoned executives. Potbelly aims for a 10% annual growth rate leading to 2,000 units in 8-10 years, with 85% of those being franchises. The brand highlights strong unit economics, high average unit volume, and double-digit same-store sales growth. The initiative aims to match new developments with refranchising opportunities to attract multi-unit franchisees, supported by Potbelly's experienced corporate team.
Potbelly Corporation (NASDAQ: PBPB) has announced its schedule for releasing the first quarter 2023 financial results. The report will be published on May 4, 2023, after market close. Following this, the company will host a conference call for investors at 5:00 p.m. Eastern Time on the same date to discuss the results.
The call will be led by Bob Wright, President and CEO, along with Steve Cirulis, CFO. Interested parties can access the call via a webcast link or by dialing the provided numbers. An audio replay will be available until May 11, 2023.
Potbelly Corporation (NASDAQ: PBPB) reported strong first quarter results exceeding expectations, driven by solid customer demand.
For the quarter ending March 27, 2023, average unit volumes ranged between $23,800 and $23,900, with same-store sales growth of 22.0% to 22.3% compared to guidance of 18.5% to 20.5%. Shop-level margins also improved, reaching 11.5% to 12.0% against an expectation of 10.0% to 11.5%.
Adjusted EBITDA is estimated at $5.2 to $5.6 million, surpassing the initial guidance of $4.0 to $5.0 million. The company is focused on its Five-Pillar Strategy and franchise growth initiatives, including a new development deal and refranchising in New York City.
Potbelly (NASDAQ: PBPB) announces the return of its popular Cubano sandwich starting April 3, 2023. The Cubano features hand-pulled roasted pork, smoked ham, Swiss cheese, brown deli mustard, and sliced pickles, all toasted at 500 degrees. Customers are encouraged to order the limited-time sandwich online, in shops, or through delivery services while supplies last. Chief Marketing Officer David Daniels highlighted customer demand for the Cubano, emphasizing Potbelly's commitment to quality ingredients. Fans can also join the Potbelly Perks program for rewards and offers. The company operates over 400 shops in the U.S.
Potbelly Corporation (NASDAQ: PBPB) has announced a significant expansion in New York City, finalizing a multi-unit development agreement for 13 new locations and refranchising 8 existing shops. This initiative is a part of their overall Franchise Growth Acceleration Initiative, which aims to reach 2,000 units in the next decade, with 85% being franchised. The refranchising deal with United One Group marks a milestone, showcasing confidence in the New York market. The initiative emphasizes flexibility in operations and a diverse menu to attract franchisees.
Potbelly Corporation (NASDAQ: PBPB) reported robust financial results for the fourth quarter and full year ended December 25, 2022. The quarter saw a 17% revenue increase to $120.2 million, with same-store sales growth of 18.9%. Full-year revenues reached $452.0 million, an increase of 19%, with net income of $4.3 million. The Company anticipates continued growth in 2023, projecting same-store sales between 18.5% and 20.5% and adjusted EBITDA of $4-5 million for Q1. Potbelly's success is attributed to enhanced digital marketing, operational efficiencies, and plans to open 51 new franchise shops.
Potbelly Corporation (NASDAQ: PBPB) announced the release date for its fourth quarter and full-year 2022 financial results. The reports will be available on March 2, 2023, after market close. A conference call will be held at 5:00 p.m. Eastern Time on the same day to discuss the financial results, hosted by CEO Bob Wright and CFO Steve Cirulis.
The call can be accessed via dial-in or through a webcast. An audio replay will be available until midnight March 9, 2023. Potbelly has over 400 company-owned locations and 40 franchise-operated shops across the U.S.
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