CHICAGO, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood sandwich shop, today announced the completion of six new multi-unit development agreements. The commitments, which include an expanded partnership with Potbelly founder Bryant Keil, will bring new Potbelly shops to markets in six states across the country including Arizona, Illinois, Missouri, North Carolina, Texas and Virginia, with new and existing franchisee partners. These deals, all signed since July ...

Potbelly (PBPB) came out with quarterly earnings of $0.08 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 60%. A quarter ago, it was expected that this sandwich restaurant operator would post earnings of $0.05 per share when it actually produced earnings of $0.08, delivering a surprise of 60%.Over the last four quarters, the ...

Shop Operations - As of September 29, 2024, the total number of shops is 435, comprising 345 company-operated and 90 franchise-operated locations[75]. - Comparable store sales for the quarters ended September 29, 2024, and September 24, 2023, had an average of 341 and 360 shops, respectively, indicating a focus on existing shop performance[77]. - The company experienced a net decrease of 20 company-operated shops due to refranchising, while franchise-operated shops increased by 20[75]. - The average start-up period for new shops is 10 to 13 weeks, during which initial sales volumes are typically higher[78]. - Franchise-operated shop openings are expected to increase as franchisees fulfill development commitments, impacting franchise revenue positively[80]. Financial Performance - Total revenues decreased by $19.7 million, or 5.4%, to $345.97 million for the year to date ended September 29, 2024, compared to $365.66 million for the year to date ended September 24, 2023[102]. - Sandwich shop sales decreased by $7.6 million, or 6.4%, to $110.8 million for the quarter ended September 29, 2024, compared to $118.3 million for the quarter ended September 24, 2023[85]. - Sandwich shop sales decreased by $26.1 million, or 7.3%, to $333.9 million for the year to date ended September 29, 2024, from $360.0 million for the same period in 2023, primarily due to refranchising of 34 company-operated shops[106]. - Net income attributable to Potbelly Corporation increased by $2.2 million, or 149.8%, to $3.7 million during the quarter ended September 29, 2024[99]. - Net income increased significantly by $33.5 million, or 1185.9%, to $36.3 million for the year to date ended September 29, 2024, compared to $2.8 million in the prior year[104]. Cost Management - Food, beverage, and packaging costs decreased by $3.4 million, or 10.4%, to $29.5 million during the quarter ended September 29, 2024[87]. - Labor and related expenses decreased by $1.9 million, or 5.6%, to $32.3 million during the quarter ended September 29, 2024[88]. - Occupancy expenses decreased by $0.9 million, or 6.7%, to $11.8 million during the quarter ended September 29, 2024[89]. - Other operating expenses decreased by $1.0 million, or 4.8%, to $20.3 million during the quarter ended September 29, 2024[90]. - Food, beverage, and packaging costs decreased by $10.4 million, or 10.3%, to $90.0 million, representing 27.0% of sandwich shop sales for the year to date ended September 29, 2024, down from 27.9% in the prior year[108]. - Labor and related expenses decreased by $11.7 million, or 10.8%, to $96.8 million, accounting for 29.0% of sandwich shop sales, down from 30.2%[109]. - Occupancy expenses decreased by $3.0 million, or 7.6%, to $36.1 million, remaining consistent at 10.8% of sandwich shop sales[110]. Strategic Initiatives - The company has implemented a "Traffic-Driven Profitability" Five-Pillar strategic plan to drive growth, including initiatives for quality food, customer experience, and digital engagement[73]. - The Franchise Growth Acceleration Initiative aims to increase franchise units through multi-unit agreements and refranchising, with cash consideration for current shops and development fees[74]. Revenue Streams - Franchise royalties, fees, and rental income increased by $1.9 million, or 79.2%, to $4.4 million during the quarter ended September 29, 2024, from $2.4 million during the quarter ended September 24, 2023[86]. - Revenue from franchise royalties, fees, and rental income increased by $6.4 million, or 113.4%, to $12.1 million during the year to date ended September 29, 2024, driven by an increase in the number of franchised shops[107]. Cash Flow and Financing - Cash balance at the end of the quarter was $11.9 million, with total liquidity of $38.2 million, compared to $31.7 million and $30.9 million, respectively, at the end of the previous year[127]. - Net cash provided by operating activities decreased to $13.06 million for the year to date ended September 29, 2024, from $14.50 million in the prior year[129]. - Net cash used in investing activities increased to $13.00 million for the year to date ended September 29, 2024, from $10.89 million in the previous year, driven by higher capital expenditures[130]. - Net cash used in financing activities decreased to $22.65 million for the year to date ended September 29, 2024, compared to net cash provided of $12.46 million in the prior year, primarily due to repayment of the Term Loan[131]. - The company entered into a new Revolving Facility with an aggregate commitment of $30 million, which expires on February 7, 2027[132]. Stock and Debt Management - The stock repurchase program authorized on May 7, 2024, allows for up to $20 million in repurchases over the next three years, with 29,113 shares repurchased for $0.2 million in the latest quarter[137]. - The company recognized a loss on extinguishment of debt of $2.4 million for the year to date ended September 29, 2024, following the repayment of the Term Loan[136]. - Interest expense decreased to $0.7 million from $2.5 million, reflecting lower interest rates and reduced average borrowings[119]. Accounting and Risk Management - The company's financial statements are prepared in accordance with U.S. GAAP, requiring management to make estimates that could differ from actual results, with no significant changes in critical accounting estimates since the last annual report[140]. - Market risk exposures have not changed materially since December 31, 2023, as noted in the company's Annual Report[142].

CHICAGO, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB) ("Potbelly" or the "Company"), the iconic neighborhood sandwich shop concept, today announced the date for the release of its third quarter 2024 financial results. Third Quarter 2024 Results Potbelly will report its financial results for the fiscal third quarter 2024 on Thursday, November 7, 2024 after market close. The Company has scheduled a conference call for investors at 5:00 p.m. Eastern Time on the same day to discuss the ...

Potbelly (NASDAQ: PBPB ) may be overlooked in the fast-casual segment due to its relatively small footprint (just over 430 directly operated and franchised units), but since the arrival of I'm an equity analyst specializing in restaurant stocks, with a solid background in Business Administration and Accounting. I also have an MBA in Forensic Accounting and Controllership.As the founder of Goulart's Restaurant Stocks, I lead a company that excels at analyzing restaurant stocks in the US market. Our approach ...

Shares of Potbelly Corporation (PBPB) have gained 8.7% in the past three months, outperforming the industry's 5.3% growth. Despite facing macroeconomic pressures, the company's ability to grow in a tough environment, alongside its successful expansion strategy, has caught the attention of investors. But does this mean it's time to buy PBPB stock? Major Growth Drivers for PBPB Stock Franchise Expansion: Potbelly's growth strategy revolves around aggressive franchising, and the company is making significant p ...

ablokhin Potbelly Corporation (NASDAQ:PBPB) delivered decent Q2 2024 results, with adjusted EBITDA at the high end of its guidance range, despite limited same-store sales growth. Potbelly did well in optimizing its labor costs to help boost its shop-level margins to 15.7%. However, the challenging consumer environment is having some impact on Potbelly's near-term outlook. It made a downward revision for its full-year 2024 guidance for the second time, and now expects roughly flat same-store sales growth and ...

Core Viewpoint - Potbelly (PBPB) has shown a significant price increase of 18.2% over the past four weeks, with a mean price target of $15.67 indicating a potential upside of 96.4% from the current price of $7.98 [1] Price Target Analysis - The average price target consists of three estimates ranging from a low of $15 to a high of $16, with a standard deviation of $0.58, suggesting a strong consensus among analysts [2] - The lowest estimate indicates an 88% increase, while the highest suggests a 100.5% upside, highlighting the potential for significant price movement [2] Analyst Sentiment - There is a strong agreement among analysts regarding PBPB's ability to report better earnings than previously predicted, which supports the expectation of an upside [4] - The Zacks Consensus Estimate for the current year has increased by 17.7% over the past month, with no negative revisions, indicating positive sentiment [10] Zacks Rank - PBPB holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, which further indicates potential upside [11]

Potbelly (PBPB) closed the last trading session at $7.89, gaining 2.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $15.67 indicates a 98.6% upside potential. The average comprises three short-term price targets ranging from a low of $15 to a high of $16, with a standard deviation of $0.58. While the lowest estimate indicates an increase of 90.1% from the current price level, th ...

Investors in Potbelly Corporation (PBPB) need to pay close attention to the stock based on moves in the options market lately. That is because the Oct 18, 2024 $4.00 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could ...