Potbelly(US:PBPB) Globenewswire·2025-03-06 21:05Core Insights - Potbelly Corporation reported significant growth in Q4 2024, with GAAP EPS of $0.15, a 67% increase year-over-year, and adjusted EPS of $0.13, a remarkable 550% increase year-over-year [1] - The company achieved a net income increase of 69% year-over-year and an adjusted EBITDA growth of 30% year-over-year [1] - Potbelly opened eight new shops in Q4 and secured 29 additional franchise commitments, contributing to a total of 727 open and committed shops, representing an 18.8% increase from the previous year [1][9] Financial Performance - Q4 total revenues decreased by $9.1 million or 7.3% to $116.6 million compared to $125.7 million, primarily due to the impact of the previous year's 53-week fiscal period and refranchising activities [6] - For the full year 2024, total revenues decreased by $28.8 million or 5.9% to $462.6 million compared to $491.4 million [6] - Company-operated same-store sales in Q4 increased by 0.3%, a decline from the 6.3% increase in the prior year [6] Profitability Metrics - Adjusted net income for Q4 was $3.9 million compared to $0.7 million in the previous year, while adjusted diluted EPS was $0.13 compared to $0.02 [6] - Adjusted EBITDA for Q4 increased by 30% to $9.7 million compared to $7.5 million [6] - For the full year, adjusted net income was $9.2 million compared to $4.4 million, with adjusted diluted EPS rising to $0.30 from $0.15 [6] Growth Strategy - The company plans to continue driving comparable sales growth through menu innovation and investments in digital assets, with a target of opening at least 38 new shops in 2025 [5][7] - Potbelly aims to enhance its customer loyalty program and modernize its shop footprint to support long-term growth objectives [5] Share Repurchase Program - In Q4, Potbelly repurchased approximately 48,000 shares for about $0.5 million, with $18.6 million remaining under its share repurchase program authorized in May 2024 [10]