By Karen Roman
Potbelly Corp. (Nasdaq: PBPB) said net income increased 150% in the third quarter and adjusted EBITDA rose 19%, surpassing analysts’ expectations.
Adjusted earnings per share was $0.08, up 100% compared to the year prior, while total revenue was $115.1 million, down 4.7%, it stated.
Potbelly said it opened eight shops during the third quarter and expects to inaugurate 9-11 shops in the last quarter.
“During the third quarter, our team once again demonstrated the effectiveness of our five-pillar strategic plan amidst a dynamic consumer environment,” said Bob Wright, Potbelly’s President and CEO. “Our app and Potbelly Perks program drove a positive shift in our comp trajectory and engagement with our brand.”
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