By Exec Edge Editorial Staff
Potbelly Corp. (NASDAQ: PBPB) reported comparable sales for the first quarter of +22.2% vs. +24.4% year over year.
The sandwich chain has opened 30 new shop agreements this year, signaling momentum in its Franchise Growth Acceleration Initiative, it said.
Revenue in the first quarter was $118.3 million, up 20% y/y, it said. The company sees second quarter adjusted Ebitda of $6 million to $7 million, while 2023 same-store sales should see high single-digit to low double-digit growth, it said. The company reiterated its 2023 outlook.
“Customer traffic was exceptional during the quarter, driven by the benefits of our digital marketing efforts, operations strength, continued recovery of our CBD locations, and favorable comparisons due to an Omicron-impacted Q1’22,” said Bob Wright, President and CEO.
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