By Exec Edge Editorial Staff
Potbelly Corp. (Nasdaq: PBPB) said third quarter revenue increased by 2.7% to $120.8 million compared to $117.6 million a year earlier.
Shop-level margins and same-store sales grew in the quarter, driven by increased customer traffic and strong digital sales, accounting for 37% of total shop sales.
The brand’s expansion strategy includes 150 shop development commitments and significant deals in Maryland and Ohio/Florida, signaling its path towards 10% unit growth by the end of 2024.
“These results have allowed us to further amplify Potbelly’s attractive unit economic model for franchisees, and we are thrilled to have signed additional development deals, bringing our total shop commitments to 150 shops-to-date,” said Bob Wright, President and Chief Executive Officer.