Potbelly Corporation (NASDAQ: PBPB),
(“Potbelly” or the
“Company”) the iconic neighborhood sandwich shop concept,
today reported financial results for the second fiscal quarter
ended June 25, 2023.
Key highlights for the quarter ended
June 25, 2023, compared to June 26, 2022:
- Total revenues
increased by 9.2% to $126.6 million compared to $116.0
million.
- Company shop sales
increased by 8.4% to $124.7 million compared to $115.0 million,
with Average Unit Volumes (AUVs) of $25,950.
- Positive same-store
sales for the ninth consecutive quarter, ending the first quarter
at +12.9%, driven mainly by traffic growth and expansion in traffic
share during each period of the quarter with broad-based strength
across the portfolio.
- GAAP net income
attributable to Potbelly Corporation was $2.2 million compared to
$0.6 million. GAAP diluted earnings per share was $0.07 compared to
$0.02.
- Adjusted net
income1 attributable to Potbelly Corporation was $2.0 million
compared to $1.5 million. Adjusted diluted EPS1 was $0.07 compared
to $0.05.
- EBITDA1 increased
significantly to $6.1 million compared to $3.9 million.
- Adjusted
EBITDA1 significantly improved to $8.0 million compared to $5.8
million.
|
(1) |
Adjusted net income, adjusted diluted EPS, EBITDA and adjusted
EBITDA are non-GAAP measures. For reconciliations of these measures
to the most directly comparable GAAP measure, see the accompanying
financial tables. For a discussion of why we consider them useful,
see “Non-GAAP Financial Measures” below. |
|
|
|
Bob Wright, President and Chief Executive
Officer of Potbelly Corporation, commented, “We delivered another
great quarter for Potbelly, as a result of our team's hard work and
commitment to our unique brand. During the second quarter, we grew
same-store sales by 12.9%, driven mainly by traffic growth;
continued to take traffic share from the fast-casual category each
week through the quarter; grew shop-level margins by 300 basis
points; and signed incremental development deals, bringing our
total shop development commitments to 106 shops to-date. We’re
encouraged by the progress we’ve made and continue to focus on
execution as we build toward achieving our 2024 growth
objectives.”
Wright continued, “Looking ahead, our top-line
strength has continued into the third quarter, and we continue to
advance our pipeline of franchise development deals including the
recently announced deal with our founder, Bryant Keil, in Maryland.
We anticipate margin expansion of at least 140 basis points
year-over-year in the third quarter as we continue to target 16%
shop-level margins in 2024. Additionally, in the third quarter, we
expect continued healthy year-over-year adjusted EBITDA growth. We
believe our strong brand value, strategic marketing efforts, and
continued execution of our five-pillar strategy have built upon the
momentum we’ve created in recent years, and we are excited with
what we can achieve in 2023 and beyond.”
Outlook
|
Third Quarter 2023 |
Fiscal Year 2023 |
AUVs |
AUVs $25,000 to $25,500 |
Record AUVs |
Same-store sales |
7.0% to 9.0% |
High single-digit to low double-digit growth |
Shop-level margin |
12.0% to 14.0% |
Low teens |
Adj. EBITDA |
$5.0 million to $6.0 million |
-- |
Conference Call
A conference call and audio webcast has been
scheduled for 5:00 p.m. Eastern Time today to discuss these
results. Investors, analysts, and members of the media interested
in listening to the live presentation are encouraged to join a
webcast of the call with accompanying presentation slides,
available on the investor relations portion of the Company's
website at www.potbelly.com. For those that cannot join the
webcast, you can participate by dialing 1-844-825-9789 in the U.S.
& Canada, or 1-412-317-5180 internationally.
For those unable to participate, an audio replay
will be available through Thursday, August 10, 2023. To access the
replay, please call 1-844-512-2921 (U.S.) or 1-412-317-6671
(International) and enter confirmation code 10179578. A web-based
archive of the conference call will also be available at the above
website.
About PotbellyPotbelly
Corporation is a neighborhood sandwich concept that has been
feeding customers’ smiles with warm, toasty sandwiches, signature
salads, hand-dipped shakes and other fresh menu items, customized
just the way customers want them, for more than 40 years. Potbelly
promises Fresh, Fast & Friendly service in an environment that
reflects the local neighborhood. Since opening its first shop in
Chicago in 1977, Potbelly has expanded to neighborhoods across the
country - with approximately 427 shops in the United States
including approximately 67 franchised shops in the United States.
For more information, please visit our website at
www.potbelly.com.
Definitions
The following definitions apply to these terms
as used throughout this press release:
- Revenues –
represents net company-operated sandwich shop sales and our
franchise royalties and fees. Net company-operated shop sales
consist of food and beverage sales, net of promotional allowances
and employee meals. Franchise royalties and fees consist of royalty
income, franchise fee, and other fees collected from franchisees
including advertising and rent.
- Company-operated comparable
store sales or same-store traffic – an operating measure
that represents the change in year-over-year sales or transactions
for the comparable company-operated store base open for 15 months
or longer.
- Average Unit Volumes
(AUV) – an operating measure that represents the average
sales of all company-operated shops which reported sales during the
associated time period.
- System-wide sales
– an operating measure that represents the sum of sales generated
by company-operated shops and sales generated by franchised shops,
net of all promotional allowances, discounts, and employee meals.
Net sales from franchised shops are not included in total revenues.
Rather, revenues are limited to the royalties, fees and other
income collected from franchisees.
- EBITDA – a
non-GAAP measure that represents income before depreciation and
amortization expense, interest expense and the provision for income
taxes.
- Adjusted EBITDA –
a non-GAAP measure that represents income before depreciation and
amortization expense, interest expense and the provision for income
taxes, adjusted to eliminate the impact of other items, including
certain non-cash and other items that we do not consider reflective
of underlying business performance.
- Shop-level profit
(loss) – a non-GAAP measure that represents income (loss)
from operations excluding franchise royalties and fees, franchise
support, marketing and rent expenses, general and administrative
expenses, depreciation expense, pre-opening costs, restructuring
costs, loss on Franchise Growth Acceleration Initiative activities
and impairment, loss on the disposal of property and equipment and
shop closures.
- Shop-level profit (loss)
margin – a non-GAAP measure that represents shop-level
profit expressed as a percentage of net company-operated sandwich
shop sales.
- Adjusted net income
(loss) – a non-GAAP measure that represents net income
(loss), adjusted to eliminate the impact of restructuring costs,
impairment, loss on the disposal of property and equipment, shop
closures, and other items we do not consider representative of our
ongoing operating performance, including the income tax effects of
those adjustments and the change in our income tax valuation
allowance.
- Adjusted diluted
EPS – a non-GAAP measure that represents adjusted net
income (loss) divided by the weighted average number of fully
dilutive common shares outstanding.
Non-GAAP Financial Measures
We prepare our financial statements in accordance with Generally
Accepted Accounting Principles (“GAAP”). Within this press release,
we make reference to EBITDA, adjusted EBITDA, adjusted diluted EPS,
adjusted net income, shop-level profit, and shop-level profit
margin, which are non-GAAP financial measures. The Company includes
these non-GAAP financial measures because management believes they
are useful to investors in that they provide for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making.
Management uses adjusted EBITDA, adjusted net income and
adjusted diluted EPS to evaluate the Company’s performance and in
order to have comparable financial results to analyze changes in
our underlying business from quarter to quarter. Adjusted EBITDA,
adjusted net income and adjusted diluted EPS exclude the impact of
certain non-cash charges and other items that affect the
comparability of results in past quarters and which we do not
believe are reflective of underlying business performance.
Management uses shop-level profit and shop-level profit margin as
key metrics to evaluate the profitability of incremental sales at
our shops, to evaluate our shop performance across periods and to
evaluate our shop financial performance against our
competitors.
Accordingly, the Company believes the presentation of these
non-GAAP financial measures, when used in conjunction with GAAP
financial measures, is a useful financial analysis tool that can
assist investors in assessing the Company’s operating performance
and underlying prospects. This analysis should not be considered in
isolation or as a substitute for analysis of our results as
reported under GAAP. This analysis, as well as the other
information in this press release, should be read in conjunction
with the Company’s financial statements and footnotes contained in
the documents that the Company files with the U.S. Securities and
Exchange Commission. The non-GAAP financial measures used by the
Company in this press release may be different from the methods
used by other companies. For more information on the non-GAAP
financial measures, please refer to the table, “Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures.”
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended and the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements, written, oral or otherwise made, represent the
Company’s expectation or belief concerning future events. Without
limiting the foregoing, the words “believes,” “expects,” “may,”
“might,” “will,” “should,” “seeks,” “intends,” “plans,” “strives,”
“goal,” “estimates,” “forecasts,” “projects” or “anticipates” or
the negative of these terms and similar expressions are intended to
identify forward-looking statements. Forward-looking statements
included in this press release may include, among others,
statements relating to our (i) future financial position and
results of operations, (ii) business strategy, (iii) growth
potential, (iv) ability to enter in to franchise development deals,
(v) intention to build further on our growth momentum in the coming
quarters, (vi) expectation that we will make meaningful progress in
Potbelly’s next phase of growth, including our franchise expansion,
(vii) the impact of marketing efforts, and (viii) third quarter
2023 and fiscal year 2023 outlook including our projections
regarding AUVs, same-store sales, shop-level margin and adjusted
EBITDA.
By nature, forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those projected or implied by the forward-looking statement,
due to reasons including, but not limited to, risks related to the
COVID-19 outbreak; compliance with our Credit Agreement covenants;
competition; general economic conditions; our ability to
successfully implement our business strategy; the success of our
initiatives to increase sales and traffic; changes in commodity,
energy and other costs; our ability to attract and retain
management and employees; consumer reaction to industry-related
public health issues and perceptions of food safety; our ability to
manage our growth; reputational and brand issues; price and
availability of commodities; consumer confidence and spending
patterns; and weather conditions. In addition, there may be other
factors of which we are presently unaware or that we currently deem
immaterial that could cause our actual results to be materially
different from the results referenced in the forward-looking
statements. All forward-looking statements contained in this press
release are qualified in their entirety by this cautionary
statement. Although we believe that our plans, intentions and
expectations are reasonable, we may not achieve our plans,
intentions or expectations. Forward-looking statements are based on
current expectations and assumptions and currently available data
and are neither predictions nor guarantees of future events or
performance. You should not place undue reliance on forward-looking
statements, which speak only as of the date hereof. See “Risk
Factors” and “Cautionary Statement on Forward-Looking Statements”
included in our most recent annual report on Form 10-K and other
risk factors described from time to time in subsequent quarterly
reports on Form 10-Q or other subsequent filings, all of which are
available on our website at www.potbelly.com. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
Investor Contact: Jeff
PriesterICRinvestor@potbelly.com
Media Contact:ICRPotbellyPR@icrinc.com
Potbelly
CorporationConsolidated Statements of Operations
and Margin Analysis – Unaudited(Amounts in
thousands, except per share data)
|
For the Quarter Ended |
|
For the Year to Date Ended |
|
June 25,2023 |
|
% ofRevenues |
|
June 26,2022 |
|
% ofRevenues |
|
June 25, 2023 |
|
% ofRevenues |
|
June 26,2022 |
|
% ofRevenues |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandwich shop sales, net |
$ |
124,709 |
|
|
98.5 |
% |
|
$ |
114,992 |
|
|
99.2 |
% |
|
$ |
241,656 |
|
98.7 |
% |
|
$ |
212,423 |
|
|
99.2 |
% |
Franchise royalties, fees and rent income |
|
1,914 |
|
|
1.5 |
|
|
|
960 |
|
|
0.8 |
|
|
|
3,237 |
|
1.3 |
|
|
|
1,750 |
|
|
0.8 |
|
Total revenues |
|
126,623 |
|
|
100.0 |
|
|
|
115,952 |
|
|
100.0 |
|
|
|
244,893 |
|
100.0 |
|
|
|
214,173 |
|
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Percentages stated as a percent
of sandwich shop sales, net) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandwich shop operating expenses, excluding depreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Food, beverage and packaging costs |
|
34,903 |
|
|
28.0 |
|
|
|
32,830 |
|
|
28.5 |
|
|
|
67,523 |
|
27.9 |
|
|
|
60,138 |
|
|
28.3 |
|
Labor and related expenses |
|
37,866 |
|
|
30.4 |
|
|
|
36,121 |
|
|
31.4 |
|
|
|
74,368 |
|
30.8 |
|
|
|
69,374 |
|
|
32.7 |
|
Occupancy expenses |
|
13,083 |
|
|
10.5 |
|
|
|
13,805 |
|
|
12.0 |
|
|
|
26,393 |
|
10.9 |
|
|
|
27,650 |
|
|
13.0 |
|
Other operating expenses |
|
20,925 |
|
|
16.8 |
|
|
|
19,128 |
|
|
16.6 |
|
|
|
41,409 |
|
17.1 |
|
|
|
37,233 |
|
|
17.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Percentages stated as a percent
of total revenues) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise support, rent and marketing expenses |
|
1,215 |
|
|
1.0 |
|
|
|
126 |
|
|
0.1 |
|
|
|
1,806 |
|
0.7 |
|
|
|
246 |
|
|
0.1 |
|
General and administrative expenses |
|
11,695 |
|
|
9.2 |
|
|
|
8,827 |
|
|
7.6 |
|
|
|
21,664 |
|
8.8 |
|
|
|
17,345 |
|
|
8.1 |
|
Depreciation expense |
|
2,887 |
|
|
2.3 |
|
|
|
3,030 |
|
|
2.6 |
|
|
|
5,857 |
|
2.4 |
|
|
|
6,167 |
|
|
2.9 |
|
Pre-opening costs |
|
33 |
|
|
NM |
|
|
— |
|
|
NM |
|
|
|
55 |
|
NM |
|
|
|
— |
|
|
NM |
|
Loss on Franchise Growth Acceleration Initiative activities |
|
14 |
|
|
NM |
|
|
— |
|
|
NM |
|
|
|
963 |
|
0.4 |
|
|
|
— |
|
|
NM |
|
Impairment, loss on disposal of property and equipment and shop
closures |
|
658 |
|
|
0.5 |
|
|
|
1,044 |
|
|
0.9 |
|
|
|
1,703 |
|
0.7 |
|
|
|
2,363 |
|
|
1.1 |
|
Total expenses |
|
123,279 |
|
|
97.4 |
|
|
|
114,911 |
|
|
99.1 |
|
|
|
241,741 |
|
98.7 |
|
|
|
220,516 |
|
|
103.0 |
|
Income (loss) from operations |
|
3,344 |
|
|
2.6 |
|
|
|
1,041 |
|
|
0.9 |
|
|
|
3,152 |
|
1.3 |
|
|
|
(6,343 |
) |
|
(3.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
1,011 |
|
|
0.8 |
|
|
|
357 |
|
|
0.3 |
|
|
|
1,678 |
|
0.7 |
|
|
|
683 |
|
|
0.3 |
|
Loss on extinguishment of
debt |
|
— |
|
|
NM |
|
|
|
— |
|
|
NM |
|
|
|
239 |
|
0.1 |
|
|
|
— |
|
|
NM |
|
Income (loss) before income
taxes |
|
2,333 |
|
|
1.8 |
|
|
|
684 |
|
|
0.6 |
|
|
|
1,235 |
|
0.5 |
|
|
|
(7,026 |
) |
|
(3.3 |
) |
Income tax expense (benefit) |
|
(48 |
) |
|
NM |
|
|
|
(24 |
) |
|
NM |
|
|
|
57 |
|
NM |
|
|
|
153 |
|
|
NM |
|
Net income (loss) |
|
2,381 |
|
|
1.9 |
|
|
|
708 |
|
|
0.6 |
|
|
|
1,178 |
|
0.5 |
|
|
|
(7,179 |
) |
|
(3.4 |
) |
Net income attributable to
non-controlling interest |
|
165 |
|
|
NM |
|
|
|
134 |
|
|
NM |
|
|
|
288 |
|
NM |
|
|
|
160 |
|
|
NM |
|
Net income (loss)
attributable to Potbelly Corporation |
$ |
2,216 |
|
|
1.8 |
% |
|
$ |
574 |
|
|
0.5 |
% |
|
$ |
890 |
|
0.4 |
% |
|
$ |
(7,339 |
) |
|
(3.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$0.08 |
|
|
|
|
|
$0.02 |
|
|
|
|
|
$0.03 |
|
|
|
|
($0.26 |
) |
|
|
|
Diluted |
$0.07 |
|
|
|
|
|
$0.02 |
|
|
|
|
|
$0.03 |
|
|
|
|
($0.26 |
) |
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
29,199 |
|
|
|
|
|
|
28,565 |
|
|
|
|
|
|
29,053 |
|
|
|
|
|
28,481 |
|
|
|
|
Diluted |
|
30,088 |
|
|
|
|
|
|
29,117 |
|
|
|
|
|
|
29,776 |
|
|
|
|
|
28,481 |
|
|
|
|
_______________________________"NM" - Amount is not
meaningful
Potbelly
CorporationReconciliation of Non-GAAP Financial
Measures to GAAP Financial Measures –
Unaudited(Amounts in thousands, except per share
data)
|
For the Quarter Ended |
For the Year To Date Ended |
|
June 25,2023 |
|
June 26,2022 |
|
June 25,2023 |
|
June 26,2022 |
Net income (loss) attributable to Potbelly Corporation, as
reported |
$ |
2,216 |
|
|
$ |
574 |
|
|
$ |
890 |
|
|
$ |
(7,339 |
) |
Impairment, loss on disposal of property and equipment and shop
closures |
|
658 |
|
|
|
1,044 |
|
|
|
1,703 |
|
|
|
2,363 |
|
Loss on extinguishment of debt(1) |
|
— |
|
|
|
— |
|
|
|
239 |
|
|
|
— |
|
Loss on Franchise Growth Acceleration Initiative activities(2) |
|
14 |
|
|
|
— |
|
|
|
963 |
|
|
|
— |
|
Total adjustments before income tax |
|
672 |
|
|
|
1,044 |
|
|
|
2,905 |
|
|
|
2,363 |
|
Income tax adjustments(3) |
|
(857 |
) |
|
|
(152 |
) |
|
|
(1,180 |
) |
|
|
2,008 |
|
Total adjustments after income tax |
|
(185 |
) |
|
|
892 |
|
|
|
1,725 |
|
|
|
4,371 |
|
Adjusted net income (loss)
attributable to Potbelly Corporation |
$ |
2,031 |
|
|
$ |
1,466 |
|
|
$ |
2,615 |
|
|
$ |
(2,968 |
) |
Adjusted net income (loss)
attributable to Potbelly Corporation per share, basic |
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
$ |
(0.10 |
) |
Adjusted net income (loss)
attributable to Potbelly Corporation per share, diluted |
$ |
0.07 |
|
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
|
Shares used in computing
adjusted net income (loss) attributable to Potbelly Corporation per
share: |
|
|
|
|
|
|
|
Basic |
|
29,199 |
|
|
|
28,565 |
|
|
|
29,053 |
|
|
|
28,481 |
|
Diluted |
|
30,088 |
|
|
|
29,117 |
|
|
|
29,776 |
|
|
|
28,481 |
|
|
For the Quarter Ended |
|
For the Year To Date Ended |
|
June 25,2023 |
|
June 26,2022 |
|
June 25,2023 |
|
June 26,2022 |
Net income (loss) attributable to Potbelly Corporation, as
reported |
$ |
2,216 |
|
|
$ |
574 |
|
|
$ |
890 |
|
$ |
(7,339 |
) |
Depreciation expense |
|
2,887 |
|
|
|
3,030 |
|
|
|
5,857 |
|
|
6,167 |
|
Interest expense, net |
|
1,011 |
|
|
|
357 |
|
|
|
1,678 |
|
|
683 |
|
Income tax expense (benefit) |
|
(48 |
) |
|
|
(24 |
) |
|
|
57 |
|
|
153 |
|
EBITDA |
$ |
6,066 |
|
|
$ |
3,937 |
|
|
$ |
8,482 |
|
$ |
(336 |
) |
Impairment, loss on disposal of property and equipment and shop
closures(1) |
|
658 |
|
|
|
1,044 |
|
|
|
1,703 |
|
|
2,363 |
|
Stock-based compensation |
|
1,305 |
|
|
|
820 |
|
|
|
2.216 |
|
|
1,495 |
|
Loss on extinguishment of debt(1) |
|
— |
|
|
|
— |
|
|
|
239 |
|
|
— |
|
Loss on Franchise Growth Acceleration Initiative activities(2) |
|
14 |
|
|
|
— |
|
|
|
963 |
|
|
— |
|
Adjusted EBITDA |
$ |
8,043 |
|
|
$ |
5,801 |
|
|
$ |
13,603 |
|
$ |
3,522 |
|
Potbelly
CorporationReconciliation of Non-GAAP Financial
Measures to GAAP Financial Measures –
Unaudited(Amounts in thousands, except per share
data)
|
For the Quarter Ended |
|
For the Year To Date Ended |
|
June 25,2023 |
|
June 26,2022 |
|
June 25,2023 |
|
June 26,2022 |
Income (loss) from operations |
$ |
3,344 |
|
|
$ |
1,041 |
|
|
$ |
3,152 |
|
|
$ |
(6,343 |
) |
Less: Franchise royalties, fees and rent income |
|
1,914 |
|
|
|
960 |
|
|
|
3,237 |
|
|
|
1,750 |
|
Franchise support, rent and marketing expenses |
|
1,215 |
|
|
|
126 |
|
|
|
1,806 |
|
|
|
246 |
|
General and administrative expenses |
|
11,695 |
|
|
|
8,827 |
|
|
|
21,664 |
|
|
|
17,345 |
|
Pre-opening costs |
|
33 |
|
|
|
— |
|
|
|
55 |
|
|
|
— |
|
Loss on Franchise Growth Acceleration Initiative activities(2) |
|
14 |
|
|
|
— |
|
|
|
963 |
|
|
|
— |
|
Depreciation expense |
|
2,887 |
|
|
|
3,030 |
|
|
|
5,857 |
|
|
|
6,167 |
|
Impairment, loss on disposal of property and equipment and shop
closures |
|
658 |
|
|
|
1,044 |
|
|
|
1,703 |
|
|
|
2,363 |
|
Shop-level profit [Y] |
$ |
17,932 |
|
|
$ |
13,108 |
|
|
$ |
31,963 |
|
|
$ |
18,028 |
|
Total revenues |
$ |
126,623 |
|
|
$ |
115,952 |
|
|
$ |
244,893 |
|
|
$ |
214,173 |
|
Less: Franchise royalties, fees and rent income |
|
1,914 |
|
|
|
960 |
|
|
|
3,237 |
|
|
|
1,750 |
|
Sandwich shop sales, net
[X] |
$ |
124,709 |
|
|
$ |
114,992 |
|
|
$ |
241,656 |
|
|
$ |
212,423 |
|
Shop-level profit margin
[Y÷X] |
|
14.4 |
% |
|
|
11.4 |
% |
|
|
13.2 |
% |
|
|
8.5 |
% |
Potbelly
CorporationConsolidated Selected Balance Sheet
Data & Selected Operating Data –
Unaudited(Amounts in thousands, except per share
data)
|
June 25,2023 |
|
December 25, 2022 |
Selected Balance Sheet
Data |
|
|
|
Cash and cash equivalents |
$ |
34,261 |
|
$ |
15,619 |
Restricted cash |
|
749 |
|
|
— |
Total assets |
|
256,873 |
|
|
245,171 |
Current portion of long-term
debt |
|
1,250 |
|
|
— |
Long-term debt, net of current
portion |
|
21,108 |
|
|
8,550 |
Total liabilities |
|
249,672 |
|
|
240,898 |
Total equity |
|
7,201 |
|
|
4,273 |
|
For the Quarter Ended |
|
For the Year to Date Ended |
|
June 25,2023 |
|
June 26,2022 |
|
June 25,2023 |
|
June 26,2022 |
Selected Operating
Data |
|
|
|
|
|
|
|
Shop Activity: |
|
|
|
|
|
|
|
Company-operated shops, end of period |
372 |
|
|
393 |
|
|
372 |
|
|
393 |
|
Franchise shops, end of period |
55 |
|
|
47 |
|
|
55 |
|
|
47 |
|
Revenue Data: |
|
|
|
|
|
|
|
Company-operated comparable store sales |
12.9 |
% |
|
17.2 |
% |
|
17.2 |
% |
|
20.4 |
% |
|
For the Quarter Ended |
|
For the Year to Date Ended |
|
June 25,2023 |
|
June 26,2022 |
|
June 25,2023 |
|
June 26,2022 |
Sales from company-operated shops, net |
$ |
124,709 |
|
$ |
114,992 |
|
$ |
241,656 |
|
$ |
212,423 |
Sales from franchise shops,
net |
|
17,608 |
|
|
12,276 |
|
|
32,340 |
|
|
23,061 |
System-wide sales |
$ |
142,317 |
|
$ |
127,268 |
|
$ |
273,996 |
|
$ |
235,484 |
Potbelly
CorporationFootnotes to the Press Release,
Reconciliation of Non-GAAP Financial Measures to GAAP Financial
Measures & Selected Operating Data
1) |
This adjustment relates to the loss recognized upon termination of
the Company’s former credit agreement which was completed during
the first quarter of 2023. |
|
|
2) |
This adjustment includes net losses recognized during the period
which relate to the Company’s Franchise Growth Acceleration
Initiative, including net gains and losses on the sale of assets
and fair value adjustments for assets classified as
held-for-sale. |
|
|
3) |
This adjustment includes the tax impacts of the other adjustments
listed above based on the Company’s effective tax rate and the
change in the Company’s income tax valuation allowance during the
period. |
Potbelly (NASDAQ:PBPB)
過去 株価チャート
から 4 2024 まで 5 2024
Potbelly (NASDAQ:PBPB)
過去 株価チャート
から 5 2023 まで 5 2024