Potbelly Corporation Reports Results for Third Fiscal Quarter 2016

CHICAGO, Nov. 01, 2016 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ:PBPB) today reported financial results for the third fiscal quarter ended September 25, 2016.

Key highlights for the thirteen weeks ended September 25, 2016 compared to the thirteen weeks ended September 27, 2015 include:
  • Total revenues increased 8.1% to $103.8 million from $96.0 million.
  • Company-operated comparable store sales increased 0.6%.
  • Eight new shops opened, including six company-operated shops and two franchised shops.
  • GAAP net income attributable to Potbelly Corporation increased 28.1% to $1.8 million from net income of $1.4 million. GAAP diluted EPS increased 40.0% to $0.07 from $0.05.
  • Adjusted net income attributable to Potbelly Corporation increased 37.8% to $3.0 million from adjusted net income of $2.2 million. Adjusted diluted EPS increased 50.0% to $0.12 from $0.08.
  • EBITDA increased 7.8% to $8.4 million from $7.8 million.
  • Adjusted EBITDA increased 11.1% to $12.0 million from $10.8 million.

Key highlights for the thirty-nine weeks ended September 25, 2016 compared to the thirty-nine weeks ended September 27, 2015 include:
  • Total revenues increased 9.7% to $304.8 million from $277.8 million.
  • Company-operated comparable store sales increased 1.9%.
  • Twenty-two new shops opened, including fifteen company-operated shops and seven franchised shops.
  • GAAP net income attributable to Potbelly Corporation increased 42.4% to $6.3 million from net income of $4.4 million. GAAP diluted EPS increased 60.0% to $0.24 from $0.15.
  • Adjusted net income attributable to Potbelly Corporation increased 36.1% to $8.1 million from adjusted net income of $5.9 million. Adjusted diluted EPS increased 55.0% to $0.31 from $0.20.
  • EBITDA increased 16.2% to $27.1 million from $23.3 million.
  • Adjusted EBITDA increased 12.2% to $34.6 million from $30.8 million.

Aylwin Lewis, Chairman and Chief Executive Officer of Potbelly Corporation, commented, "During the third quarter, we delivered revenue growth of 8%. Our sales growth was impacted by the slowing consumer trends that began in April and persisted through the third quarter. However, we are pleased with our flow through to the bottom line, where we delivered adjusted net income growth of 38% and adjusted diluted EPS growth of 50%."

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