Potbelly Corporation Announces 12% Growth on Same-Store Sales for Fiscal Year 2023
By Karen Roman
Potbelly Corporation (Nasdaq: PBPB), the neighborhood sandwich shop company originally from Chicago, reported its total revenue grew 4.7% to $125.7 million in the last quarter of 2023, compared to $120.2 million in 2022.
Average Weekly Sales (AWS) rose 3.4% to $24,960 and total shop sales grew 2.7% to $122.3 million in comparison to $119 million for the last quarter in 2022, the company said.
Potbelly also announced same-store sales increased 6.3% for Q4 2023, maintaining positive results for the eleventh-consecutive quarter thanks to traffic growth. Adjusted EBITDA remained at $7.5 million (compared to $7.5 million for Q4 2022), it said.
For 2023, total revenue grew 8.7% to reach $491.4 million compared to $452 million in 2022, AWS rose 11.2% to $24,990 and total shop sales increased 7.7% to $482.2 million in contrast to $447.9 million in 2022, the company stated.
Same-store sales rose 12% in 2023 due to traffic growth, while adjusted EBITDA increased 80% to $28 million compared to $15.7 million in 2022, it said.
“Traffic driven sales, shop level and company profitability and unit growth development efforts headlined our success,” said Bob Wright, Potbelly’s President and CEO. “We made significant progress with our Franchise Growth Acceleration Initiative and ended 2023 with 612 open and committed shops. We’re excited to have delivered another quarter and full year performance in support of our long-term sustainable growth,” he stated.
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