Potbelly (NASDAQ:PBPB) reported its latest quarterly results after hours Monday, bringing in adjusted earnings that topped expectations, while its revenue took a step back.
The Midwest-based sandwich shop operator posted a fourth-quarter GAAP net loss of $4.4 million, or 17 cents per share–the latter figure is narrower than its year-ago loss by 41.4%.
On an adjusted basis, the company posted a profit of $1.2 million, or 5 cents per share, down $1 million, or 3 cents per share, from the year-ago quarter. Analysts were calling for Potbelly to amass earnings of 3 cents per share on an adjusted basis to end its fiscal 2018.
The Chicago-based chain raked in sales of $102.4 million, an 8.7% decline from the $112.1 million it posted during its year-ago quarter. The Wall Street consensus outlook was projecting revenue of $103.7 million.
“Our objectives for 2018 were to learn what it takes to positively impact same store sales and learn how to drive industry-beating traffic trends – and I believe we accomplished these goals,” said Alan Johnson, President and CEO of Potbelly, in the press release. He added that these steps are key to the sub restaurant’s plan to return to profitability.
Earlier this month, the company announced a new menu that includes more mix-and-match choices as part of its revamping.
PBPB stock was sliding about 1.8% during regular trading today in anticipation of the company’s results. Despite the earnings beat, Potbelly’s sales miss pushed shares down roughly 3.7% after the bell.
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