Potbelly reported Q4 earnings Thursday, including a same-store sales increase of 18.9% on the quarter and 18.5% on the year, driven by traffic, marketing and operational improvements, and recovery in its suburban, airport and business district locations.
During the company’s earnings call, CEO Bob Wright said weekly average unit volumes achieved a record $24,144 during Q4, as well as all-time quarterly and annual revenues of $120.2 million and $452 million, respectively. These sustained positive results come about two years after the company implemented a five-pillar strategy that includes re-establishing brand equity. It is worth noting that AUVs benefited from 13% pricing increases in 2022, however traffic for the chain also remains positive which has helped garner market share in the category.
