Potbelly Corp. reported a modest profit in the first quarter ended March 29, as same-store sales and new unit development boosted revenue, the company said Tuesday.
Potbelly reported net income of $531,000, or 2 cents a share, rising from a loss of $301,000, or 1 cent per share, in the same period a year ago.
Same-store sales at company-operated restaurants increased 5.4 percent during the quarter. Total revenue rose 16.1 percent, to $85.8 million, from $73.9 million a year ago.
“We are very pleased with our results in the first quarter,” Potbelly CEO Aylwin Lewis said in a statement. “We will continue to grow using our strong balance sheet and self-funded model, and we remain confident in the long-term fundamentals of the business.”
Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, increased 30.3 percent, to $8.2 million, from $6.3 million in the same period a year ago, the company said.
Unit-level profit margins increased to 18.1 percent of revenue during the quarter, rising from 17.5 percent.
Potbelly opened seven new restaurants in the period, and now has 339 company-owned locations and 29 franchised units. The company expects to open 48 to 55 locations for the year, 40 to 45 of them by the company. Same-store sales for the year are expected to be in the low single digits.
Contact Jonathan Maze at [email protected].
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