Subway restaurants in first quarter of 2023 saw positive traffic and a 12.1% increase in same-store sales, the privately held company said Monday.
The Milford, Conn.-based company, which has dual headquarters in Miami, noted that the first quarter, which ended March 31, was the brand’s ninth consecutive quarter of positive sales.
In February, Subway confirmed that it was putting itself up for bids, with the target of about $10 billion, a process that company insiders in mid-April said was proceeding as planned.
Subway said first-quarter digital sales were up 11.4% systemwide.
Among its North America restaurants, the company said same-store sales increase 11.7% and digital sales increased 21.2%.
In April, the start of Subway's second quarter, the brand said it achieved its highest weekly average unit volumes in the U.S. since 2010.
"Our continued impressive performance demonstrates that our efforts to build a better Subway and win back the hearts and minds of sandwich lovers around the globe is working," said John Chidsey, Subway CEO, in a statement.
“With strong sales momentum across our restaurants and a refreshed focus on strategic brand growth, there has never been a more exciting time to be part of the Subway brand,” Chidsey said.
The company said it was seeing growth in its digital channels, which globally had increased sales more than fourfold since 2019.
In North America, the brand last week announced five new multi-unit owner agreements.
Subway has nearly 37,000 restaurants in more than 100 countries.
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