Sandwich restaurant reports same-store sales increases as it continues extended process
Subway appeared to ready for “its expected sale announcement” as it released same-store sales figures for the first half of 2023, a spokesperson said on Tuesday.
The Milford, Conn.-based sandwich brand, which has dual offices in Miami, said it had achieved 10 consecutive quarters of positive sales in the period ended June 30.
The company in February said it was putting itself on the market, seeking a price of $10 billion. However, the deadline for suitors has been extended several times. Subway is being advised by JP Morgan, and the company has said it would not make public comments until the process is completed.
For the first half of the year in North America, Subway said it posted a 9.3% increase in same-store sales over the same period of 2022. Digital sales increased 17.8% in North America in the period, the company said.
“During the second quarter, Subway broke brand records as it achieved its highest average unit volume (AUV) in North America for three consecutive months and, within that time, its highest weekly AUV in the company’s recorded history,” though the privately held company said it would not provide figures on the AUVs.
“For the first half of 2023, Subway saw positive traffic across North America and significant growth in global restaurant same-store sales,” the company said. “Positive sales momentum continues to be driven by menu innovation, modernization of restaurants and ongoing improvements to the overall guest experience, including digital.”
Globally in the first half of 2023, the company said same-store sales increased 9.8% over the same half of 2022. Global digital sales increased 11.1% in the period, Subway said.
“Over the past two years, we’ve made consistent progress across all areas of our business, driving impressive sales results and positive changes for our franchisees and guests,” said John Chidsey, Subway CEO, in a statement. “The strong sales momentum from the first half of 2023 is setting the tone for another exceptional year for Subway and our franchisees.”
Earlier in July, Subway kicked off the third phase of its two-year transformation efforts with sliced meats in U.S. restaurants – an $80 million investment across 20,000 restaurants – and the launch of Deli Heroes, an expanded collection of the deli subs.
Subway has nearly 37,000 restaurants in more than 100 countries.
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