Potbelly Corp. reported Tuesday a year-over-year increase in adjusted net income and quarterly revenue, as the newly public restaurant company opened nine new locations and posted a 2.5-percent same-store sales increase in the third quarter ended Sept. 29.
Chicago-based Potbelly held an initial public offering of stock in October, leading to one-time costs and fees, as well as a dividend payout to stockholders, that negatively affected earnings. Including those expenses, the company reported a wider net loss attributable to shareholders of $52.5 million, or $12.29 per share, compared with a loss of $3 million, or 75 cents per share, in the same quarter a year earlier.
Net income excluding the dividend payout and adjusted for fees and charges totaled $3.2 million, or 15 cents per share, for the most recent quarter, versus $2.5 million, or 12 cents per share, in the same quarter a year ago.
Potbelly owns and operates 288 restaurants in 18 states and the District of Columbia, while seven additional locations are franchised in the United States and 12 are franchised in the Middle East.
NET INCOME
Result: Net loss of $52.5 million, or $12.29 per share
(from a year-ago loss of $3 million, or 75 cents per share)
Note: Excluding dividend payout, and adjusted for IPO: Net income rose 26.7% to $3.2 million, or 15 cents per share
REVENUE
Result: $78 million% Increase: 11.7% (from $69.9 million)
SAME-STORE SALES
% Increase at company-owned units: 2.5%
Source: Company report
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• Wall Street bullish on Potbelly
• Potbelly outlines growth plans in IPO filing
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Contact Ron Ruggless at [email protected].
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