Potbelly lowers its same-store sales expectations

Potbelly lowers its same-store sales expectations

But profits for the sandwich chain rise 37 percent

Potbelly Corp. lowered its same-store sales expectations for the year on Tuesday, when it said same-store sales rose 1.7 percent in the second quarter ended June 28.

The Chicago-based sandwich chain said that same-store sales would rise 1 percent to 2 percent, rather than the 3.5 percent to 4 percent initially anticipated.

“Our comparable store sales growth of 1.7 percent is reflective of customer trends that have impacted the industry,” CEO Aylwin Lewis said in a statement. He said he remains confident the company can meet forecasted earnings growth targets of at least 20 percent.

Revenues for the chain rose 9.5 percent in the quarter to $105 million from $95.9 million.

Net income, meanwhile, rose 37.1 percent to $3.4 million, or 13 cents per share, from $2.5 million or 8 cents in the same period a year ago.

EBITDA, or earnings before interest, taxes, depreciation and amortization, rose 18.7 percent to $11.1 million from $9.4 million.

Contact Jonathan Maze at [email protected]
Follow him on Twitter: @jonathanmaze

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