Subway, the giant sandwich chain, saw its same-store sales increase 9.2% globally and 7.8% in North America, the privately held company said Thursday.
The Milford, Conn.-based franchisor credited menu innovation, modernization of restaurants and improvements to the guest experience for the increases.
In January, the Wall Street Journal reported that Subway had retained advisers to consider a potential sale. Early estimates valued the 37,000-unit sandwich chain at more than $10 billion.
“As part of our journey to transform the brand, we are improving across every aspect of our business and, after two years of record sales results, we can confidently say that Subway is getting its swagger back,” said John Chidsey, CEO of Subway, in a statement Thursday.
“Across every region,” Chidsey said, “the team’s efforts have set the stage for another year of strategic and profitable growth and exciting enhancements to our guest experience.”
The company said it ended 2022 by “achieving eight consecutive quarters of positive sales,” momentum driven by “new product introductions and growth in digital and non-traditional channels.”
On a two-year basis, same-store sales were up 29.1% globally since 2020, the company said.
In summer 2022, Subway in the United States, which has more than 20,000 units of the brand, launched the Subway Series, a menu with signature sandwiches ordered by name and number. That was a departure from the all-customized sandwiches of the past.
Subway said it also was modernizing its image by completing 2,600 remodels In North America during the year. The company plans to remodel an addition 3,600 locations in North America in 2023, it said.
Chidsey has said the company was focused on quality growth as opposed to quantity.
Subway has nearly 37,000 restaurants in more than 100 countries.
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