Potbelly Corp. (Nasdaq: PBPB) reported growth in first quarter system-wide sales of 1.9% and a significant increase in their digital business, accounting for 40% of total sales. Despite a decrease in total revenue by 6%, the company saw a 2.2% increase in adjusted EBITDA, reaching $5.7 million.
CEO Bob Wright highlighted the company’s success in managing both restaurant-level and corporate costs, resulting in a 150-basis point expansion in shop-level margins and strong corporate profitability. He also mentioned the growth in franchise sales, with 32 additional commitments added to the pipeline during the quarter, leading to a 26% increase in open and committed shops year-over-year.
In addition to their financial performance, Potbelly announced a $20 million share repurchase program and unveiled a new restaurant design prototype. For more information, visit Exec Edge at executives-edge.com or contact Editor@executives-edge.com.