Potbelly Corp. (Nasdaq: PBPB) reported strong growth in their first quarter system-wide sales, with an increase of 1.9%. The company also saw a significant rise in their digital business, accounting for 40% of total sales. Despite a decrease in total revenue by 6%, Potbelly’s adjusted EBITDA increased by 2.2%, reaching $5.7 million.
Potbelly’s 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.
To further enhance their financial performance, Potbelly announced a $20 million share repurchase program and unveiled a new restaurant design prototype. For more information on Potbelly’s latest developments and updates, visit Exec Edge at executives-edge.com or contact Editor@executives-edge.com.
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