By Karen Roman
Potbelly Corporation (Nasdaq: PBPB) said total revenue increased 3.4% to $123.7 million compared to $119.7 million the year prior.
Adjusted net income was $2.9 million compared to $2.5 million, with adjusted diluted EPS of $0.09 compared to $0.08, surpassing expectations and helping to boost the shares.
Company-operated same-store sales rose 3.2%, while adjusted EBITDA grew 13.0% to $9.6 million compared to $8.5 million, it stated.
Potbelly said it upgraded its full year guidance and now expects same-store sales growth of 2.0% to 3.0% and adjusted EBITDA of $34M to $35M.
“From continued top-line momentum that includes positive traffic and new unit growth for the quarter that was ahead of our expectations, to year-over-year shop-level margin expansion and adjusted EBITDA near the high-end of our quarterly guidance range, our results truly reflect the growth engine we’ve been building over the past five years by leveraging our Five-Pillar Operating Strategy,” said Bob Wright, Potbelly’s President and CEO.
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