Potbelly Q3 2021 Earnings Report

Potbelly reported third quarter results with same-store-sales increasing and achieving shop-level profitability.

Key Takeaways

Potbelly Corporation reported a 40% increase in total revenues to $101.7 million compared to $72.7 million, and a GAAP net loss attributable to Potbelly Corporation was ($2.9) million, compared to a GAAP net loss of ($13.4) million. Adjusted diluted EPS was a loss of ($0.05) compared to an adjusted diluted EPS loss of ($0.42).

Same-store sales trends continued to show improvement, ending the third quarter at +33.7% compared to the year ago period

Third consecutive quarter of Average Unit Volumes (AUV) growth, exceeding $20K/week in the third quarter.

National rollout of new menu drove increased revenue, traffic, and higher average check during the quarter.

Same-store traffic improved +21.3% for the third quarter compared to the third quarter 2020, with Suburban, Drive-Thru and University shops reporting positive same-store traffic growth compared to the third quarter 2019.

Total Revenue

$102M

Previous year: $72.7M

+40.0%

EPS

-$0.05

Previous year: -$0.42

-88.1%

Gross Profit

$26.9M

Previous year: $12.2M

+120.3%