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Dec 27, 2020
Potbelly Q4 2020 Earnings Report
Potbelly's Q4 2020 financial performance was marked by sequential revenue growth and strategic advancements amidst pandemic challenges.
Key Takeaways
Potbelly Corporation reported a 3% sequential increase in total revenues to $74.9 million for the fourth quarter of 2020. The company's same-store sales improved by 130 basis points sequentially to (19.7%). Despite these improvements, Potbelly reported a GAAP net loss of ($16.4) million, or ($0.68) per share, and an adjusted net loss of ($13.7) million, or ($0.57) per share.
Total revenues increased 3% sequentially to $74.9 million.
Same-store sales trends finished the fourth quarter at (19.7%), a 130-basis point improvement from the third quarter.
GAAP net loss attributable to Potbelly Corporation was ($16.4) million, or ($0.68) per share.
Non-catering digital sales comprised 35.8% of total Company sales compared to 12.8% last year.
Revenue by Segment
Forward Guidance
Potbelly Corporation anticipates sequential improvement in top-line results throughout each quarter of fiscal 2021 and expects the majority of operating earnings and Adjusted EBITDA during the second half of 2021, supporting both shop-level and enterprise-level profitability, as well as positive cash flow.
Positive Outlook
- Expect the recovery of our business and shops to track the rate of vaccinations and increased dining room re-openings as pandemic conditions recede.
- Expect that our strategic initiatives will build momentum throughout the year.
- Expect to see sequential improvement in our top-line results throughout each quarter of fiscal 2021.
- Anticipate that we will generate the majority of our operating earnings and Adjusted EBITDA during the second half of 2021.
- Strategic initiatives and economic recovery expected to support sequential quarterly improvement in performance and return to positive cash flow and enterprise profitability in second half of 2021
Challenges Ahead
- Company remains focused on furthering a culture of vigilant cost discipline.
- Company remains focused on driving additional operational efficiencies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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