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Dec 25, 2022
Potbelly Q4 2022 Earnings Report
Reported strong Q4 2022 results with same-store-sales up and record AUVs.
Key Takeaways
Potbelly Corporation reported strong Q4 2022 results, with a 17% increase in total revenues to $120.2 million and same-store sales up 18.9%. The company achieved an operating income of $3.2 million and a GAAP net income of $2.7 million, driven by shop-level margin expansion. Adjusted EBITDA improved to $7.5 million, marking the third consecutive quarter of positive adjusted EBITDA.
Total revenues increased by 17% to $120.2 million.
Same-store sales increased by 18.9%, marking the seventh consecutive quarter of positive growth.
Operating income reached $3.2 million with shop-level margin expansion to 14.2%.
GAAP net income attributable to Potbelly Corporation was $2.7 million, a significant improvement from the previous year's net loss.
Potbelly
Potbelly
Potbelly Revenue by Segment
Revenue by Segment
Sandwich shop sales, net Revenue
CapyFin.comFranchise royalties, fees and rent income Revenue
CapyFin.com Forward Guidance
Potbelly provided its outlook for the first quarter and full year 2023, anticipating continued growth and momentum.
Positive Outlook
- AUVs are projected to be between $23,000 and $24,000 for Q1 2023.
- Expects record AUVs for fiscal year 2023
- Same-store sales are expected to grow between 18.5% and 20.5% for Q1 2023.
- High single-digit growth in same-store sales for fiscal year 2023.
- Adjusted EBITDA is projected to be $4-5 million for Q1 2023.
Challenges Ahead
- Shop-level margin is expected to be between 10.0% and 11.5% for Q1 2023.
- Low teens shop-level margin for fiscal year 2023
- No specific negative aspects were provided in the outlook summary.
- No specific negative aspects were provided in the outlook summary.
- No specific negative aspects were provided in the outlook summary.
Revenue & Expenses
Visualization of income flow from segment revenue to net income