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Potbelly Corporation (NASDAQ:PBPB) updated on its business results ahead of a presentation at the ICR Conference in Orlando, Florida.
The restaurant operator expects to report Q4 revenue of $119M to $120M vs. $114M to $119M prior guidance. Same-store sales are expected to be up 18.5% to 19.0%. Shop-level margins of 13.% to 13.9% are anticipated.
For the full year, PBPB sees same-store sales growth of 18.4% to 18.5%.
CEO update: "Our team’s execution of our Five-Pillar Strategy initiatives enabled us to surpass our previously stated fourth quarter and full-year 2022 guidance based on our preliminary results. We also made meaningful progress against our Franchise Growth Acceleration Initiative, having signed agreements for 51 new shops so far, with more deals in the pipeline."
The Seeking Alpha Quant Rating on Potbelly is flashing Hold.