Potbelly (PBPB) provides positive Q1 business update

After the close, Potbelly Corporation (NASDAQ: PBPB) provided an update on its business and financial results during the first quarter ended March 27, 2023, in conjunction with the Company’s participation in a Non-Deal Roadshow sponsored by William Blair.

Based on the company's preliminary results, it sees Adj. EBITDA of $5.2-$5.6 million versus its prior guidance of $4-$5 million. It sees shop-store-sales up 22-22.3% versus guidance of 18.5-20.5%

The company is participating in a Non-Deal Roadshow sponsored by William Blair today.

Bob Wright, President and Chief Executive Officer of Potbelly, said, “The strong momentum with which we exited 2022 extended into the first quarter. We expect our first quarter results will surpass the previously stated guidance ranges, driven by strong customer demand, continued execution of the Five-Pillar Strategy and focus on operational excellence, as well as successful marketing initiatives. We also enjoyed good progress in our Franchise Growth Acceleration Initiative during the quarter, as we signed a new franchise development deal and our first refranchising transaction in the New York City market. I am extremely enthused by the direction and growth of the Company and have great confidence in the future of the Potbelly brand.”

The expected financial results are preliminary and unaudited, have not been reviewed by the Company’s independent registered public accountants, and remain subject to the completion of normal quarter-end accounting procedures and adjustments and are subject to change. The Company expects to release final financial and operating results for its fiscal first quarter ended March 27, 2023, in May 2023.

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