Potbelly (PBPB) Misses Q3 EPS by 1c; Guides In-Line

Potbelly (NASDAQ: PBPB) reported Q3 EPS of $0.08, $0.01 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $96 million versus the consensus estimate of $96.04 million.

Potbelly sees FY2015 EPS of $0.27-$0.28, versus the consensus of $0.27.

Aylwin Lewis, Chairman and Chief Executive Officer of Potbelly Corporation, commented, “We made solid progress executing our priorities during the third quarter and this is reflected in our top-line performance. We generated revenue of $96.0 million, an increase of 13.4%, and company-operated same store sales growth of 3.7%. This was our fourth consecutive quarter of solid sales growth. We are pleased with our strong revenue and same store sales growth trends, and are focused on driving flow-through of our positive top-line growth to the bottom line. Our strong culture and values provide us with the foundation to effectively execute our growth strategies. We remain committed to our long-term goals and confident in the fundamentals of the business.”

Lewis continued, “We are executing our new unit development plan and bringing Potbelly to new neighborhoods. During the third quarter, we opened 11 new company-operated shops and opened two domestic franchise shops. I am thrilled to announce that our board of directors has approved for Potbelly to expand into the state of California as a franchise-only strategy over time. We expect our franchisees to be strong multi-unit brand ambassadors.”

2015 Outlook

• For the full fiscal year of 2015, management currently expects:
• Company-operated comparable store sales growth of approximately 4%;
• 48 – 55 total new shop openings, including 40 – 45 company-operated shop openings;
• An effective tax rate that is expected to range from 39% to 40%;
• Adjusted net income of approximately $8 million;
• Full-year diluted earnings per share to range from $0.27 to $0.28; and
• Comparable adjustments to net income as discussed in the “Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures.”

For earnings history and earnings-related data on Potbelly (PBPB) click here.

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