Potbelly Reports Delicious Results for Its First Earnings as a Public Company
Potbelly reported fiscal 2013 third-quarter earnings after the bell on Tuesday. In its first quarterly report as a publicly traded company, the sandwich maker delivered results that topped Wall Street estimates. For the quarter ended September 29, Potbelly posted a profit of $0.15 per diluted share on net income of $3.2 million. That was notably better than analysts' expectations for earnings per share of $0.09 in the period. Revenue increased 11.7% to $78 million in the period, which beat estimates for $77 million.
Potbelly also reported impressive same-store sales growth, with comps increasing 2.5% in the quarter. The company opened nine new restaurants during the period, though only one is a franchised location. Looking ahead, it says it is on track to open between 40 to 42 new stores by the end of its fiscal year.
Shares of Potbelly traded around $27 at the close on Tuesday, up roughly 92% since the company's public debut last month at $14 a pop. Going forward, investors want to know that Potbelly's growth plans are on track as the fast-casual chain competes with fast-growing competitors in the space such as Chipotle and Noodles & Company.
The article Potbelly Reports Delicious Results for Its First Earnings as a Public Company originally appeared on Fool.com.Fool contributor Tamara Rutter has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Chipotle Mexican Grill. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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