Potbelly reports Q3 EPS 4c, consensus 0c
Reports Q3 revenue $$104.2M, consensus $103.76M. Reported Q3 company-operated comparable store sales decreased 3.0%. Alan Johnson, President and Chief Executive Officer of Potbelly Corporation, commented, "Our results reflect continued progress across our strategic initiatives. Menu optimization efforts have grown average check, Off-Premise and Digital growth has accelerated, and our franchising team has been incredibly successful this year. We delivered substantially better year-over-year Adjusted EBITDA in the third quarter, relative to the first half of 2019, primarily due to reductions in discounting and advertising. However, while our four pillars and strategic initiatives are working, the pace and impact of the changes have not been strong enough to offset the impact of weaker traffic. Therefore, over the last quarter, we have invested in a number of internal and external activities to accelerate our transformation and improve our focus on the fundamentals. Through this work, and the momentum that we've built with our strategic priorities, we believe that this will result in a series of quick wins that will not only improve our customer satisfaction results, but also help with traffic and retention."