Potbelly Corp. (Nasdaq: PBPB) reported a 1.9% increase in system-wide sales during the first quarter, with their digital business accounting for 40% of total sales. Despite a 6% decrease in total revenue, the company’s adjusted EBITDA increased by 2.2% to $5.7 million.
CEO Bob Wright highlighted the success of managing both restaurant-level and corporate costs, resulting in a 150-basis point expansion in shop-level margins. Potbelly also saw strong corporate profitability with an adjusted EBITDA of $5.7 million. The franchise sales team added 32 commitments to the pipeline, leading to a 26% increase in open and committed shops compared to the previous year.
In response to their performance, Potbelly announced a $20 million share repurchase program and unveiled a new restaurant design prototype. For more information on this exciting news, visit Exec Edge at executives-edge.com or contact them at Editor@executives-edge.com