By Kailyn Rhone
Shares of Potbelly rose after the company said it expects to deliver positive same-store sales growth in the fourth quarter and raised its adjusted EBITDA guidance.
The stock rose 11% to $10.11 in morning trading Monday. For the year, shares are up 6%.
The Chicago-based fast-casual restaurant chain on Monday said preliminary results show fourth-quarter same-store sales growth of 0.2% and 0.3%, up from previous guidance for a drop of 2.5% to 0.5%.
It expects fourth quarter adjusted EBITDA to be between $8 million and $8.4 million, higher than its previous estimate for $7 million to $8 million. Potbelly expects 10% adjusted EBITDA growth for the fiscal year.
Potbelly said its preliminary fourth-quarter results exceeded expectations due to managing costs effectively, expanding restaurant margins, and driving growth in corporate profitability.
The restaurant chain opened eight new shops and added another 30 new franchise shop commitments in the fourth quarter, bringing the total to 727 open and committed shops as of Dec. 29.
"We believe 2025 will be an exciting year for Potbelly as we accelerate our unit growth and continue to strengthen our brand," said President and Chief Executive Bob Wright.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
January 13, 2025 11:46 ET (16:46 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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