By Dean Seal
Shares of Potbelly fell after the company said bad weather in the Midwest would cause same-stores sales to unexpectedly decline in the current quarter.
The stock was down 17% at $9.78 in midday trading. Shares were trading at $13.50 this time a year ago.
The Chicago sandwich chain on Thursday said it expects same-store sales would fall between half a percent and 1.5% for the fiscal first quarter, which started Dec. 30. Analysts polled by FactSet had been expecting same-store sales to rise 2%.
Chief Financial Officer Steven Cirulis said the figure took a 1.5-percentage-point hit from weather in January and February, particularly in Chicago and other parts of the Midwest, as well as in Texas.
"But for the weather, I think our period-one same-store sales would have been positive," the CFO said on a call with analysts.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 07, 2025 12:47 ET (17:47 GMT)
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