Potbelly Drops After Q4 Earnings
Potbelly Corporation (NASDAQ: PBPB) is down more than four percent in after hours trading after the company reported its fourth quarter results.
The fast food sandwich chain reported a Q4 EPS of $0.06 versus the Street estimate of $0.04.
Revenue arrived at $74.8 million, which was a couple million short of the $76.09 million that Wall Street anticipated.
"We are pleased with our fourth quarter results," Aylwin Lewis, Chairman and Chief Executive Officer of Potbelly Corporation, said in a company release. "We delivered adjusted net income of $1.9 million or $0.06 per diluted share for the quarter, which represents roughly 35% growth, after eliminating the 53rd week impact from 2012 and neutralizing the tax rate difference.
"There is no question the external environment was disruptive during the quarter; however, we remained resilient and delivered top and bottom line growth in our comparable shops, opened thirteen new shops and managed overhead diligently to deliver solid returns for the quarter. Our long-term growth plan remains very much on track to achieve at least 10% unit growth and 20% plus EPS growth on an annual basis."
Potbelly, which had its public debut last fall, has endured massive declines over the past few months. The stock is down nearly six percent this year, and has lost more than 30 percent of its value since it began trading on October 7, 2013.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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