Potbelly Corpora Stock Price, News & Analysis

Potbelly Corporation (NASDAQ: PBPB) has appointed Adiya Dixon as Chief Legal Officer and Secretary, effective November 16, 2020. In her new role, Dixon will provide legal advice to the executive team and manage various legal matters including corporate compliance and transactions. Bob Wright, CEO, expressed enthusiasm for Dixon's broad business experience as Potbelly aims for growth post-pandemic. Dixon previously held leadership positions at The Wendy’s Company and has a strong legal background. She succeeds Matthew Revord, who recently left the company.

Potbelly Corporation (NASDAQ: PBPB) reported Q3 2020 results, showcasing a positive shift in performance. Same-store sales improved by over 2,000 basis points, ending at (21.0%), with further gains into October at (19.4%). The company achieved shop-level profitability and maintained cash burn at $0.5 million weekly. Potbelly renegotiated 280 leases and is optimizing G&A expenses, aiming for $3.5-$4.0 million in savings. Total revenues rose to $72.7 million, a substantial increase from the prior quarter, although net loss was $13.4 million or ($0.56) per share.

Potbelly Corporation (NASDAQ: PBPB) will announce its unaudited financial results for the third fiscal quarter of 2020 on November 5, 2020, after market close. A conference call and webcast for investors will take place at 5:00 p.m. ET on the same day, featuring President and CEO Bob Wright and CFO Steve Cirulis. The call can be accessed via phone or through Potbelly's Investor Relations webpage. An audio replay will be available from 8:00 p.m. ET on November 5 until midnight on November 12, 2020.

Potbelly Corporation (NASDAQ: PBPB) appointed Adam Noyes as Chief Operations Officer effective August 28, 2020, succeeding the previous Chief Restaurant Operations Officer. Noyes aims to enhance staffing, training, and customer experiences while focusing on top-line growth, shop margins, and franchise operations. With over 30 years in the restaurant industry, he previously led significant operational improvements at Checkers and Rally’s Restaurants. As part of his inducement to join, he received 79,075 shares of common stock, vesting over three years.

Potbelly Corporation (PBPB) reported significant progress in its second fiscal quarter ended June 28, 2020, despite facing challenges due to the pandemic. Same-store sales improved from a 68% decline in late March to a mid-20% decline in June. The company has been cash flow-positive at the store level since May 31, 2020, with a weekly cash burn reduced by 75%. Liquidity remains stable at $45.8 million. Digital sales surged to 46% of total sales, and the Potbelly Perks loyalty program saw membership increase by 53% to over 2 million. However, total revenues fell to $56.2 million from $105.6 million, with a net loss of $22.2 million.

Potbelly Corporation (NASDAQ: PBPB) has appointed Robert D. Wright as its new President and CEO, effective July 20, 2020. Wright, who previously served at Wendy’s, brings over 30 years of restaurant industry experience. His immediate focus will be on enhancing the guest experience and reviewing the company's cost structure. The leadership change aims to drive business turnaround and growth. As an inducement, Wright will receive 300,000 shares of common stock, with vesting conditions tied to his continued employment.

Potbelly Corporation (NASDAQ: PBPB) reported Q1 2020 financial results with total revenues of $87.6 million, down from $98.1 million year-over-year. Comparable store sales decreased 10.1%, but improved to -45% by early May. The GAAP net loss was $13.3 million or $0.56 per share, a decrease from $18.4 million or $0.76 per share in 2019. Adjusted EBITDA fell to ($4.2 million). The company's delivery and pick-up revenue surged 45% in April. Potbelly is focusing on off-premise sales and cash preservation due to the pandemic's impact on dining operations.

Potbelly Corporation (NASDAQ: PBPB) has announced the release date for its first fiscal quarter 2020 financial results, set for May 12, 2020, after market close. A conference call will follow at 5:00 p.m. ET to discuss these results, hosted by CEO Alan Johnson and CFO Steve Cirulis. Potbelly has over 400 company-owned locations and more than 40 franchised shops across the U.S., offering a menu of warm sandwiches, salads, and shakes. Investors can also access a webcast of the call via the company's Investor Relations page.