Potbelly Corporation Announces Q2 Financial Results for 2024
Intellectia.AI Updated: 1970-01-01
Potbelly Corporation Announces Q2 Financial Results for 2024
Potbelly Corporation has reported its financial results for the second quarter ending on June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate (Q2 2024) | Beat/Miss |
|---|---|---|---|---|---|
| Total Revenue | $119.63M | $126.62M | -5.5% | $119.63M | Met |
| Earnings Per Share (EPS) | $0.06 | $0.12 | -50% | $0.06 | Met |
Interpretation: Potbelly Corporation met the Wall Street consensus estimates for both total revenue and EPS for Q2 2024, showing a year-over-year decline of 5.5% in revenue and 50% in earnings per share. This decline reflects challenges in maintaining previous levels of growth and profitability.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Sandwich Shop Sales, Net | $115.5M | $124.7M | -7.4% |
| Franchise Royalties, Fees, and Rental Income | $4.2M | $1.9M | +117.4% |
Interpretation: The significant year-over-year increase in franchise royalties, fees, and rental income (117.4%) indicates Potbelly's success in expanding its franchise operations. However, this was offset by a 7.4% decline in sandwich shop sales caused by refranchising 26 company-operated shops since Q1 2023.
Dividends and Share Repurchase Program:
Potbelly previously had a $65 million stock repurchase program initiated in 2018, which was terminated on May 7, 2024. On the same day, a new $20 million stock repurchase program was authorized. For Q2 2024, 86,445 shares were repurchased under the new program for $0.7 million.
Forward Guidance:
The company did not provide any forward guidance for future quarters or the full fiscal year in this earnings release.
Stock Price Movement:
After the earnings announcement, Potbelly Corporation's stock price saw an increase of 2.857%.
This summary encapsulates all the essential financial data based on the provided earnings release content for Potbelly Corporation's Q2 2024, ensuring accuracy and completeness.
