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PBPB Stock Falls as Weather Keeps Potbelly Customers Away

The chain's expenses rose sharply last quarter


Potbelly stock NASDAQ:PBPBOn Tuesday, sandwich chain Potbelly (PBPB) reported lower-than-expected fourth-quarter sales, sending PBPB stock tumbling almost 10% in Wednesday morning trading.

Potbelly reported quarterly revenue of $74.8 million, up 1.7% from the year-ago period but shy of the analyst outlook for $76 million on the top line. Meanwhile, PBPB posted a loss of $3.68 million vs. actually earning $18.5 million in the year-ago period. However, adjusted earnings of 6 cents per share, which were down 50%, did top expectations of 4 cents.

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Same-store sales were higher by just 0.7% year-over-year factoring out 2012’s extra week, which the company blamed on wintry weather. Also, expenses were higher by 14%, to $81.4 million.

All told, 42 new Potbelly locations opened in fiscal 2013. PBPB expects to open between 40 and 48 new locations this year.

Despite today’s losses, PBPB still remains 45% above its October IPO pricing of $14, but more than 35% off shares’ early-October highs above $32.

Article printed from InvestorPlace Media,

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