Q4 2024 Potbelly Corp Earnings Call Transcript
Key Points
- Potbelly Corp (PBPB) achieved comp sales growth momentum exceeding initial expectations for 2024.
- The company opened 23 new shops in 2024 and added 115 units to its open and committed shop total.
- Adjusted EBITDA grew by 15% due to expanded shop margins and prudent corporate cost management.
- The relaunch of the perks loyalty program and significant menu innovation work were successful.
- Digital sales represented over 40% of total shop sales in Q4 2024, showing a 100 basis point increase from the previous year.
- System-wide sales for Q4 2024 decreased by 3.3% due to the impact of the 53rd operating week in 2023.
- Total revenue in Q4 2024 was 7.3% lower year over year, driven by the impact of the 53rd week and re-franchising.
- Company operated shop revenue decreased by 8% year over year in Q4 2024.
- Same store sales growth for Q1 2025 is expected to be impacted by approximately 150 basis points due to unusual weather conditions.
- Labor expenses increased slightly due to higher employee group insurance costs, offsetting some labor optimization efforts.
Good afternoon everyone and welcome to Potbelly Corporation's fourth quarter 2024 earnings conference call.
Today's call is being recorded at this time. (Operator Instructions)
On the call today, we have Bob Wright, President and Chief Executive Officer; Steven Cirulis, Senior Vice President and Chief Financial Officer; and Adiya Dixon, Senior Vice President, Chief Legal Officer and Secretary of Potbelly Corporation.
At this time, I'll turn the call over to Adiya Dixon. Please go ahead.
Good afternoon, everyone, and welcome to our fourth quarter 2024 earnings call. By now, everyone should have access to our earnings release and accompanying investor presentation. If not, they can be found in the Investors tab on our website.
Before we begin our formal remarks, I need to remind everyone that certain comments made on this call will contain forward-looking statements regarding future events or the future financial performance of
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