Potbelly Corporation (PBPB) has reported a 28.12 percent rise in profit for the quarter ended Sep. 25, 2016. The company has earned $1.80 million, or $0.07 a share in the quarter, compared with $1.40 million, or $0.05 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.99 million, or $0.12 a share compared with $2.17 million or $0.08 a share, a year ago. Revenue during the quarter grew 8.06 percent to $103.78 million from $96.04 million in the previous year period. Gross margin for the quarter expanded 65 basis points over the previous year period to 59.93 percent. Total expenses were 97.26 percent of quarterly revenues, down from 97.52 percent for the same period last year. This has led to an improvement of 26 basis points in operating margin to 2.74 percent.
Operating income for the quarter was $2.84 million, compared with $2.38 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $11.96 million compared with $10.77 million in the prior year period. At the same time, adjusted EBITDA margin improved 31 basis points in the quarter to 11.53 percent from 11.21 percent in the last year period.
Aylwin Lewis, chairman and chief executive officer of Potbelly Corporation, commented, "During the third quarter, we delivered revenue growth of 8%. Our sales growth was impacted by the slowing consumer trends that began in April and persisted through the third quarter. However, we are pleased with our flow through to the bottom line, where we delivered adjusted net income growth of 38% and adjusted diluted EPS growth of 50%."
For financial year 2016, Potbelly Corporation forecasts diluted earnings per share to be in the range of $0.36 to $0.38 on adjusted basis.
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