Potbelly reported fiscal 2013 fourth-quarter and full year earnings after the bell on Tuesday that proved a mixed bag for the sandwich chain. For the period ended Dec. 29, Potbelly posted a profit of $0.06 per share on net income of $1.9 million. That was two cents better than analyst estimates for earnings per share of $0.04 per share in the quarter. Unfortunately, revenue failed to impress. Quarterly revenue inched up 1.7% to $74.8 million, which was below estimates for $76 million in revenue.
This was Potbelly's second earnings report since going public in October. Shares of Potbelly popped more than 125% on the company's stock market debut; hitting $31 a share, up from the stock's initial offering price of $14 a share. However, Potbelly was trading lower after the market close today because of the fast-casual chain's latest earnings.
Potbelly opened nine company-operated stores and four franchised locations during the fourth quarter. However, same-store sales growth was done significantly. Comparable store sales increased just 0.7% in the period, which was a far cry from the company's 2.5% spike in comps that Potbelly reported in the third quarter. Potbelly's full-year comparable sales growth wasn't much better at 1.5%.
Despite a challenging fourth quarter, Potbelly's CEO Aylwin Lewis is optimistic about the company's future. "Our long-term growth plan remains very much on track to achieve at least 10% unit growth and 20% plus EPS growth on an annual basis," he said.
Shares of Potbelly were trading around $22.40 as of 4:35 p.m. on Tuesday.
The article Potbelly Brings Mixed Bag to the Earnings Table Today originally appeared on Fool.com.Tamara Rutter and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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