| Market Capitalization (Millions $) |
527 |
| Shares
Outstanding (Millions) |
31 |
| Employees |
5,000 |
| Revenues (TTM) (Millions $) |
469 |
| Net Income (TTM) (Millions $) |
12 |
| Cash Flow (TTM) (Millions $) |
8 |
| Capital Exp. (TTM) (Millions $) |
21 |
Business Description
The sandwich concept known as Potbelly Corporation has been serving customers for over 40 years with a variety of fresh menu items such as warm, toasty sandwiches, signature salads, hand-dipped shakes, and freshly-baked cookies, all customizable to meet individual preferences. Potbelly aims to provide Fresh, Fast & Friendly service in a welcoming environment that reflects the local neighborhood. Its employees are trained to engage with customers in a personalized and genuine way to create a memorable experience. Potbelly believes that its success stems from its culture, which is embodied in The Potbelly Advantage, a combination of its Vision, Mission, and Values that form the foundation of its operations. As of December 25, 2022, Potbelly had 429 shops across 31 states and the District of Columbia. The company operates 384 shops while franchisees operate 45 shops.
Potbelly's story began in 1977 as a small antique store on Lincoln Avenue in Chicago, where the original owner started offering warm sandwiches to boost sales. The sandwiches became so popular that Potbelly became a well-known neighborhood destination with a loyal following of regulars. Potbelly opened its second shop in 1997 and continued to expand, reaching 100 shops in 2005, 200 shops in 2008, 300 shops in 2013, and 400 shops in 2016. Throughout its growth, Potbelly has maintained core elements in each new location, such as fast and efficient line flow, vintage d'cor customized with local details, and exceptional customer focus.
Potbelly's business strategy involves being proactive and deliberate in efforts to drive profitable growth in its existing business through its "Traffic-Driven Profitability" 5-pillar strategic plan, which includes improvements to the overall customer experience, a simplified menu, an enhanced Potbelly Perks rewards program, and a better digital customer experience. Potbelly is prioritizing low-cost, high-return traffic driving opportunities and initiatives that focus on expanding shop-level margins. The company invests in systems and technology to improve shop-level execution, and is expanding its off-premise business, including catering, delivery, and pickup, as additional growth drivers.
Potbelly believes that continued excellence in shop-level execution is fundamental to its growth and improved performance. The company uses a Balanced Scorecard approach to measure People, Customers, Sales, and Profits at each of its shops. It hires the right people and maintains optimal staffing levels to run efficient operations. Shop sales and profitability are benchmarked against prior year periods and budget, with targets set on a shop-by-shop basis. Potbelly invests in systems and technology to improve shop-level execution, and is expanding its off-premise business, including catering, delivery, and pickup, as additional growth drivers. Potbelly's company-operated shops are successful in diverse markets in 20 states and the District of Columbia, located in multiple types of neighborhoods and formats, including suburban, urban, central business districts, airports, and others. Potbelly evaluates a number of metrics to assess the optimal sites for its new shops, which allows it to achieve strong returns across a wide range of real estate settings. The company's brand position, "Potbelly is the sandwich shop with the craveable quality and good vibes of a first-class dive," reflects its brand strength and competitive advantage and has broad appeal across a wide range of market types and geographies.
Company Address: 500 W Madison St Chicago 60606 IL
Company Phone Number: 951-0600 Stock Exchange / Ticker: NASDAQ PBPB
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