Potbelly Corp. on Tuesday posted a first-quarter loss as severe winter weather took a bite out of sales.
The Chicago-based company also said it is on track to open 40 to 48 new shops this year, including 5 to 8 franchised locations.
Potbelly, which went public in October, lost $301,000, or 1 cent per share, excluding one-time costs related to its initial public offering and other certain items. That compared with a loss of $7.4 million, or $1.74 per share, a year earlier.
Revenue rose to $73.9 million from $68.7 million a year earlier. However, sales at existing company-owned locations, or comparable store sales, fell 2.2 percent.
Analysts, on average, expected Potbelly to post no profit, with estimates ranging from a loss of 1 cent per share to a profit of 1 cent per share. On average, they targeted $73.66 million in revenue.
Shares of Potbelly rose 2 percent to $16.84 in afterhours trading following the company’s report.
