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Actionable news in PBPB: Potbelly Corporation,

Potbelly Falls Amid Strategic Review, Weak Quarterly Earnings

Shares of Potbelly (PBPB) fell on Monday after the sandwich chain said that it hired an adviser to review strategic options as it reported another quarter of results that fell below analysts' estimates.

WEAK EARNINGS AND GUIDANCE: Before the market open on Friday, Potbelly reported second quarter adjusted earnings per share of 11c on revenue of $108.1M, missing analysts' consensus estimates of 12c and $109.78M, respectively. Company-operated same-store sales fell 4.9% during the quarter. Looking ahead, Potbelly lowered its full year adjusted EPS view to 30c-33c from guidance of 35c-38c. The guidance compares to analyst estimates of 34c. In addition, the company forecast a full year mid-single digit decrease in company-operated same-store sales, an effective tax rate of 36%-38% and 45-50 total new shop openings, including 30-35 company-operated shop openings in the year. Mike Coyne, Potbelly's Chief Financial Officer...


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