Potbelly (PBPB 2.30%) reported fiscal 2013 third-quarter earnings after the bell on Tuesday. In its first quarterly report as a publicly traded company, the sandwich maker delivered results that topped Wall Street estimates. For the quarter ended September 29, Potbelly posted a profit of $0.15 per diluted share on net income of $3.2 million. That was notably better than analysts' expectations for earnings per share of $0.09 in the period. Revenue increased 11.7% to $78 million in the period, which beat estimates for $77 million.
Potbelly also reported impressive same-store sales growth, with comps increasing 2.5% in the quarter. The company opened nine new restaurants during the period, though only one is a franchised location. Looking ahead, it says it is on track to open between 40 to 42 new stores by the end of its fiscal year.
Shares of Potbelly traded around $27 at the close on Tuesday, up roughly 92% since the company's public debut last month at $14 a pop. Going forward, investors want to know that Potbelly's growth plans are on track as the fast-casual chain competes with fast-growing competitors in the space such as Chipotle and Noodles & Company.
