Potbelly Corporation Provides Update on Current Business Conditions

Company committed to safety of customers and employees; Focused on Off-Premise & Digital channel, including new curbside pick-up option

CHICAGO, March 20, 2020 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ: PBPB), the iconic neighborhood sandwich shop, today provided an update on current business conditions in light of the COVID-19 pandemic. Company-owned shops remain open in accordance with guidance from local authorities. Delivery, in-shop pick-up, drive-thru, or curbside pick-up are available in those locations. Customers can place off-premise orders through Potbelly.com and the Potbelly app, or through DoorDash and Grubhub marketplaces nationwide.

Alan Johnson, Chief Executive Officer of Potbelly, commented, “During this difficult time, our number one priority is the safety and well-being of our employees, customers, franchisees, and communities. I’m extremely proud of our team’s ability to react quickly during this ever-changing environment. We continue to monitor the situation on a real-time basis and are closely following instructions from the CDC and government authorities. I want to thank our loyal customers for their continued trust and support, as well as our dedicated employees for their commitment to safety. We look forward to brighter days ahead, exceeding the needs of our customers and continuing to provide great food, made right.”

“Our Off-Premise & Digital channel, which accounted for a record 24.4% of sales in the fourth quarter of 2019, has increased steadily over the last week,” added Johnson. “Investments in this channel have proven timely, as they helped build a flexible platform that is allowing us to adjust and react quickly to meet customer needs. This includes our new offering, curbside pick-up, which is now available at most of our shops. This option gives the customer drive-thru like convenience and speed, and offers another safe and efficient way to enjoy our fresh and tasty sandwiches.”

Johnson continued, “Over the preceding quarters, we’ve made significant progress in executing against our turnaround strategy and have seen our momentum grow. In fact, through the first 10 weeks of 2020, we saw comparable same-stores sales of +2.5%. We were on pace to record our fourth straight quarter of sequential same-store sales improvement and our first positive quarterly comp since the fourth quarter of 2016. However, market conditions have changed substantially in the last week as we face the realities of COVID-19. As a result, we have withdrawn our guidance for fiscal 2020 and will provide an update on our business during our first quarter earnings call.”