for this what and highlighted first in release press Thanks, thank call. of you issued give our morning. joining Good I'd Matt. that we a quick recap everyone, the morning, to we like you
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our to turning strategic Now review.
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provide update on minutes progress. to Let our me few an spend a
provide development unit I'll our update an on First, strategy.
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XXXX. in expect a to open location prototype We
our also have of we Finally, been evaluating capital. allocation
cash pace growth As term. will and mentioned for greater and slowing the in the be financial I additional liquidity will unit substantially we the excess provide flexibility company-owned flows near even earlier, company. This of generate
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average X.X%. a $XXX company-operated mentioned decrease third grew approximately check the for with same-store a to And a X%, then million by Now our was sales, year. the walkthrough mix. P&L I'll down total in Breaking price brief sales I combination our our outlook revenue an and of turn of as earlier, driven quarter, and of same-store
shops was about for XX Harvey, which several XX over due overall in Houston to addition, that shut greater impacted area negatively base comp the down we owned In Hurricane by points the basis days.
since shops, these except levels. of All normal returned and reopened to one, have have
the including the of to maintenance. primarily third expenses taxes such for of items, Occupancy price modest to in and directly as was XX of the period quarter, in compared third and prior sales as of partially the basis occupancy-related common basis by points maintenance, XX.X% estate year an the XX% prior quarter, an pricing year, XX.X% by XX points year the improvement sales company-operated with prior increase driven deleverage partially offset expense to real sales area about costs, in to basis XX operating to period. compared and was the basis due XX.X%, the sold was from year increase not increase renewals, quarter, year, our prior third as lease expenses was wage sales. points and inflation, Our an in margin Cost driven the in shop-level which XX.X% offset points expense was Operating utilities XX of in XX% Labor compared deleverage certain largely were goods repairs, variable due inflation increases. period up of quarter prior other by by an inflation. to
third the an about $X severance in Our general compensation equity and increase previous our million quarter, administrative were related and primarily expenses of from to approximately $XX charges CEO. million, driven of departure the
Excluding of in million which these revenue, by total expenses, an of XX our basis $XX.X or points, our about is adjusted G&A is investments driven XX.X% increase primarily approximately advertising.
from for XX.X% adjusted driven period, Our sales was a was in EBITDA the labor which our of million inflation. prior the decline same-store year $X.X and and decrease quarter, occupancy from mostly
quarter, income For the year-to-date expense a in an tax rate. or had $XXX,XXX we resulted income benefit tax a of which third XX% tax effective approximately of $XXX,XXX,
the tax associated As Update excess of during have share-based pertains provision unfavorable to benefits quarter deferred a tax expect which material the to and upon impact of recognition related we look income to fourth assets. which quarter Accounting deficiencies XXXX, the based XXXX-XX, the to will and expire compensation, tax on we the options our Standards
or adjusted adjusted share share to period. in compared prior per income income year for $X.XX diluted the the of net quarter third diluted was $X.XX Our or per million million as net $X $X.X
program, And of million. our approximately the forward. Regarding open market board-authorized quarter, move at end we of repurchase for XXX,XXX stock we program share approximately in a million continue from we in of the repurchased as available which Potbelly common will third third quarter, total repurchases, the the our shares $XX.X had $X.X for
in million. $X.X at came CapEx Our approximately
and third quarter balance strong at sheet the $XX.X balance million end remains we a of very have the X debt. cash Our with of
full outlook year fiscal reaffirm the full in to Turning the XXXX. sales account the year decline for We our for our mid-single-digits guidance be to a now XXXX. range
expect to levels modest goods inflation continue the full of We relatively year. for
the specific to year. in we to XX% inflation While cost seen goods for in expect recent items, XX.X% the sold certain produce have of continue range of full we
percentage of around a We continue to labor expect as to XX%. trend sales
Our minimum increases as in guidance we assumes last year statutory implemented offset and as taken. by continued wage well wage pressures have inflationary expected the from price part pressures
to the in to the related $X.X of of approximately $XX range our CEO continue to million, transition. expense full we G&A onetime For year, million the adjusted expect $XX.X be year the million excluding cost to
tactics the at specific the on related COGS top per we investments investments now to our macro are our be income of continued the the to in $X.XX. guidance adjusted evolving inflation net recent line, our challenges and review, the strat low expecting the Given diluted of to end range and sales in $X.XX near-term hurricanes, share our
XX% our mentioned EPS a expected our adjusted XXXX-XX. tax income Our Accounting rate impact of the well guidance to Update XX% as previously on guidance material of excludes unfavorable tax Standards as
XX to Finally, of guided, end XX franchised new and to previously as open of have XX shops new XX expect the we shops. company-operated low outlook we to our
and differentiated $XX in We million continue on In CapEx Potbelly proven is closing, million to $XX expect a brand. XXXX. to spend and between
environment, continues to that we a sales made will remain convenience and drive on focused drive continue We've believe traffic. a very competitive executing will with to are against technology what in and we be While our experience. superior challenging our in performance investments initiative guest make we and sales and disappointed to
a call long you term you menu today. our And customer. building and will innovation, appreciate to our ongoing our your have Thank support of connection a we pipeline of for on with our the time We through are brand further strategic our strengthen business. We the being committed strong review. all for which
over open for and we'll Now up it to it turn operator the we'll questions.
