Thanks, Alan, everyone. and good afternoon,
year, shops same-store driven our quarter sales, and We review $X some summary price a with same-store driven our of the by X.X% the company-operated full-year quarter, including revenue. give million the revenues mix. our average check outlook and highlights decreased impact for new a combination last X.X% new with fourth top total provide approximately franchised. due shops. percent sales contributed million also company-operated down associated seven to and I'll X.X% to four mentioned, XXXX. of XXrd week our decrease of Breaking in $XXX The As grew predominantly was balance Alan three line, fourth the and the opened for Starting the you I'll which approximately by a results. P&L of overlapping
seven by $XXX million, of sales of to impact the decreased and decrease XXrd by revenue We shops X.X% company-operated year. including XX week driven total and the full-year, last franchised. same-store new the our For XX X.X% opened new
XX.X% for the quarter, Our sales of prior the shop as quarter the prior level and impact of an in the margin the XX recall. goods year was sold XX.X% was the as points compared fourth XX.X% the the was Shop sales level prior of traffic our a period. fourth XX.X% to year investments XX.X% by Cost for driven of year company-operated basis in to percentage company-operated of increase year to in as lettuce romaine driving margin period. compared
cost XX year and goods For prior XX.X% of of prior was to the points sold year improvement basis with consistent our the guidance. an
points increase from prior of the about was XXX For which quarter, year. labor a was XX.X%, an the basis
to guidance. points increase de-leverage. labor due the quarter, compared an For year and was compared driven inflation an the were increase occupancy de-leverage the primarily sales was renewals, taxes points of full-year prior XX.X% certain and lease was year area Increases which costs wage in to last estate of and XX including by period real to prior XX common maintenance. related basis near XX.X% basis and inflation as and sales Occupancy expense
prior to XX.X% operating year. points and of the fourth an For Other was expense XX occupancy sales basis year. year, of the quarter XX.X% prior flat was the in to expenses which increase the were compared
other of to year variable basis items were repairs, sales percent an last in year, XX.X%, XX operating directly largely expenses as points the For other not and compared de-leverage sales. sales with to expenses increase of due utilities a such as
period. Our million as of general year XX an administrative the were the or expenses compared in quarter revenue, which total increase approximately points prior fourth XX.X% of basis $XX.X to is
of $X.X the transition of revenue, XX our For total proxy-related basis and by CEO the costs, or expenses, business CEO of is as an excludes points closure year or the core revenue, closures, in million best to driven basis and primarily prior XX.X% which restructuring store G&A, G&A $XX.X was compared quarter the period. which the XXXX increase expenses costs, costs. of total we year, transition an for G&A year million Adjusted our believe were points X.X% costs, fourth compared XX prior increase our to restructuring and of costs indication store
prior For revenue in the compared was revenue to of million $XX.X or full-year adjusted X.X% of XXXX, or the G&A X.X% million $XX.X as year.
adjusted the million $XX.X period. for as in Our the $X.X prior million year was to quarter compared EBITDA
driven adjusted decline the inflation. our was well same-store For period, and in $XX prior as labor from sales mostly to in as compared EBITDA year million the occupancy million year, $XX.X as
had During $X.X benefit of $X.X quarter, tax million fourth income income we million an tax benefit of for the the an year. and
fourth income or income share $X.X adjusted was the net the per prior Our to of diluted $X.X as for million quarter or diluted net in adjusted per $X.XX period. year $X.XX compared million share
share $X.X net For or as was compared income previous prior $X.XX the income million or in year, to adjusted period, guidance per our diluted of $X.XX. adjusted million of per $X.XX the year diluted and share $X.XX net to $X.X
we repurchase share open Potbelly fourth of the for approximately in of program, in quarter our market approximately stock a $XX.X shares the total repurchased common Regarding XXX,XXX million.
X fourth we fiscal shares we repurchases, authorized During from of which of the available $XX.X million. XXXX, million forward. as year the the for move board $XX.X end we had At for quarter, million continue will purchase approximately our program
came capital full-year guidance at of our the which the was Our low-end million year. the expenditures for for at $XX.X approximately in
the balance the million Our balance strong $XX.X have zero fourth sheet remains cash we the end of debt. very with of quarter and at
Now I XXXX. effective the briefly would the of to ASC accounting like XXX lease XX, adoption standard December new on comment
to a of We assets of operating $XXX in impact expect balance in expect $XXX lease corresponding sheet, a to a to million and liabilities this our million $XXX material record of as standard have consolidated we on approximately approximately that range right will $XXX range use million million.
of our impaired of the use income. of to $X.X occupancy expense and approximately have of $X.X shops, million an assets reduction associated statements in expect right consolidated with impact million We which
the results comparative have periods prior reported change expect flows. on of not note as statement been our impact immaterial remain consolidated no cash therefore accounting historically. for restated this that impact Please We and of
Alan we X.X% XXXX. approximately of and range in earlier the year mentioned our for food sold the five for to We is lot. full-year @XX.Xty to our cost percent as of of XX% Turning outlook company-operated same-store XXXX percent expect to XXXX, for fiscal sales five point basket six growth had to point X.X% full twenty now the deliver goods anticipate five
We expect increases pressures sales. well sales this labor to minimum to expect implemented year increases a full-year XX.X% we expected year, last as and percent XX.X% percentage and as wage wage pressures minimum between as from inflationary same-store wage of as our outpace trend
through our our our We expenses will continue improve to to manage continued investments labor labor productivity.
the range to $XX in G&A our expense increased our and increasing reflecting support million million, year in to the of adjusted technology compensation expect to to payout investments future growth. $XX performance-based For be levels we investment advertising, target our
G&A store closure company-owned during again Our existing occur to include portfolio. expected focused XXXX outlook not remain opportunistically which as we on costs, our does are optimizing
investments slowing EBITDA of unit anticipated continue and growth to strategic our Given pressures, our compensation growth increasing pace drive million closures our shop inflationary we to levels, target to traffic expect million. ongoing the continued $XX in $XX optimize of coupled XXXX to range our in the with we performance-based our and portfolio as company-owned adjusted
between and year. expect an XX% rate We tax next for effective XX%
shops X company-operated to be XXXX weighted. XX franchised and open company-operated expect to in backend We shops. XX The new shops X will to new new
In addition, optimizing focused portfolio. existing company-owned on our we remain
to will to exit As such, shops. explore we continue profitable opportunities less
in close between in to the and XX with expect QX. We XXXX closing X majority shops
In in XXXX. between of $XX capital investments, to and million we million terms $XX expect spend
results the want through quarterly guidance on of Finally, a spend our discuss do first-half comp first to provide basis, quarter. the not moment a while I to we
the Washington As current including weighted our toward and the Midwest many business you the region. Mid-Atlantic of are D.C. is aware, upper
that negatively well vortex the by key were our of influenced such, as the government business federal across the As as swept our markets. shutdown polar frigid results
business of has cadence. the not the prepare we for menu at changes, start as renew year did to our addition normal been our the the fiscal launch of pricing In
which until we the from quarter. in created However, This the accelerate optimization later the of rollout possible, menu lapse XXXX a first as did pricing middle in of to as short-term our mid-February. physically soon was
in trend be and remained trend As comp lower has a same-store same-store range Alan remarks. date our QX for of over his result to call growth contemplated to QX quarter results. although worsened we our turn same-store These summary sales XXXX, operated the are of anticipate company outlook back QX, than now I'll has our these sales items similar factors in to to the X.X%. growth sales nominal X.X% underlying full-year to for
