PBPB - Earnings call transcript Q1 2021

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Operator

Good afternoon everyone and welcome to the Potbelly Corporation's First Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder this conference is being recorded. I would now like to turn the call over to Ms. Adiya Dixon Potbelly's Chief Legal Officer. Please go ahead.

Adiya Dixon

welcome first and call. XXXX everyone afternoon to quarter our earnings Good

and Please presenters our a our Cirulis, remarks. and President Wright, are; set our Financial and Vice Our that Bob prepared Officer; of President PowerPoint today will have that note we Chief slides Executive Senior Chief provided Officer. accompany Steve

call XXXX statements open certain section regarding other considered of future not financial performance your Reform statements the the and I'd After date. they should be our website. may these access guarantees the our questions. periods cautionary our within Act slides You as to in or forward-looking future forward-looking or subsequent note performance your any representing remarks management's attention on call Private the such company. of outlook we'll of Any statements Securities of forward-looking future like X are views of statements any for of the contain statements be as meaning events the including will These Litigation relied to comments Investor Relations upon Slide this call should prepared XXXX. future on for nor made that our

involve differ risks or of number statements presented and due a results uncertainties materially events Forward-looking significant and could to those uncertainties. from risks and

available Commission sec.gov. and in the filings the report Form statements from today forward-looking under MD&A and Risk that most given at Securities which could factors the the other headings Factors with cause annual will concerning business to information our and subsequent recent our detailed are results differ regarding be on Additional materially in risks these information and Exchange found can our actual be and that XX-K

and these do the conform of U.S. call turn I'll press or both release most GAAP available to accepted the not that to Investors website. of be investor over which items in GAAP. there call accounting Reconciliations measures directly are the appendix discussion comparable the presentation non-GAAP in now to measures principles of morning the During issued our included generally are to Bob. this a some their of also will tab

Bob Wright

Thank good and Thank I you update. since and our your today. remained you hope joining and have for us you families afternoon healthy everyone. Adiya safe last

XXXX first of I glimpse I But always their where continue XXXX of million employees year As look I in and When the remain hard to that drive-through noticeable we is XXXX. CBD quarter of lag. to to and XX% energy. and proud future weeks continue to things quick can in Potbelly. of thank the and X.X% X.X% provide a of fourth locations compared decrease first same-store by a compared let's quarter when as increased locations overview I'll three the This nearly of on of while XXXX. XXXX. airport the compared university Revenues $XX.X Slide the Suburban, first decreased fourth to to sales and our quarter the be, improvement QX, April. strong of on final by quarter very the full positive so a want contributions direction you results our into a in back team's during the for provided dedicated of we positive the we tell reported ongoing focus growth throughout quarter rate March, acceleration as and continued work very

the of improved traffic-driven business across recently modest profitability momentum see shop operating vaccinations labor most The better in improvements resulting well. beginning to environment. early types well in customer as of economic driven which our also our on-premise shops as a or those we're by shops increase efficiencies to positive particularly as accelerates. of started returns and performing is dine-in was incremental we experienced see macro in our and the improvements initiatives healthier in However, encouraging experiences, within We've strategic as quarter activity combination

see dine-in do many of we to or geographies We continue restrictions lifting easing in of core business. the where

in later progress our as details time well forecasted in-shop seen sales. it strategic the the alongside expect of Importantly, sales previously made continues the business I'll the resiliency traffic-driven and recovery as are various profitability the digital quarter, we little of development perform these stages initiatives leveraged presentation of there for initiatives most be we several ongoing I out of with results. to we sales customers during are profitability even that tell a appreciate bit quarter in of on line in time the the impressed our as flexibility Also which last part while noted to turned on blending we dine half testing a of our have we've we first as and can recovery that get provide. into our shop options same of level to to is ahead the the at implementation they've and you, grown XXXX. early plan. the digital of We But of

critical first will be as our end to ensure leadership raise Swayne, of important in our and extremely each credit that of for on and cash human each our the quarter Scott for experience sheet sheet retain readies has expectations liquidity is into the Officer. his balance talent over of progress refined remains to traffic-driven before facility This progress due the positive the initiative successfully here with sheet financial questions. which will role the the ahead Chief have the made to have driven now to XXXX. growth. Furthermore and as to end quarter sales is quarter cover and we top a attract the commitments provide for and continue during that part strategic based focus call financials capital the strong is that importantly team. to few moments, thrilled company Steve be we he's previously and balance Steve for third the leadership People flexibility highlight a top was by to we initiatives flow This team flow are deliver executed during necessary resources the amendment results-oriented strengthen We'll recent our it's able addition dive your expect Scott on trends. work by through to which to XXXX the we us fully We quarter. Potbelly of presented. crucial we on a dynamics and throughout of quarter and balance cash I'll Our return of Subsequent the the the close talent further improving return fact expects strengthened in to to the national update be growth. years deeper our to will on the brands comments turn our to XX essential our that is I rollout. in be the we made that these take by an profitability and Steve? but

Steve Cirulis

sales Thanks first the same-store where average turn the X sales to month Bob everyone. the XXXX Please afternoon our presentation good and of weekly in and Slide you of see of April. for progression quarter can the

sales traffic we dramatic comps compared with fourth Clearly, and by sales same-store a XXXX grew weak over XX.X%. were declined in at a As mentioned, period XXXX. of the same-store fourth the positive quarter respectively. was positive declined our by the already average pandemic and same-store impacted saw while year. to quarter company-operated by a significant In decline began of XXX% for improvement XXXX of which quarter X.X% year-over-year the increase Bob percentage down by the XX.X% April, which X.X% Breaking check onset the improvement at X.X% last extremely our mid-March was XX.X which sales point March

unprecedented average Even the touching intuitive way and X. weak one-year week we two-year weather-related for February's XXXX believe a expansion comparing will for more May. increase results, start mentioned. $X,XXX trends show through provide context We pace a a first to the weekly meaningful to full average from a we over the sales sales a sales $XX,XXX volumes continued the months given different XXXX, of conditions slide of comp XXXX. comparison April, quarter weekly our by challenges, more of When and January We report the into XXXX we'll just approximately XX% first sales with expanded Turning four to basis slightly show this to This just year of reasons volume second on above has level. the recovery.

Like performance XXXX. this Turning to our to last quarter walk I'll QX performance specific we're did statement or quarter through QX. we against for the for two and the going our X. sequential of highlight slide quarters, financial income you

in improvement first quarter, million same-store total traffic. increased $XX.X to the to X.X% During sequentially volumes and revenues due

of million increase G&A first quarter the compared $X.X general X.X% total and the administrative total $X.X quarter XXXX bonus expenses in fourth due Our X.X% of increased revenue to The XXXX. revenue million in accrual. to in primarily were of or was or

cost Just million or million improvement fourth I XX.X% QX a $X.X or or Cost XX.X% shop figures, of were fourth slight higher sales sales shop a was comparison. negative sales cost compared from expenses quarter shop as expenses me, sales expect to loss compared higher increased as up quarter. catch of increase was the was of sales sales for but wane in sales shop sales are just fourth shop million sales leverage. decrease quick fourth to XX.X% XX.X% in expenses of COGS quarter. XXXX. mentioned note We negative Labor This improvement the driven income controls. as sales in due demand. million the a to fourth the was COVID-related of million or quarter The of costs as sales supplies shop were or the in quarter. XX.X% for to shop or compared fourth other $XX.X $XX.X of the gloves increase were first was or the occupancy result million percentage the quarter by week fell and post-Christmas associated of out attributable on a in in increased of were million of this driven New $XX.X benefit leases percentage expenses to revenue like-for-like and quarter to increased shop primarily of EBITDA a advertising Occupancy in leverage. we The in G&A of in or volume sold to were now million expense breaking XX.X% year. sales In quarter, statement. during primarily the decrease starting the seasonality this sales sales quarter the compared the adjusted some The supplies like both to provide Other million the saw mainly field in the for million XX.X% things Adjusted goods Year's The the the by expenses of shop full COGS and as and to decrease as of $XX.X XX.X% QX PTO fourth quarter. a to $XX.X was quarter. renegotiated $XX.X level with those $XX.X in compared of $XX.X shop primarily -- primarily excuse the first $X.X or quarter, percentage of shop

balance Turning to position. our sheet liquidity and

in Our one, XXXX, sequential of our liquidity million the available items: the payment $X.X on $XX.X was hand million to facility which on the payments. end the the and million revolver quarter decreased $XX XXXX and hand Liquidity that $XX.X the million of a primarily at of $XX million, deferred cash the first resulted of of facility. on from million to $XX.X amendment; end credit at $XX.X facility. $XX.X for of million This and credit two, of cash of basis cash from our million $XX.X position two reduction compares credit on the million consisted due available which consisted

our While overall decreased, significantly strengthened the in balance liquidity quarter. sheet

compared at cash $X.X million million the end QX. the quarter at of net of Our the to end improved $X.X to

we free we us our This maturity mentioned flexibility liquidity XXXX. our affords earlier, private solid positive expectation the million successfully flow amendment facility revolving $XX the XX, generating with to a not flexibility, to the credit control by to further through As we our senior need of QX which coupled operations near of foundation placement million. and to only This leverage end continue the position included by January cash registration us onetime and financial filing ongoing deferred to for Of our for note, payments, enhanced both shelf and today gives strategic $XX filing also up fund our work but of extending to secured executed $XX an million long-term. initiatives.

We on immediate have to no plans the down draw shelf.

Turning X. sales slide show to type. shop We net performance same-store by

same-store are rollover performance the we sales effects to comparing early pandemic. XXXX, beginning on of As to previously see mentioned stages the as when we lap a

rebounded shop are suburban by are comps lag, consistent levels drive-through after and and period. from XXXX levels suburban, of XXXX low to CBD either Those in above have Recovery urban period led significantly of are two-year shops. year-to-date. drive-through continue All and or but university, our improvement types volume shops our airport shop positive approaching our showing and locations are types

distribution We expect across XXXX are solid restrictions vaccine types dine-in continue accelerates as to lifted. improvement all throughout shop and

evolved we'll be by X- and mentioned, how our moving sales on course QX. over forward far channel discussing previously trends so XXXX. the beginning Slide both a mix shows X-year in As has view revenue of X

in In impact and of uptick sticky we both severe you see weather revenues, from weather equivalent As the can volume XX% sales volume the proved country of sales March mix during at February. same almost -- February. in the digital January demand. we're the time a experienced and terms of saw weather slightly and XX% the pent-up February, significant despite down increased January and modestly to be warmer while to In-shop to due just reopenings, of month at

we believe dining sets will design two environment excitement we and we investments are as term, As to our over overall includes as up in-shop strong production rooms the contributors shop sales business all lines to flexible digital modes longer both overall consumer of digital to service us and quarter expand last the these Potbelly's to return normalizes. that discussed channels. see

X. slide to Moving

you with Today are March. we that you remind outlook. will we shared our for originally reaffirming that in We XXXX outlook of

of environment We continue or story the halves business year driven as two by believe well that be a our Potbelly-specific will as external to factors actions.

will recovery in that Our quarterly economic our strategic already support is performance initiatives underway combined the same-store XXXX. with through sequential top-line sales improvement and

the quarter. having proven case expectations. discussed performance be for the April exceeded first And As this our we've to has already with in

the shop of we achieved ahead and We level it the first half first are projecting our forecast. for in profitability year the of quarter

We end plan return ahead also XXXX. to achieve profitability third flow the and in to expect second half quarter continue positive the of to by cash the of expect to enterprise of

building operating still that, of sooner earnings Bob. to during back While will company's the than adjusted recovery the is half over momentum XXXX. delivered expected, I'll With the and the majority be things of somewhat second EBITDA pass

Bob Wright

sandwich believe Slide energized to position vibes brand Steve. this you good we'll craveable position a Everyone positions dive. Thanks shop quality for where customers resonates loyal that our and the tell with with Potbelly briefly I well and the turn first-class by of and remind please XX, both and of you as future. our it the prospective can continually we're brand

which position. brand Slide our on focus strategic its review we'll Next has XX, in our foundation

a attributes quite brand our profitability. strategy of simply a bring traffic-driven Our pillars very life as to best Potbelly to represented is the by with objective five of unifying

are well is investments to implementation loyal year. pillar And March, a which course and There drive our the on for core Slide the reward review the five making in initiatives over discussed craveable the customers focused we value. acceleration of underway to a great with quality we'll strategy. first menu, future XX, we're with of most for As the at prepare growth. the food of of Starting falls clearly traffic, few under pillars

from as well more the of experience, fewer Our enhance price a and have salads boards, half test Pair initial our for Your enhancements meat, of and rolled like Pick well Potbelly beta consolidating offering and ladder, Overall, other also a been work a the shops we out traffic, The positive. menu objective as ago. to making popular with value. sandwiches as as too. includes outside experiences. ultimate just continues phase offering. expect faster influence few as efficient improve system simplify more portions toppings the menu a smaller perceptions larger-sized customer product with simplification testing We're the result, wider the extremely customer cheese Menu more customer SKUs the to And we to testing weeks the results

shops to second menu the beta of Assuming of new as across in the our goes half we test the all the roll planned, expect out year.

the app with from stack quarter. web flexibility web tech We've redeveloping our also loyalty delivery, go decision quarter. allow app for positive to our a program. testing traction. on much gaining for improvements our improve easier future impact pricing to solid already to implement results develop and Our third during our Perks We're seen is live and track our us interface experience, in differential and and better to the gives reordering the our The enhancements both completely first experience. underway customer launch leverage are to over greater digital control contributed customer which own to End-to-end greater pilot and our also we're third-party and efforts data

a we're order great marketing our traffic side, scaled enhancing marketing frequency. on media the in strides On our focus making with and to and local grow shop

We have are active already which proving their sales. to additional drive ability campaigns,

and approach success Potbelly performed which like ad, doesn't in this leverages well marketing an feel Under today's the customer-generated-styled social which the and content, approach, popular a a of markets. has fits well recent channels. new creative look test user rather feel but Our utilizing story already with has expanded

More new we're lift and seeing the our customer importantly, sales pleased media. the from very with response we're

here In activation, March. month we've terms of Uber well executed campaigns with few partners, as third-party a of the Eats during as and such great successful Grubhub

sales versus weeks. a our a Eats, XX% versus the NCAA the XX% example Lucky in that tournament held period. X Grubhub in Uber an a lift in drove a and we and resulted promotion the around two XX% sales With promotion exclusive lift As orders, sandwich lift prior in prior

XXX,XXX the sales year-over-year the by XX% increase with progress loyalty XXXX. XX% during Perks make shop transactions year-over-year. Perk by and significantly outperforming quarter of grew program increased to members, versus quarter an continue adding nearly total during our sales by We XX% Perk

double promotions Day loyalty Groundhog days Day, ran and Valentine's the of we others. triple Some Perks Appreciation Week points included and

Our launch, focus to which flexibility with even again will base and campaigns engagement our enhance stack these have At is of loyalty tech Perks until be drive the more we'll to the our rewards continue types slated quarter. that time, to targeted with grow for third our program.

of and allow relationship customize phase current our technology one-to-one capabilities. will next building Perks beyond us segmented well campaigns to Our

develop fully pillar Lastly, be as quarter franchise-focused the last we will development mentioned to implement. and last

of recent over fact the franchisees However, pipeline brand's slate a and inquiries that five as given the We in to our States. turn active providing years still operator, are address the planned. which our leverages new franchise three XXXX growth potential welcome your we recognition beyond. we you There's healthy back originally The and of with and next updates on With much forward look see developing significant few of work questions. committed the can so in underpenetrated enhance remain as shops future and across and strategic over XXXX through for number expect to significantly call and team to annual squarely core expect United that regular to that, our plan, will to to capabilities on our Operator? performance. is the we initiatives focused the I'll now our franchisees we

Operator

Piper Please line Instructions] go of The from ahead. first Thank you. [Operator the is Sandler. Long Joshua question from

Joshua Long

that average of you're as embracing moving curious how the Great. trends and and right question. taking of from things kind the saw overall you line the Thanks if they're and what come to than expected. or during might see not that store? back Wanted are brand the consumer nice the activity dig and some be to check transaction top changing for But they their way able see the into to and/or faster we my quarter, into just seeing

Steve Cirulis

delivery in We due partially the our Yes, quarter-over-quarter question some our that movement differential average I improving saw check. sure. third-party pricing Thanks up our for good We ended Josh. think to with partners.

a the it's So per ended $X.XX $XX.XX. On a per entrée sales sales transaction on at basis, quarter we basis.

be we digital in we strong a also saw sizes was have part the that our prior continue talked about think to I tends call. order the Again, I improvement which to earlier think, as as of an business business, larger over quarter.

Joshua Long

like Great. date? That's with is pushback in you helpful. you're you there to differential a pushing helpful. your us where And And pricing have what is seen a little there thoughts guest and/or for that's And these remind that any It tolerate the of embrace? terms at Any where third-party of seems can bit a be consideration in would will topic that that horizon days finding delivery? further? real

Bob Wright

Yeah, Josh, I'll in. jump

place we're team's middleware into would continue going tech this taking I real – that what First what the one us of to of bit our the here of that thoughtful a were is did doing. able we of a prior was a you seeing and that have to We're to rollout. web that's you're with about our what middle to to with pricing and the we the allowed compared and we things the think knew tech all is third-party stack, most approach all, took not to stack we that ahead differential as of been little tier competition we develop do of app to component increase as of providers implement technology be excited honest

have in gone in some that, understand gone significantly So much that. we And to that. that there higher higher that see have And that there are range. the competitors XX-ish-percent than you're that space, know I than going the are QSR

for in was give to economical some we for that, of commissions to upper but we strive costs to have that Potbelly right delivery with to up make goes an business we key I believe bit some and see see we stickiness sure digital third-party still in our to is more the these that it. to with you we pay that digital providers we're digital offset for us that – what are. I we the as have and had check that can, we going the not of the a that that, to business little the option place to push check So us customers. become limits we further unattractive do The make try The try how found that what doesn't think plans those can for where balance think to think traffic a test now,

So I'm early the with very, very goings. pleased

Joshua Long

they've coming on are it and early of the and/or, just this attractive how if your there terms out expectations menu expectations of, test good other Great. terms you're to to guess into the Thank has what evolving? any embraced or how But it And that like that, what's along the curious, because journey sounds from any just relates to that I you going sort referred things the to provide in-store nicely. simplified guest for been observations understand seen kind later it. most learnings been roll you Obviously, early that. year. planning we're But on are expand of is details curious, in of you've in in test? could in

Bob Wright

we've to experience of easier we our holding we've attack, of know the tiers what have they they're menu time, to had personal here their ladder, we how the like unlock about only evaluating special both targets infused or comments, understand we to in People and to presenting got day's one wider the to competitive highlight feeling that toasty people dinner. wanted trying on day's in soups whatever with get one menu so tackle month, shop shop the desserts I the big and also but sandwiches, model on menus couple of customer really to Well, quarters And and that not I value it and when differently lunch, Sure. said digital previous at easier to that, certainly might that they of was Make value economic while rocks simplify this of depending guest a of time really depending also that was: in all own in the in choose. see. the come price other ensuring nature with they're and that in shared the on. do our that advantage and that very the salads navigate my the

we've And across which done has so the that sandwich the choose. menu you of that size value regardless infused sizing

like a lower they so for for We've more started bit And feedback pay, if you're given that. lower unlocked price for a got that customers Your as too. our available We've in enjoying menu. get fact was We've see they for what how Pair too. they we learned that, us option where components item Your also valuable Pick looking what they're point off a Pair only looking level we've felt to but is, the menu the of solved stand-alone little customers entry the a point, also had that get Pick little in can

more we're we the And we seeing this. won't and it to had each obviously customers, streamlined some but of on that SKUs very simplified of associates is reveal, to that, And operation simple. in ops, made the work to details satisfaction efficiently. and and while options removed ability get operational more to in we've side We're and able a on our are speed of this those and to much throughput and sandwich so faster numbers. train, our things, to so our There important we're some and already speed giving component the stations more line. do We've we've particularly a to easier few chance make in a customer and our crew that up the

Joshua Long

addition bit imagine the will and the in-store. a I improve Chief you then of tie historically just little to helpful. might things couple easier But place. there test menu, as How to know, with also over with that put maybe story the appreciate I going And on and of expect sales your has a very some forward. very comments culture People out you've on play I to what curious, get able as part you're in, initiatives of prepared there. be Officer thoughts outlined into I Scott, fruition during the quarter. side in the the be some labor doing initiatives a labor really are year? are That's important the simplified if those you just those capital imagine And how that the came been working? the and on that earlier provide human of you touched color

So you're going might how tackling just be he curious, to first? together all bring and those what

Bob Wright

been excited joining team. been and two Yeah. in a in career. We're only of engagement. life's his shows Scott it's through it super Thanks He's job weeks for two deeply. training, you of would been tremendous days rather breadth shops. got a in entire and work, has the depth done HR professional on his right tell traveling being of an He's background He already engaged managers. that. and already He's Scott's that, his and alongside about

So very think guide for that about we There's be those hour-based and associate We we're labor team, talked that we're the need to partner operations got alone question is an know an significant all. their behavior maybe using, in a day. a to of position It labor But so focus they're the past about managers guide as area labor very that with the exemplifies can to people have your He'll this us. to where that partnership experiences our model for conversations. we be we really staffing model been that of that shops. scientific a going here and business with do scale kind implementation us go initiatives company in when to happy up at I to sales continue as our Potbelly. guide have especially leadership the works it's having that and franchisees in know labor might all we in projections volumes of well offered we the sales well. up bit prepared our a means heavy. better and only put for place And we our And down to our that with well in that and down. place support We've on where customer have not little

and to that guidelines. his with number people Adam of has The that put leading the other partnership is Noyes our that in element needed. team are of positioning the in team is addition ops

customer. our the be two how Steve to all where that in business thing made one our comments need a many they have changed we best the lines to about with order lot. it's fact need, So serve know has but business production might digital to you

five guidance efficiency. during staff are was is ago inefficient years lunch need to that able out Providing positions And manage drive course, success we throughput it pull and our and and leverage really people than online six those having operators helps of or different. they us today gives So or some hours. for two that were throughput seven to different of the

pleased very initiative the for the results sure. we're So on labor with

Joshua Long

for more Great. me. you And one -- Thank one that. quick for then one

how would initiatives might side so great said the it missed it really like Perks members there lot a you now? On you my and apologies. many seems if there's just quick of But have a But members It forward. I the have and I increase do we that total just housekeeping up imagine for expect where going in now curious system? see kind terms to we're at the of sign item of in

Bob Wright

a acquisition because have in have that. and that we And stack with important get even further ability in segment customers provide really of far into the place with my numbers we we're their million traditional so patterns X.X kind this to traffic members. these lot our Yes, right, comments, a our continue annual share is we're of accelerate. that. this one-to-one proud to But you're the us. see picked those our top to significantly may to up target shops tech when smarter pleased accelerate year and really you them our communication increases smarter as be And ourselves of on membership we'll to We're getting

that's we are So where today.

Joshua Long

to a reopened we you see and like vaccines to back more X, normalized you slide helpful to coming And a my into across sales or those some think interesting going of up? in back curious maybe very system glimpse one things on some the students back frame what curious that better last looks see Thank trend? or But just that performing units it that. particularly then you and same-store chart once different some to somewhat maybe units about of performing the pieces for by just when just want in seasonality to type of But you might better all the in are urban however university those as are probably give even of you're getting seeing what some of get campus. your suburban get on back the drive-through Great. distributed

Bob Wright

staffed what types, seven we how shops Well, that's to But may days. the the the And little those in operations business way And far the shops, traditionally in I up see improving past, not a the suburban and we've making and that have other sales in the see but and shops think weaker continue we're think you business across and we only week sure we're has It's serve seen leading showing all those the those in some week driven will that us in stronger we're if a dayparts But not here. numbers is days been dayparts broad all the only expand terms, we days. too. changed. certainly the is in a by brand. business days Steve the drive-through -- digital shop let of of as holding on I'll little on the throughout for bit across all

Steve Cirulis

And at earlier. as We've hours advantage a shops I labor many sales also -- some deeper take of It's expanded initiative to operating that. one would the taking Yes. too. thing collecting look digital of in to operating honestly, add just of hours part those

we're of sales through shop seen so in week, the expanded kind And the or also these change benefits of a changing we the profile hours seeing only by of are but not volume day all efforts. profile

Joshua Long

Great. Thank my you taking questions. for

Bob Wright

Josh. Thanks,

Steve Cirulis

Thanks, Josh.

Operator

Bob closing Wright it for I'll turn no remarks. to have questions. We over further

Bob Wright

thank started All about your performance again expectations. very has XXXX and you today our the encouraged out for you time with thank everyone. exceeding right. how first quarter Well, our We're

in just be refer to potential. the for the at Please appreciate conference, support have a of of each the as Blair the well. Stifel full conference We future in website the day. are in conference, interest Oppenheimer many great virtually and continue We attending We Sandler our conferences events. you William these Potbelly. confidence the Piper and meet to we in of our Hope of Investor that dates your Relations you various including and have Potbelly's we'll to June hope the beginning reaching

Operator

the and your participation for lines. That call today. for your conclude disconnect We conference you now does you thank can

Potbelly (PBPB) 9 May 212021 Q1 Earnings call transcript