PBPB - Earnings call transcript Q2 2021

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Operator

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

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

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

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

Bob Wright

Adiya. thank us everyone, update. you, morning, I Thank remained and your for healthy you and since joining families Good and today. you safe last our hope have

First ever-changing spirit and team to this foremost, our want throughout and ongoing dedicated I for hard environment. associates thank flexibility their work,

plan. we to our with our execute continued growth have further experience teams provide customers as Our great a safe

levels, half will I Beginning with with June million, an on sales Starting has So our expectations the the the line. gained increasing positive go through of the walk sales and we highlights. compared quarter only XXXX. far, through you by the XXXX number same-store Same-store XXXX of this XX% a basis the increase XXXX. to key ending XXXX. quarter a second momentum to X.X%, on same-store compared turning negative top momentum well, impacted versus Slide $XX.X QX Revenues exceeded XX.X% year. With comparison second continue of totaled pandemic as through we first the to as positive expect as X-year sales on quarter X,

sales and fully growth the significant and airport strength, yet shop not recovered. locations and to locations our of Drive-thru CBD exhibit Suburban continue gained All types momentum increasing through have quarter. while

during X% or forward. shop across though, of sales and improved overall We pent-up in growth our direction restrictions lifting lagging quarter, types the said in sequentially sales channels, positive shift moving with for volume demand. these to Dine-In dine-in the offer currently I As with right up opportunity experienced an and trending all on-premise a further business due are notable

continued channels this combined with again strong other environment, our recovery the on-premise acceleration in operating recover. quarter the to was initiatives. the very remained business from ongoing by momentum Digital in driven even the the The impact Our during sales quarter, strategic as

AUV We compared are operational first very XXXX. excited to to nicely, or Unit is Volume metric, the XX.X% up rebounding also a that report quarter critical Average

positive Our shop strength us line profitability quarter. second top led consecutive to the momentum significant in for

until enterprise Importantly, XXXX. we and half where adjusted EBITDA. EBITDA hadn't positive also achieved ahead expected of achievements expectations, we of These are well profit previous second profitability the

of Our our well. remaining the business. cash position also key cash with We another appointment us allows supports expanded net our We This million. balance $X continues our to by deferred expenses balance invest continue strengthen added as and sheet position the leadership as in Larry the sheet to to to we Potbelly, is May. phase growth. as development estate of years which our real franchise very XX over experience pivot in Larry excited of team. Strain critical next brings of our Larry and to strengthening part now Chief of is We're Development that a in Officer

more on and months. actions news growth first Chief half good riding year, ones have some that we Profitability these we completed the but share taking to role Marketing initiatives Rather, in to highlight wave made of over strategy. want proactive the and to I that our simply like clear near leadership I We We calculated our aren't have the Officer. significant in are of we to that one front recovery last very though. expect the only business, long-term to substantial future. to accelerate of be throughout the X through near the Traffic-Driven on I'd progress the fill, few outstanding our

completed happy menu and company-owned new that we've Menu be the rest First, weeks. will successful testing phase out rolling the the of coming of We're in locations our report to the Simplified franchise new we the with very to results.

the for end and pictures visual QX, to design loyalty slide We'll our which mobile customers. program integration a of aligned integration. Stack, ordering strategic pillars. subsequent and Stack Tech get presentation our the is the launched a better turning as as the new to of digital The platform's website, our our to more Slide loyal Tech authentic, the into website, detail more Second, importantly, app, X, on refresh provide we little when And new discuss program. on in new we branding, Perks user-friendly includes later Perks the app a more well

the on financials I'll Steve Now call details and sales over turn the Steve? the trends. more provide to to

Steve Cirulis

Thanks, AUV Bob, and second good of see XXXX morning, for Slide and can the where everyone. to same-store of the Please presentation, our turn sales month quarter progression the July. you of X the and

AUV in into the as XXXX July, trends rebounded few quarters, well that we second it the XXXX the in last at quarter, Looking during surpassing the nicely has see over and average.

impacted as levels percentage was grew Average positive QX XX% July we grew the XXXX. sales, quarter. average Breaking at significantly XXXX, when in which the the a balance of won't a continued by quarter to point quarter, decline of and the Unit positive important same-store XX.X%, through XX.X improvement which It trend we improvement comps XX.X%, the COVID although, while average and go company-operated strong quarter we check to of same-store compared Bob is the rebound experienced the in early sales at by to Dine-In a As dramatic our by the sales be for already expect due same-store restrictions high over the were mentioned, second months increased first XXXX that X.X%, traffic X.X%. was in sales first note of down early lifted, Volume. boost increased positively the they total overall to which quarter drastically likely

against the Slide in X. X, statement X provides as past Turning Like done going highlight sequential and the our QX we're through that to for performance recovery or consistent I'll we view our you our to of have a this more quarter walk quarter quarter of income specific performance financial momentum. XXXX, quarters,

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

EBITDA first for in General million compared was strength or sales $X.X shop was on $X.X significantly estate occupancy revenue the to third-party COGS primarily down costs associated expenses stock million as dollar $XX.X levels. of absolute compared of labor $XX.X percentage million the total is leverage. million and improved the the substantial or leverage. the the work or improved result million XX.X% million million quarter. quarter scheduling year. as efficiencies sales million sales $X.X in negative efficiencies, Administrative a was increase was a associated absolute of quarter $XX.X marketing XX.X% of The an EBITDA terms negative Labor were by shop in decrease of a shop quarter, quarter. for that higher compensation in Our driven revenue of was $XX.X or XX.X% with in and primarily the quarter, delivery sales XX.X% we The in were and in positive sales or shop result sales the allocation the by X.X% of were to decrease due bonus $X.X was This of was as cost of $X.X in quarter. from shop to cost staffing optimization the in attributable of percentage quarter, EBITDA model. the the XXXX. expenses on The million a as sales. did higher expenses quarter compared to to and shop reflecting first are a of were shop shop second of first noting in of sales on G&A first $XX.X and accrual, sales compared primarily of also sales in percentage controls. $XX.X The to decrease QX cost our increased third-party first of an labor shop expenses due other real continued X.X% or last volume with The Goods expenses. the increase decrease driven compared to COGS XXXX. loss compared stable is XXXX second of basis and in sales. Sold occupancy volume XX.X% of expenses compared increase primarily Other leverage. higher due rebates were vendor million adjusted Cost $X mark-up million first as created of accrual, total revenue million increased of G&A to XX.X% Occupancy sales It million worth expenses or due to fees by sales was or driven million higher was quarter improvement the percentage The to $XX.X and XX.X% of or increased the to first to by or percentage increased of of sales The absolute revenue, XXXX, shop sales expenses XX.X% a in second an shop in primarily to level in sales Expenses primarily $XX.X delivery. in basis million $XX.X

to We $XX.X ended balance Turning $XX.X sequential increased of the sheet. basis roughly quarter on million hand facilities. million available our to million and cash Net with flow. positive due a our $X on cash cash credit on

to leverage, our through Our work to strengthening operations sales margin balance ongoing onetime deferred fund strategic also us and expansion not to sheet, growth our only continue affords and but initiatives. the continued flexibility payments,

pleased Slide net show we same-store shop X. sales shop continued that to report seeing to are We Turning are across all types. by type recovery and

a a up channel course here, remind locations Our and notable in sales shows in and rebound of recovery is and shops restrictions In-Shop rooms. units. but with Drive-thru, levels. mix company CBD our our basis. by meaningful airport in we above revenue far returning on a Urban make suburban I'll lifting making Also XX% the that are evolved quarter. concurrent are dining noting our markets XXXX. are worth University to XXXX's our channel how pent-up the Counted In doubled catering saw catering improvement nearly the lagging, as you business. quarter, and Slide are leading so second the of demand X locations has sales in Suburban, consumers Again, from over sequential pre-pandemic trending about pickup our core the of dining digital

over successfully and see the normalizes. a Potbelly's the As and Bob. previously overall that of over of X sales environment flexible back believe digital lines, service enables Digital discussed, will In-Shop to blend production will includes call these the turn both now service we channels. we investments modes shop as design I to us long-term, we have

Bob Wright

Thanks, Steve.

year, to would a X tabs. the of be story Slide we the At distinct said Moving start of XXXX X.

our expectations initial past building for revenue have the shop-level numerous our of sequential So ahead far, growth in first the half, We X exceeded fronts. on forecast. been quarters X for for balance quarters consecutive profitability of with achieved the XXXX. We've had momentum

We by expanding was originally top-line we growth EBITDA in Drive-thru shops. also much achieved positive Suburban EBITDA strong and primarily and earlier margins our This and adjusted than driven projected.

in progress the menu portfolio the with mix. strength level priorities Stack, Profitability can't our Traffic-Driven anticipate tangible launched important and future. accelerate throughout next the the this X made on continued of We're I in second expected coming growth half our new unit The of Potbelly's our the profitability with in and enough drive comparable the to for second strategy, in the year across final weeks, and growth growth month. quarters. how shop-level we of are will nationwide Finally, sales outlined strategy, fine-tuning stages is our year emphasize to the and be advancing particularly sustainable last We aim economics in half of the for starting Tech the strengthening slide, rollout which new unit right side this

our still expect and in half, the as While majority enterprise-level our we the be to expect EBITDA we're have pleased of to we exceeded first second profitability the adjusted in expectations generated half, well.

Importantly, half half year, in expect expenses of in second well as remaining continued the XXXX, positive the from the of $X.X operations second business. the supports the as cash cash which paying million we investments through continued in flow

in franchise XX, new North with our which customers foundation out continually X to brand in and our position energized as vibes track growth. Sandwich already on with good for remind you to prospective positions briefly our craveable with locations resonates On we'll a position, X in the Tampa, always, strategic are Carolina. by open We're Shop of we discuss briefly our of opened both brand Finally, Slide believe focus, shops and the it Cary, On new position. first-class and The we'll Florida brand Potbelly has set XXXX dive. XX, and and Slide well loyal its quality our

made to a best experience acceleration customer to traffic, matters review new across year. Traffic-Driven we'll core to enhance are the on is is of future we've XX, the the progress the drive strategy pillars well our life our traffic simply Implementation most prepare our Profitability. of The while Slide quite the perceptions of driving the bring unifying and of and of by with strategy simplifying customers, the on of X Potbelly Our There with loyal most, to Simplified course represented several for very the customers' Menu pillars initiatives all attributes to objective the reward the Starting growth. brand with and from the is X of improve menu. underway value it initiatives food, the and ultimate operations. where our objective

validated transaction sales testing addition growth. by of increasing All the to were and driven these objectives in phases, both check in

I to out shops of As the at weeks. call, the rolling our and mentioned we'll menu franchise the start coming be company-owned new the the of rest in

like the and making menu available simplification the enhancements sized our product our well as variety and other includes Pick-Your-Pair of price sandwich half menu outside every skinny salads boards offering. popular As in a reminder, consolidating ladder, a as wider menu on

have large-sized variety new options we're cheese and toppings, sandwich Avo and new of among on also very some the and meat, excited our menu, We our more Steakhouse including about others. sandwich, Beef new our with Turkey

flexibility our elevating early earlier of upgrade the vibes Stack shops future for web with Loyalty experience, I to and for provides and with app launched in has been our our with us digital over our digital experience, greater and July. improving one-to-one from customers. focused our good and leverage data As reordering customer the brand call, Tech relationship interface enhancements. in our the Stack The more allows our the on control bringing Program Tech deepening space, noted we Perks easier visiting better position and The

believe So our leverages great customers and it Perks our reviews the we've received from Loyalty about far, experience further Program. new that upgraded

last saw from a also quarter. We third-party pricing with initially impact implemented was which positive delivery, differential

continued we've scaled the campaigns. to On media side, execute marketing on

Our awareness creative traffic. and celebrates drives food new and drives our digital brand direction

from to media and new very Importantly, we're advertising pleased sales our seeing response investments. the customer be list our we by continue to

make XX% members, year-over-year, by continue progress of we our the increase and an sales Additionally, to increased year-over-year. X% Perks Program quarter XXX,XXX by adding Loyalty during Perk with

Some Cookie as and Mother's Day, well promotions around promotions Thursday. Chocolate the included customer Day Day Father's and of at loyalty Chip favorite one National ran as we from a Points Double Potbelly,

to we've we're eager our customize the campaigns As well program leverage the beyond already in technology July, launch the Stack capability. noted, relationship new Perks upgraded and previous of building and was part one-to-one Tech really to segmented

hear we all is anxiously Chief which we to our more development, Strain Development franchise-focused the are pillar as May, that about. you know Larry awaiting In Officer. appointed Lastly,

operator, we connections, turn in We that, brand significantly With so strategic that back under a penetrated franchisees beyond pipeline can place healthy continue near in for you, franchise I recognition our given the now providing our your and we regular expect in a much the Traffic-Driven we look to the I communicating of for X States, of be future. open the of with XXXX can to restaurant of have address will a over in franchise on detail and plans to questions. plan, XXXX, you updates depth the of across and the more team continues call to potential total to execution our experience. fact forward given the of Operator? premium the we'll Profitability future. assure various United the X shops industry We leadership are Potbelly, new inquiries to and combined still team's

Operator

[Operator from with comes Joshua our question first Long Sandler. Instructions] And Piper

Joshua Long

dig store initiatives extensively talked in well Tech human Stack, prior human the people-led into to we that's your Simplified some see of capital to the initiatives quarters, you've the really might some better supporting your about wanted executing the and just able marketing importance of as and strategy capital, of level. be Menu, I if the at

you And might provide be there. an to able update so hopefully,

Bob Wright

thank our of have to the our we strategy pillar our crisis The across people in ways, that about have and Joshua, certainly us a good on vibes, the certainly seen Yes, question from you initiatives assure success locations. to how and items bigger We a of have But a as the support some we although of creating for labor wanted lot well. focus our that deal that's can you lot that going in the on. developed. I great staffing hear you is of activity continue country some affecting strategy, news

into implementation In fact, hired that's redeveloped some a long step to like our business. month, like, we're for we menu been provide support most that business aligned the a past we and have win how able the personal very and of in implemented with training handsome our degree than engagement outcomes pay that has financial patterns. Tech terrific paid in program, to the we've that We've to of looks the managers. support field news the to we're a of that training more our new in They people associates notion aligning new company And off And we been in up it's our that sales materials. The game quarters understand we've And able materials caused the the the completely the really high given that well as several I in shift initiatives months. the shared very excited last time. that training invest new we've out us bonuses scorecard. our outcomes the menu. what continued they're working our the of to think in we're communicating and hire our loving bonus They're and And leaders' Stack, as with of We in a the two managers' shops. with goals.

onboard type many work Officer. towards more our on I create last So people. focus bringing turn with continue see Chief infrastructure There's of can us systems. People as that think items tremendous amount we We And always that franchising, the Scott especially as of engagement there. quarter, to those Swayne of you'll scalability do to mentioned

those as on that too. items our place, year. to of as for are, many And our go out leading in we Scott's finish for to our but have sure that make way franchise of We other next the as want they're ready we strategic rest our planning growth

Joshua Long

be of you fill how exciting appointment And more lot That's built process new franchising your like update. the said helps next kind numbers franchising? to driving the Strain what realize to curious think themselves bringing I one to sure Development you curious terms onto about speaking of you the if And profitability, spot are had system. But the of franchisees to Larry on for of just steps but for attracts on just very side in the is talk business, could accelerate then the see and team improving executive about what obviously, thinking the team. Chief are, and that long-term to you exciting bringing that think on goals on of the out. potential Larry I'm sales, through that you Larry really that a how continue

Bob Wright

very, a to that It's economics and the line, we're recovery We've seeing already, unit-level share still is for we're and X secret be franchising mode. been about we've more same I us Well, thing expert, economics strengthening and bringing very were the be franchising. unlock or margins rest We be food was on. and going fourth elements attractive. people ultimate I about We we growth when growth we're we Larry the on, got always with planful Larry if exciting investment are believe though, that to growth. #X be the us in other success. intentional that top can guidance bring the stay a the our can again, He's experience QX. things a with tell the The And economics ever. quarter on his we And XX well you and until the that at think say And he's settled, selective look with years with that in experience, focused very than and the we the once opportunity of about be drive the key development brands. excited the with team, we're to thing, gap as we A all won't going think business. he'd like I those get market we share the develop. growing next targeting of framework how think to probably very talented, excited much grow successful. with as planning, real as to with growth planning, year, on give are weeks, few the market maybe where real the have are to that rapid in we're on this white and begun quickly got we know of estate for advantage to really unit-level so ours I beginning going fast that have we space brand can lifetime how locations exists, for anything like we in to a that we're and going have for share the estate smartly giving in what trade and to, He's only about conversation you, we that of brands, and and we predictability but with us we'd taking as thinking the our success but put do areas call, is as as

Joshua Long

Great.

a costs, to on on could. questions forward that if couple I of go-forward A tracking basis. Looking

got inflation underlying might for able wondering to basket, of terms initiatives be other are the the industry being you another maybe you've that. inflation that cost in but well. I the if, through some that walk we as I realize those In kind was around, Steve, that at margins look is here obviously topic moving them of is some strategic as discussed of

the trends context year? So into of provide how up, curious contracting visibility basket-shaped some sort if inflation you back half underlying or and the you any your of around could have

Steve Cirulis

Sure.

I restaurant think you pressures lot the other companies of a facing. facing that hear same we're

XX% already. basket the of our have benefit having sort we think locked I of of

don't So you we're to that the on some and immune much, We of impact chicken don't of the swings us just see necessarily lot our chicken a look, massive of forth. prices although, as not so some have menu.

it we've as see lot that also the managing discussed around us as So the as but allocation labor in and doesn't thought labor prior there's side, on might impact it others. our in a Bob we calls, suggested, And - better like impact some much of so we've with movement labor place, models got forth.

pretty about to pricing, So terms think that We manage our menu sure out we on have being feel ability of in terms not don't it make we massive about of how good in volatility inflation. any caught way, the might just management some kind provide value we with of provide it right that for new and this gives us customers. ability also for to but the our

on ourselves the the inflation got of right keep in side mechanisms we to equation. like of the place we've right feel So kind

Joshua Long

to that's of Thanks XX% for that of the just through locked. fiscal that basket that and year? Is end the the clarify

Steve Cirulis

That's into next well. as year

Joshua Long

watchlist the entirely if see last of temporarily on context are stores but me. regularly see on you closed there's that plan to thinking curious any you've you a one start to that a we have I'm guys that for is have of Maybe When little Thank but stores? know done. reviewed? about to then bit. that there. you for the about, lot I sure what as in already been it's stores complete, But reassessing. about wanted Do maybe largely that be talked you to real you and bit I estate more recover. think just been Do might might be that imagine more And cleaned optimization and be any work had if things portfolio already able up shift we list any you I provide still we a

Steve Cirulis

now. the just work the shops, will turned have in and in that elements work attempt make seeing see done. And like is you for our obviously leases the we we're as revisit can worked feel improves, renewal major terms occupancy percent the And that that. well. completed they bulk right attempts of of top-line that that we've as to in decision last work handful sales the closures forward. starts we come on was corner up we prior then of But of temp percentage as benefits the a Right. going through Well, year. And as quarters, a We to expand the of occupancy right

value So that pandemic. Bob that here into numbers we the start those create out the engine as goes being economic was real to how for all shop-level expressing coming of

Operator

our Matt And from with William Blair. question Curtis next comes Instructions] [Operator

Matt Curtis

in It a was related quarter stock But a of comp dollars things. significant like It that and accruals sounds step-up seems I'm lot to bonus G&A the and second like wondering menu in there's the what launch sequentially. Tech given recent of expect run - as well rate can for the second Stack what the as the rollout? half, upcoming in we the run rate G&A

Steve Cirulis

the in certain growth correct right the as level. of that for you're has And the right. to level Yes, near that business We've costs our of that in sales sales and back the in X% step-up reasoning in, has sub expanded or G&A in a there have the X% past Sure. is come are expressed to dollars. goal manage come

we things. rest rate. our of digits results through that with menu But but to expecting beyond were we're dollars hiring G&A to discussed think, I sales. of the business that The past, will percent dedicated the still we well double where hold G&A a bit, the far north the the of related year of G&A a of on discipline days, in in the work, are in kind the SLP Some of that true move kinds of new members, as past we're things those optimization and that we're that to

Matt Curtis

Okay. enterprise-level profitability wanted ask deferred about you your perhaps Fair the to for half, expenses. then And relatedly, excluding expectations enough. I in second

Now describe based presentation, seems deferred there it on on the might what the expenses deferred the million dimensionalize can is But figure somewhere. be or that expenses are? these otherwise $X.X like you

Steve Cirulis

last are from it's a as the across of of some the of making deferred Look, to the and that changes well landlord we when payroll our from year. fairly combination mainly from expenses profile are range sort of partnership made got sure. taxes management well Yes, from we hit, those year, of from the last some deferred that severance, some the XXXX. that year base deferred blended rents that And things

far our the that invest the mentioned of and news I think strength too in us of half helps operating give the of kind costs remarks. in mark. right we the I mid-year initiatives, those of as of as but that, we're some And ability think these the Bob deferred good underpinning not well balance strength now, sheet our half prepared those us to growth as earlier hit handle is beyond those beyond with

Matt Curtis

like while, of Having reasons a wage a inflation. Okay. apology X recently that's in I for Got over quite it. Thanks mean, haven't to price have piggybacking many competitors that. guys or - questions. Josh's of And to my it obvious and for years the I is you year, things so. your offset X.X last But like probably for question taken price guess one then on next seems while, take started

I'm the of curious price your new on backdrop around your menu against into menu second the heading half rollout? upcoming So thoughts

Bob Wright

in digits give traffic. Matt, know that and losses doesn't with we think and that you not the and Well, see went the of you you history for price those work. could reason that Yes, we I when were takes numbers And brand, with our the traffic that that history at and of up price the look capture about increases. all digits to single significant mid-single for years think expectation the were low whatever there

a and So we of on period we've of testing the that we've the that time. we that have the because during taken proven menu, as done has we and price work pandemic. balance have been menu. XX our in lift get subtle But indicated, that some with check months, especially Frankly, that nice careful last goes the of new quite very increases traffic diligent

very pleased That's structure in, already be gives for re-engineered expectations this a We surgically we of would new check that price our that selling. the us shop blends like that margins taking yet brand. when So increases. out. take relationship taking price and the We've with We're how can as with also as a that the alignment menu new so in is just menu. leverage testing where get can on price that We do pain be so and where on think we customer going smart the margins to it's more on the same maintained, very getting that without lot that that the forward, our to us price additional allows people so we healthy how the came on that's me, a that with we're need with far to a check. the way customers' in than really customer simply food we're

this every time, on of legislative every thought about makes and menu, pricing rollout well. national increases. with getting, with at we've the that pressures taking labor we're particularly sense So we're at but understand as And very nickel wage the same that for dime to exact some market carefully the the the looking

price, love. all check So the that traditional same say, that us some growth to leverage but not certainly we more that's given

Matt Curtis

media one I for on your the That digital planning initiatives of various like over makes you your channels with last upcoming had use you're last sense. me to And looks describe a Could lot certainly. months, to It success Okay. is, few menu promote marketing. you've marketing launch? how the guess,

Bob Wright

of Stack Tech one Yes. about exciting That's things the first. having in the

very our a still level. low So we've with been pleased spend advertising at digital and very

that looking activity sales measurements, the no do lift. just question that's place paid lift type level been meta that. measurement that with itself, taking traditional our part has been success to certainly quite our open pre-post lift that's has we've of the think and this our plan on size proving I spend the shared That's not our year, geographic that focused for very been last of best social So, at quarter of think tracking done I all top-line there's been the digital we advantage And sales media, as been with footprint, our part control about, a of plan. we've and

we that now And and platforms will it. So of and have web new app, we draw the to our new some our that. do Tech with menu Stack, our have into customers own to and celebrate connection multiple we this we

see and to the test life. what do do web app, continue as on media of to the completely some that capabilities customer markets then Perks to - the will that continues with work program that the we some that social our that. well, paid the excitement lever, You'll as celebrated which Perks last for to engine with runs create And to and LSM partner of that in into program, we'll traditional program create enthusiasm menu on a There a it's elements different the we more it our bring local But also did be did those before to we've lot more one-to-one facing the and course, for our that relationships. Stack dig way data kind us Tech is the some launch. shared, is Perks

implemented. both come the to with and going early of on great in great users lean a value this going give we're our very reasons our try heavily active, find the them the to So menu that users, current create bit quite a approach attraction that We're and stages layered we've food to of lapsed to rollout. for

us our very, If that proof plan the And so to they've integrated well with the better, I'm the rollout a proud with rather last very a the CMO, as yes, this we I as lot work the done to that on fill know but chair and of can can digital. it's make point plan. get this we team

Matt Curtis

luck the menu going with Good launch. forward

Bob Wright

you. Thank

Operator

there are to this closing Wright, for at I'll further turn no back time. you questions the remarks. Mr. call

Bob Wright

know, halfway fully our Hopefully, And front your momentum is our this to time want certainly Well, great of second throughout see to us. significant I today. Potbelly's potential your continue confidence you in which thank We We're you, support through that We thank just growth hope future day. interest in you has expect XXXX, far a for for with and the again half. you over you in resolute everyone, Potbelly. outperformed expectations. today's discussion. I in have

Operator

the and that does for thank your lines. for please you conference your participation ask conclude call today. That We you disconnect

Potbelly (PBPB) 8 Aug 212021 Q2 Earnings call transcript