What was the total revenue recognized by Potbelly Sandwich Works as reported in this table?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
460 | | |
See accompanying notes to the consolidated financial statements.
Potbelly Corporation and Subsidiaries Consolidated Statements of Operations (amounts and shares in thousands, except per share data)
2024 2023 Revenues Sandwich shop sales, net $ 446,165 $ 482,246 $ Franchise royalties, fees and rental income 16,433 9,163 Total revenues 462,598 491,409 Expenses Sandwich shop operating expenses, excluding depreciation Food, beverage and packaging costs 120,042 133,726 Labor and related expenses 129,252 143,744 Occupancy expenses 48,156 51,885 Other operating expenses 81,154 84,363 Franchise support, rent and marketing expenses 11,486 5,741 General and administrative expenses 46,968 48,496 Depreciation expense 12,669 12,138 Pre-opening costs 160 115 Loss (gain) on Franchise Growth Acceleration Initiative activities 462 (2,142) Impairment, loss on disposal of property and equipment and shop closures 1,257 3,338 Total operating expenses 451,606 481,403 Income (loss) from operations 10,992 10,006 Interest expense, net 829 3,281 Loss (gain) on extinguishment of debt 2,376 239 Income before income taxes 7,787 6,486 Income tax (benefit) expense (33,545) 909 Net income 41,332 5,577 Net income attributable to non-controlling interest 1,038 458 $ 40,294 $ 5,119 $ Net income attributable to Potbelly Corporation Net income per common share attributable to common stockholders: Basic $ 1.35 $ 0.18 $ Diluted $ 1.31 $ 0.17 $ Weighted average shares outstanding: Basic 29,838 29,201 Fiscal Year 2022 447,901 4,072 451,973 129,151 142,095 54,536 74,916 694 37,741 11,890 — — 4,754 455,777 (3,804) 1,349 (10,191) 5,038 327 4,711 366 4,345 0.15 0.15 28,625 Diluted 29,065 30,088 30,720 *See accompanying notes to the consolidated financial
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS, AND TRAINING (FDD pages 37–49)
What This Means (2025 FDD)
According to Potbelly Sandwich Works's 2025 Franchise Disclosure Document, the company's consolidated statements of operations show total revenues of $462,598,000 in 2024, $491,409,000 in 2023, and $451,973,000 in 2022. These figures represent the combined revenue from sandwich shop sales, net, and franchise royalties, fees, and rental income.
For a prospective franchisee, understanding these revenue figures provides insight into the overall financial performance of Potbelly Sandwich Works. It demonstrates the brand's ability to generate income through both company-operated stores and franchise operations. The fluctuation in total revenues over the three years could be due to various factors, such as changes in consumer spending, market conditions, or the number of operating locations.
It's important to note that these are consolidated figures, reflecting the performance of the entire Potbelly Sandwich Works system. A franchisee's individual shop revenue will depend on factors like location, market demographics, and operational efficiency. Reviewing these figures in conjunction with other financial data in the FDD, such as expenses and net income, can offer a more comprehensive understanding of the company's financial health and potential profitability for franchisees.