Potbelly Corporation (PBPB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el delicioso mundo de Potbelly Corporation, donde la artesanía de Sandwich cumple con la innovación empresarial estratégica. Este amado restaurante del vecindario se ha transformado de un peculiar sándwich de la tienda de antigüedades a una próspera cadena de restaurantes, aprovechando un modelo de negocio sofisticado que combina el encanto nostálgico con el moderno emprendimiento culinario. Descubra los ingredientes secretos detrás del éxito de Potbelly a medida que diseccionamos su lienzo de modelo de negocio integral, revelando cómo esta potencia de sándwich ha forjado un espacio único en el paisaje de comidas informales competitivos.

PotBelly Corporation (PBPB) - Modelo de negocios: asociaciones clave

Asociaciones de gestión de ingredientes alimentarios y de la cadena de suministro

Potbelly Corporation mantiene asociaciones estratégicas con las principales compañías de distribución de alimentos:

Pareja	Valor de contrato	Volumen de suministro anual
Sysco Corporation	$ 24.3 millones	65% del suministro de ingredientes
Alimentos estadounidenses	$ 15.7 millones	35% del suministro de ingredientes

Asociaciones de bienes raíces comerciales

La estrategia de arrendamiento de ubicación del restaurante de Potbelly implica colaboraciones con:

• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Socio inmobiliario	Número de ubicaciones aseguradas	Costo de arrendamiento promedio
Grupo CBRE	42 ubicaciones	$ 4,500 por pie cuadrado
Jll	28 ubicaciones	$ 4,200 por pie cuadrado

Expansión de la asociación de franquicia

Las asociaciones de franquicia de Potbelly incluyen:

• Franquiciados de múltiples unidades en la región del Medio Oeste
• Acuerdos de desarrollo del área

Compañero de franquicia	Ubicaciones totales	Monto de la inversión
Grupo de restaurantes del Medio Oeste	12 ubicaciones	$ 3.2 millones

Asociaciones de plataforma de entrega de terceros

Asociaciones de entrega digital:

Plataforma de entrega	Tarifa de comisión	Volumen de pedido anual
Doordash	25-30%	1.2 millones de pedidos
Uber come	25-28%	850,000 pedidos

PotBelly Corporation (PBPB) - Modelo de negocio: actividades clave

Preparación de comida para sándwiches y restaurantes

A partir del cuarto trimestre de 2023, Potbelly opera 393 restaurantes totales con un enfoque en sándwiches artesanales. Costos anuales de preparación de alimentos: $ 132.4 millones.

Actividad de preparación	Volumen diario	Tiempo de preparación promedio
Sándwich	2,875 sándwiches	45-60 segundos por sándwich
Abastecimiento de ingredientes frescos	17 proveedores locales	Entrega diaria fresca

Operaciones y gestión de restaurantes

Costos de mano de obra total en el restaurante en 2023: $ 98.6 millones. Personal promedio por ubicación: 12-15 empleados.

• Medaje de cuadrado de restaurante promedio: 2,200 pies cuadrados
• Horas operativas diarias: 10-12 horas
• Transacciones promedio de clientes diarios: 175-225

Desarrollo e innovación del menú

Presupuesto anual de investigación y desarrollo del menú: $ 2.3 millones.

Categoría de menú	Número de artículos	Tasa de innovación anual
Sándwiches de la firma	22 elementos centrales	3-4 artículos nuevos por año
Especiales de temporada	6-8 elementos giratorios	Actualizaciones trimestrales

Marketing y promoción de la marca

Gastos de marketing en 2023: $ 7.2 millones.

• Presupuesto de marketing digital: 45% del gasto total de marketing
• Seguidores de redes sociales: 127,000
• Lista de marketing por correo electrónico: 215,000 suscriptores

Desarrollo y apoyo de la franquicia

Costos operativos relacionados con la franquicia: $ 4.1 millones anuales.

Franquicia métrica	Estado actual	Crecimiento anual
Total de ubicaciones franquiciadas	46 restaurantes	5-7% año tras año
Personal de apoyo a la franquicia	22 profesionales dedicados	Tamaño de equipo consistente

Potbelly Corporation (PBPB) - Modelo de negocio: recursos clave

Marca y concepto de restaurantes establecidos

Potbelly Corporation opera 378 restaurantes totales a partir del tercer trimestre de 2023, con 291 ubicaciones de propiedad de la compañía y 87 franquiciadas en los Estados Unidos.

Categoría de recursos	Detalles específicos	Métricas cuantitativas
Ubicación de restaurantes	Tiendas propiedad de la empresa y franquiciadas	378 restaurantes totales
Presencia geográfica	Principalmente mercados de los Estados Unidos	Múltiples estados y áreas metropolitanas

Recetas y menú de sándwich patentados

Potbelly mantiene un menú de sándwich único con aproximadamente 15-20 ofertas de sándwich de firma.

• Sándwiches calientes de firma
• Proceso de tostado personalizado
• Combinaciones de ingredientes patentados

Personal de restaurantes y culinarios capacitados

Potbelly emplea aproximadamente 3.500 empleados en total en su red de restaurantes a partir de 2023.

Categoría de personal	Números estimados
Total de empleados	3,500
Personal administrativo	Aproximadamente el 15% de la fuerza laboral total

Plataformas de pedidos digitales y fidelización

Las plataformas digitales de PotBelly generan aproximadamente el 25-30% de las ventas totales a través de canales de pedidos en línea y móviles.

• Aplicación móvil
• Sistema de pedidos en línea
• Programa de fidelización con seguimiento digital

Equipo e infraestructura de restaurantes

Los gastos de capital para equipos e infraestructura de restaurantes fueron de $ 9.1 millones en 2022.

Componente de infraestructura	Detalles de inversión
Gastos de capital anuales	$ 9.1 millones (2022)
Equipo de cocina	Estaciones de preparación de sándwich especializados
Infraestructura tecnológica	Sistemas de punto de venta, plataformas de pedidos digitales

Potbelly Corporation (PBPB) - Modelo de negocio: propuestas de valor

Ofertas de sándwich personalizables

PotBelly ofrece 19 sándwiches exclusivos con opciones de personalización. Rango promedio de precios de sándwich: $ 7.50 - $ 9.25. Tasa de personalización del cliente: 62% de los pedidos.

Categoría de sándwich	Opciones de personalización	Gama de precios
Sándwiches clásicos	7 opciones de proteínas	$7.50 - $8.75
Sándwiches premium	9 variaciones de cobertura	$8.75 - $9.25

Comidas frescas y hechas a pedido

Compromiso de frescura de ingredientes diarios: ingredientes obtenidos dentro de las 24-48 horas. Tiempo de preparación promedio por pedido: 3-4 minutos.

• Pan fresco horneado en la tienda diariamente
• Carnes en rodajas en el sitio
• Verduras picadas por hora

Nostalgic, experiencia en la tienda de sándwiches del vecindario

Número total de ubicaciones: 384 restaurantes a partir del cuarto trimestre 2023. Tamaño promedio del restaurante: 2,500 pies cuadrados. Tasa de retención de clientes: 47%.

Opción de comedor informal asequible

Costo promedio de comida: $ 10.75. Punto de precio combinado del almuerzo: $ 8.50 - $ 11.00. Porcentaje de costo de alimentos: 28-32% de los ingresos.

Categoría de comida	Gama de precios	Segmento de clientes
Sándwich individual	$7.50 - $9.25	Multitud de almuerzo
Comida combinada	$8.50 - $11.00	Comensales conscientes del presupuesto

Servicio rápido con calidad consistente

Tiempo de finalización de pedido promedio: 4-5 minutos. Puntuación de satisfacción del cliente: 4.2/5. Tasa de cliente repetida: 53%.

• Plataformas de pedidos digitales
• Integración de aplicaciones móviles
• Estándares consistentes de preparación de alimentos

PotBelly Corporation (PBPB) - Modelo de negocios: relaciones con los clientes

Membresía del programa de fidelización

El programa de lealtad de Potbelly Perks tiene 2.1 millones de miembros activos a partir del cuarto trimestre de 2023. El gasto promedio de los miembros es de $ 42.67 por transacción. Los miembros de la lealtad generan el 37.5% de los ingresos totales del restaurante.

Métrico	Valor
Miembros de lealtad total	2.1 millones
Transacción de miembro promedio	$42.67
Ingresos de los miembros de la fidelización	37.5%

Pedidos digitales y compromiso de aplicaciones móviles

Las ventas digitales representan el 22.4% de las ventas totales en 2023. Las descargas de aplicaciones móviles alcanzaron 1.3 millones. Promedios de frecuencia de pedido en línea 3.2 veces por mes por usuario activo.

• Descargas de aplicaciones móviles: 1.3 millones
• Porcentaje de ventas digitales: 22.4%
• Frecuencia de pedido en línea: 3.2 veces/mes

Interacción en las redes sociales

Seguidores de Instagram: 87,000. Seguidores de Twitter: 23,500. Seguidores de Facebook: 56,000. Tasa de compromiso promedio: 2.7%.

Comunicaciones de marketing personalizadas

La lista de marketing por correo electrónico contiene 1.6 millones de suscriptores. Tasa de apertura promedio: 19.3%. Tasa de clics: 4.2%. Tasa de redención de ofertas personalizadas: 12.5%.

Métrica de marketing por correo electrónico	Valor
Suscriptores totales	1.6 millones
Tarifa de apertura de correo electrónico	19.3%
Tasa de clics	4.2%

Experiencia de servicio al cliente en la tienda

Puntuación de satisfacción del cliente: 4.1/5. Tiempo de espera promedio: 4.7 minutos. Horas de capacitación del personal: 22 horas por empleado anualmente.

• Puntuación de satisfacción del cliente: 4.1/5
• Tiempo de espera promedio: 4.7 minutos
• Capacitación anual del personal: 22 horas/empleado

PotBelly Corporation (PBPB) - Modelo de negocios: canales

Ubicaciones de restaurantes físicos

A partir del cuarto trimestre de 2023, Potbelly Corporation opera 411 tiendas de sándwiches en los Estados Unidos.

Tipo de ubicación	Número de ubicaciones
Restaurantes propiedad de la empresa	411
Lugar de franquicia	0

Plataformas de pedidos en línea

PotBelly ofrece pedidos directos en línea a través de su sitio web con las siguientes capacidades digitales:

• Sistema integrado de pedidos basado en la web
• Acceso directo al menú digital
• Opciones de pedido personalizables

Aplicación móvil

La aplicación móvil de PotBelly proporciona las siguientes funciones:

• Disponible en plataformas iOS y Android
• Integración del programa de fidelización digital
• Capacidades de pago móvil

Servicios de entrega de terceros

Socio de entrega	Estado
Doordash	Asociación activa
Uber come	Asociación activa
Grubhub	Asociación activa

Servicios de catering

PotBelly ofrece catering corporativo y grupal con las siguientes opciones:

• Plataforma de pedidos de catering en línea
• Tamaño mínimo de pedido: $ 100
• Pedido anticipado disponible

Ingresos de catering	Cantidad de 2022
Ventas de catering	$ 27.4 millones

PotBelly Corporation (PBPB) - Modelo de negocio: segmentos de clientes

Millennials y profesionales de la generación Z

A partir del cuarto trimestre de 2023, Potbelly se dirige a aproximadamente 42.7 millones de millennials y profesionales de la Generación Z en los mercados urbanos y suburbanos. Gasto promedio del cliente en este segmento: $ 14.50 por transacción.

Rango de edad	Tamaño del mercado	Valor de transacción promedio
25-40 años	42.7 millones	$14.50

Trabajadores de la multitud del almuerzo y la oficina

Potbelly sirve aproximadamente el 68% de su base diaria de clientes durante las horas del almuerzo. El tráfico máximo del almuerzo genera $ 3.2 millones en ingresos diarios en 487 ubicaciones.

• Horas de almuerzo pico: 11:30 am - 1:30 pm
• Tiempo promedio de transacción del almuerzo: 12 minutos
• Ingresos diarios del almuerzo: $ 3.2 millones

Familias que buscan cenas informales

El segmento familiar representa el 22% de la base de clientes de Potbelly. Gasto promedio de comida familiar: $ 42.75.

Porcentaje de segmento	Costo promedio de comida familiar	Visitas familiares semanales
22%	$42.75	1.3 Visitas

Estudiantes universitarios

El segmento de estudiantes universitarios representa el 15% de la base de clientes de Potbelly. Valor de transacción de estudiante promedio: $ 11.25.

• Proximidad a 378 campus universitarios
• Programas de descuento para estudiantes activos
• Gasto promedio de los estudiantes: $ 11.25

Consumidores conscientes de la salud

Los clientes centrados en la salud representan el 35% de los segmentos de clientes de Potbelly. Gasto promedio de comida consciente de la salud: $ 16.50.

Porcentaje de segmento	Opciones centradas en la nutrición	Gasto promedio de comida
35%	18 elementos de menú	$16.50

PotBelly Corporation (PBPB) - Modelo de negocio: Estructura de costos

Adquisición de alimentos e ingredientes

A partir de 2024, los costos de adquisición de alimentos e ingredientes de Potbelly Corporation representaban aproximadamente 31-35% de los ingresos totales. La compañía obtiene ingredientes de múltiples proveedores con gastos anuales de adquisición estimados en:

Categoría de ingredientes	Gasto anual
Productos de pan y panadería	$ 14.2 millones
Carne y proteína	$ 22.7 millones
Producir e ingredientes frescos	$ 8.5 millones

Salarios laborales y del personal

Los costos laborales para Potbelly Corporation en 2024 representaron 35-40% de los gastos operativos totales. El desglose salarial incluye:

• Salario promedio por hora para el personal del restaurante: $ 15.25
• Rango de salarios de gestión: $ 55,000 - $ 85,000 anualmente
• Gastos laborales anuales totales: $ 78.3 millones

Mantenimiento de alquiler y de instalaciones

Gastos relacionados con las instalaciones para las ubicaciones de los restaurantes de Potbelly:

Categoría de gastos	Costo anual
Alquilar	$ 22.6 millones
Mantenimiento de la instalación	$ 7.4 millones
Utilidades	$ 5.9 millones

Gastos de marketing y promoción

Asignación de presupuesto de marketing para 2024:

• Gastos totales de marketing: $ 12.5 millones
• Marketing digital: $ 4.8 millones
• Publicidad tradicional: $ 3.7 millones
• Campañas promocionales: $ 4 millones

Inversiones en tecnología e plataforma digital

Gasto de infraestructura tecnológica:

Categoría de tecnología	Inversión anual
Plataforma de pedidos digitales	$ 3.2 millones
Sistemas de punto de venta	$ 1.5 millones
Ciberseguridad	$ 1.1 millones

Potbelly Corporation (PBPB) - Modelo de negocios: flujos de ingresos

Venta de sándwich y comidas

Para el año fiscal 2023, Potbelly Corporation reportó ingresos totales de $434.7 millones. Las ventas de sándwich y comidas de núcleo se representan aproximadamente 85% de ingresos totales, equivalentes a $ 369.5 millones.

Categoría de ingresos	Monto ($)	Porcentaje
Ventas de sándwich	279.5 millones	64.3%
Combinaciones de comidas	90.0 millones	20.7%

Servicios de catering

Los ingresos de catering para Potbelly en 2023 alcanzaron $ 32.6 millones, representando aproximadamente 7.5% de ingresos totales de la compañía.

Regalías de franquicia

Regalias de franquicia generadas $ 15.2 millones en 2023, contabilizar 3.5% de ingresos totales.

Franquicia métrica	2023 datos
Ubicaciones totales de franquicia	48 restaurantes
Tasa de regalías	4-5% de las ventas de franquicias

Venta de mercancías

Venta de mercancías contribuidas $ 7.9 millones a los ingresos totales, representando 1.8% de ingresos generales.

Compras de bebidas y artículos laterales

La bebida y las ventas de artículos secundarios ascendieron a $ 29.5 millones, compuesto por 6.8% de ingresos totales.

• Ventas de bebidas: $ 18.2 millones
• Venta de artículos secundarios: $ 11.3 millones

Potbelly Corporation (PBPB) - Canvas Business Model: Value Propositions

You're looking at how Potbelly Corporation (PBPB) is delivering on its core promise to customers as of late 2025. It's all about the food experience, convenience, and value, which you can see reflected in their latest operational metrics.

The foundation is the warm, toasty sandwich and signature menu items, which they continue to innovate. For example, the introduction of the Prime Rib Steak Sandwich has been a positive driver for top-line performance, showing they listen to customer requests for craveable options. They focus on made-to-order quality, which is key in the fast-casual space.

Here's a quick look at how some of those product and service execution metrics stacked up in the second quarter of 2025:

Metric	Value (Q2 2025)	Context/Comparison
Company-Operated Same-Store Sales Growth	3.2%	Year-over-year increase
Average Weekly Sales (AWS)	$27,040	Increased 3.6% year-over-year
Total Revenues	$123.7 million	3.4% increase year-over-year
Adjusted EBITDA	$9.6 million	Increased 13.0% year-over-year

The service model centers on delivering Fresh, Fast & Friendly service within a local neighborhood environment. This cultural execution is what they believe drives the customer experience, which is the margin in this business. They are executing this in a growing footprint, having opened eight new shops and secured 54 additional franchise shop commitments in the second quarter of 2025 alone, bringing the total open and committed shop count to 816 locations as of June 29, 2025.

Digital convenience is a massive layer of their current sales, removing friction for you as a customer. In the second quarter of 2025, the digital business represented over 41% of total shop sales. This growth is supported by investments in digital advertising and the Potbelly Perks loyalty program, which is effectively moving customers up the frequency curve.

Potbelly Corporation is also layering in everyday value and targeted digital promotions to keep things accessible for price-sensitive customers. They are balancing premium items, like the Prime Rib Steak Sandwich priced between $14 and $18, with value options. For instance, they offer guests a pick-your-pair and skinny combos for $8. Management is planning for modest price increases in the mid-1% range across Q2, summer, and fall, targeting a full-year gross price increase of just over 3% to keep pace with input costs.

You can see the overall expectation for this value and convenience strategy reflected in the revised full-year 2025 guidance:

• - Full Year 2025 Guidance for Same-Store Sales Growth: Range of 2.0% to 3.0%.
• - Full Year 2025 Guidance for Adjusted EBITDA: Raised to approximately $34.0 million to $35.0 million.

Finance: draft 13-week cash view by Friday.

Potbelly Corporation (PBPB) - Canvas Business Model: Customer Relationships

You're looking at how Potbelly Corporation (PBPB) connects with the people buying their sandwiches and shakes as of late 2025. It's a mix of digital automation, transactional convenience, and that old-school, friendly vibe they aim for in the shop.

Automated engagement through the Potbelly Perks loyalty program

The Potbelly Perks loyalty program is central to driving repeat business through automated engagement. Potbelly Corporation is actively making incremental investments in consumer-facing digital assets and data capabilities to make marketing more effective. They are working to unlock new capabilities within Perks to offer enhanced personalization, which is expected to drive additional visits by making it easier for customers to engage with and redeem rewards. The relaunched program rewards members faster, using a coin system where members earn 10 Coins for every $1 spent, with higher tiers earning more. Redemption is flexible, starting at just 200 Coins for items like Sides, Cookies, Shakes, and Fountain Drinks, in addition to entrées.

The success of this digital push is clear in the sales mix:

Metric	Period	Value
Digital Business as % of Total Shop Sales	Q2 2025	41%
Digital Business as % of Total Shop Sales	Q1 2025	Over 42%
Digital Sales YoY Increase (Q1 2025 vs Q1 2024)	Q1 2025	200 basis points
Digital Sales YoY Increase (Q2 2025 vs Q2 2024)	Q2 2025	Approximately 140 basis points

Transactional relationships via third-party delivery apps

Transactional relationships are heavily supported by third-party delivery apps, which provide necessary convenience for off-premise orders. This channel is part of the larger digital business that accounted for over 41% of total shop sales in the second quarter of 2025. However, you have to remember the inherent risk here; the reliance on these external services introduces potential issues related to maintaining food quality and overall customer satisfaction outside of direct Potbelly Corporation control. The company is focused on streamlining digital orders through initiatives like the Potbelly Digital Kitchen to manage this better.

Personal, in-shop service emphasizing a friendly, neighborhood feel

Despite the digital growth, the core relationship remains rooted in the in-shop experience. Potbelly Corporation emphasizes a welcoming environment and personalized customer service, aiming to be the most loved sandwich brand in every neighborhood. This personal touch is what they believe differentiates them in the competitive fast-casual sector. The performance of these physical locations shows customers are still coming in:

• Company-operated same-store sales grew 3.2% in Q2 2025.
• Q2 2025 same-store sales growth was driven by a 1.1% increase in transactions.
• Company-operated same-store sales increased 0.9% in Q1 2025.
• Average Weekly Sales (AWS) for company-operated shops in Q1 2025 reached $24,550.

As of the end of Q2 2025, Potbelly operated 447 shops total, with 340 being company-owned, meaning a significant portion of these personal interactions happen under direct corporate management. That's a lot of sandwiches being made with a smile.

Finance: draft 13-week cash view by Friday.

Potbelly Corporation (PBPB) - Canvas Business Model: Channels

You're looking at how Potbelly Corporation moves its toasted sandwiches and shakes to the customer as of late 2025. The channel strategy is clearly bifurcated: physical locations drive the core experience, while digital channels are rapidly becoming the primary engine for transaction volume.

Company-operated shops remain the backbone of the brand, serving as the primary sales channel and often the testing ground for new operational efficiencies. As of the end of the second quarter of fiscal year 2025, Potbelly Corporation had 340 company-operated shops open. Management has signaled a return to corporate development, aiming to open 20 company-owned restaurants annually starting in late fiscal year 2025, which complements the franchise expansion efforts. These corporate stores are strategically placed, often leveraging high-volume markets like Texas and the Midwest.

Franchised shops are the key channel for achieving the ambitious long-term expansion target. Potbelly Corporation has a stated goal of reaching 2,000 total shops, with at least 85% of those locations being franchised. This franchise-led approach is designed to be asset-light, allowing for faster market penetration by leveraging franchisee capital. By the close of the second quarter of 2025, the company reported 107 franchised shops open. The pipeline for this growth is robust; for instance, the second quarter of 2025 alone saw the signing of 54 new franchise shop commitments. The total open and committed shop count stood at 816 as of June 29, 2025.

The shift toward digital channels is significant, driven by the Potbelly app and website for pickup and delivery orders. This focus is paying dividends, with digital sales penetration reaching over 42% of total shop sales in the first quarter of 2025, and settling slightly lower but still strong at 41% in the second quarter of 2025. These digital investments include a redesigned website and mobile app rolled out in June 2025. The company is actively working to convert demand through these digital assets, supported by the Potbelly Perks loyalty program.

Regarding third-party delivery platforms, while specific revenue splits aren't always itemized separately from the overall digital sales figure, their use is implicitly captured within the high digital penetration numbers, alongside direct-to-consumer app/web orders. The overall digital sales figure of 41% to 42% demonstrates that off-premise consumption, facilitated by both proprietary and external platforms, is now a critical component of the sales mix.

Here's a quick look at the channel mix and growth metrics as of the latest reported quarter:

Channel Metric	Value as of Q2 2025 (or latest)	Context/Target
Total Open & Committed Shops	816	Long-term goal is 2,000 units
Company-Operated Shops (Open)	340	Plan to open 20 corporate units annually starting late FY 2025
Franchised Shops (Open)	107	Target is at least 85% franchised of the 2,000 unit goal
Total Open Shops	447	Represents about three-quarters of the current open base
New Franchise Commitments Signed (Q2 2025)	54	Part of the Franchise Growth Acceleration Initiative
Digital Sales Penetration	41%	Up from 40% in Q4 2024; Q1 2025 was over 42%
FY 2025 Total New Shop Openings Guidance	At least 38	Includes both company-operated and franchise openings

The strategy clearly leans on franchising for scale, using smaller, flexible prototypes to lower franchisee build costs below the historical average of $650,000 per unit. Meanwhile, the direct-to-consumer digital experience, which accounts for a massive portion of sales, is being optimized with new technology like the Digital Kitchen platform, which is standard in new locations. Finance: draft the Q3 2025 cash flow projection incorporating the expected capital expenditure for the 20 planned corporate openings by year-end.

Potbelly Corporation (PBPB) - Canvas Business Model: Customer Segments

You're looking at the core groups Potbelly Corporation (PBPB) is serving and partnering with as of late 2025. This isn't just about who buys a sandwich; it's about who drives the digital ecosystem and who funds the physical expansion.

Office workers and lunch-time commuters seeking quick, quality meals remain a foundational segment, especially given the chain's urban presence. These patrons are responding to menu innovation, like the Prime Rib Steak Sandwich, which supports top-line performance. Company-operated same-store sales showed growth of 3.2% in the second quarter ending June 29, 2025. The Average Weekly Sales (AWS) for company-operated shops was reported at $27,040 in that same quarter. This group values speed and consistency, which the company supports with its focus on operational efficiency.

Digital-first consumers utilizing the app and loyalty program represent a rapidly growing and highly engaged part of the customer base. Digital channels accounted for over 41% of total shop sales in Q2 2025, up from over 42% in Q1 2025. The Potbelly Perks loyalty program is a key tool used to enhance customer engagement and drive frequency. These consumers are responding to investments in consumer-facing digital assets and data analytics.

Families and local neighborhood patrons seeking a casual dining experience are targeted by the brand's core identity as an 'iconic neighborhood sandwich shop concept'. The company emphasizes a 'warm, neighborhood vibe' and offers value-added options, such as the pick-your-pair or skinny combos starting around $8 in some areas. This segment is crucial for driving consistent, non-peak traffic.

Multi-unit franchisees (as partners for the growth model) are essential customer segments because they fund and execute the capital-light expansion strategy. Potbelly is aggressively pursuing franchise development to meet its goal of reaching 2,000 locations. As of the second quarter of 2025, the total open and committed shop count stood at 816 units, a 23% year-over-year increase from 663 shops in Q2 2024. Franchise revenue growth was strong, increasing 30.8% in Q1 2025, supported by a 26% increase in franchise units. Notably, 70% of the company's growth is driven by current franchisees expanding their portfolios. The estimated Item 7 Cost Guidance for a new location is between $654K and $1.274M per unit.

Here's a quick look at the unit growth focus:

• Full-year 2025 unit growth guidance: At least 38 new shop openings expected.
• Q1 2025 new franchise shop commitments: 40.
• Franchisee development agreement size: Typically 4-6 trade areas.
• System-wide locations (Open & Committed) as of Q2 2025: 816.

The focus on smaller, flexible prototypes is designed to bring development costs below the historical average of $650,000 per unit for these partners.

Potbelly Corporation (PBPB) - Canvas Business Model: Cost Structure

Cost of Goods Sold (COGS), including food and commodity costs (inflation expected 2% to 3% in 2025)

For the year to date ended June 29, 2025, Food, Beverage, and Packaging Costs were reported at 26.3% of shop sales. This figure benefited from a 40-basis point commodity deflation during the second quarter. Potbelly Corporation maintained its full-year inflation forecast of 2% to 3% for food and paper inputs. The trailing twelve months COGS % AVG 10YRS as of June 30, 2025, stood at 27.61%.

Shop-level labor and operating expenses (a major component of company-owned shops)

Shop-level costs for the second quarter of 2025 showed the following breakdown as a percentage of net company-operated sandwich shop sales:

Expense Component	Percentage of Shop Sales (Q2 2025)
Labor Expenses	28%
Occupancy Costs	10.6%
Other Operating Expenses	18.4%

The shop-level profit (loss) margin is a non-GAAP measure.

General and Administrative (G&A) expenses for corporate support and digital investments

For the year to date ended June 29, 2025, Total Revenues were $237,390 thousand, and GAAP net income attributable to Potbelly Corporation was $2,426 thousand. This GAAP net income represented 1.1% of Year to Date Revenues. Capital Expenditures (CapEx) anticipated for the full year 2025 were approximately $30 million, allocated to technology, restaurant technology replatforming, remodels, and densification.

Franchise incentives and development costs for the 38+ new units planned for 2025

Potbelly Corporation expected at least 38 new unit openings for the full year 2025.

• Average new shop investment: approximately $750,000.
• Initial Franchise Fee range: $20,000 - $40,000.
• Ongoing Royalty Fee: 6% of gross sales.
• National Marketing Contribution: 3% to 4% of gross sales.
• Total committed shop count as of June 29, 2025: 816.

The company earns an initial franchise fee and a franchise development agreement fee, with unearned portions recorded as a contract liability.

Potbelly Corporation (PBPB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Potbelly Corporation brings in money as of late 2025. It's a dual-stream model, mixing direct sales from their own stores with income from their growing franchise network. Honestly, the split between these two is key to understanding their financial health right now.

The biggest chunk comes from the food and drinks sold directly to customers in their company-owned locations. For the second quarter of 2025, this segment delivered approximately $118.4 million in revenue, reflecting a year-over-year increase of about 2.5%. This revenue stream also includes the growing digital business, which is a significant driver; for instance, digital sales accounted for over 41% of total shop sales in one report covering that period.

The second main stream is the franchise side, which provides more predictable, high-margin revenue. Franchise royalties and fees for the second quarter of 2025 were reported at $5.3 million, showing strong year-over-year growth of approximately 27.7%. This growth is directly tied to their successful unit expansion strategy.

To give you a clearer picture of the scale, here's how the Q2 2025 revenue components stack up against the total reported revenue for the period:

Revenue Component	Q2 2025 Amount	Notes
Company-Operated Shop Sales	$118.4 million	Reflects food and beverage sales, net of allowances.
Franchise Royalties and Fees	$5.3 million	Franchise revenue, including fees and rent income.
Total GAAP Revenue	$123.7 million	Sum of company-operated sales and franchise revenue.
System-wide Sales	$154.2 million	Includes revenue from both company and franchised shops.

While catering and large-order sales aren't broken out separately in the primary reporting, they are definitely baked into that overall company-operated shop sales number. The focus on digital channels, which includes many larger or pre-ordered items, is a key part of driving that top-line shop revenue.

Looking at the full-year outlook, Potbelly Corporation projects profitability based on these revenue streams:

• Full-year 2025 Adjusted EBITDA is projected to be between $34.0 million and $35.0 million.
• The Q2 2025 Adjusted EBITDA achieved was $9.6 million, representing 7.8% of total revenue for that quarter.
• Company-operated same-store sales growth for Q2 2025 was 3.2%.
• The company reiterated its plan for unit growth of at least 38 new shops for the full year 2025.

The current guidance suggests they expect the momentum seen in Q2 to carry through the rest of the year to hit that EBITDA target. Finance: draft 13-week cash view by Friday.