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player ready...Shares of Potbelly Corp. climbed more than 11 percent in aftermarket trading Tuesday after the Chicago sandwich chain reported strong revenue growth in its first quarterly report as a public company.
Potbelly said it earned $2.2 million in the quarter that ended in Sept. 29, compared with $2.6 million in the same period last year. Net income was crimped by a slew of increasing costs, offsetting an improvement in sales.
Revenue rose to $78 million from $69.9 million in the same quarter a year ago.
The company completed its initial public offering on Oct. 9, and shares more than doubled in their market debut. They’ve remained relatively flat since.
Potbelly started in 1977 as an antique shop on Lincoln Avenue that sold sandwiches and desserts on the side. The original owner sold that spot in 1996 to an entrepreneur who grew the chain into 100 stores within 9 years and 200 three years after that. It now has nearly 300.
In after-hours trading Tuesday, Potbellygained $3.14, or 11.6 percent, to $30.20. The stock gained 4 percent in the regular session.