Potbelly Corporation reported its financial results for the fourth fiscal quarter and full year ended December 29, 2024. For Q4, GAAP diluted EPS was $0.15, a 67% increase year-over-year, and Adjusted diluted EPS was $0.13, up 550%. Adjusted EBITDA increased 30.0% to $9.7 million. Total revenues decreased 7.3% to $116.6 million, impacted by the 53rd week in 2023 and refranchising of 34 shops.
For the full year 2024, GAAP diluted EPS was $1.31, including a $35.3 million income tax benefit from the release of a tax valuation allowance. Adjusted diluted EPS was $0.30, and Adjusted EBITDA increased 14.9% to $32.6 million. Company-operated same-store sales for the full year decreased 0.3%, compared to a 12.0% increase in the prior year.
Operationally, Potbelly opened 23 new shops in 2024 and signed 113 new franchise shop commitments, bringing the total open and committed shops to 727, an 18.8% increase year-over-year. Digital channels represented over 40% of total shop sales in Q4. The company repurchased approximately $0.5 million of common stock in Q4, with $18.6 million remaining under its share repurchase program.
Potbelly introduced its first-quarter 2025 guidance, projecting company-operated same-store sales growth of -1.5% to -0.5%. For the full year 2025, the company anticipates same-store sales growth of 1.5% to 2.5%, at least 38 unit openings, and Adjusted EBITDA of approximately $33 million to $34 million. Management expressed confidence in the five-pillar strategy for continued growth.
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