Jersey Mike’s Subs shared its first quarterly earnings since going public. The results were mostly as expected and did not give the stock much of a boost, especially after a tough first day of trading.
The company reported $208 million in revenue for the fiscal second quarter, which was close to what analysts expected. Total sales across all locations went up 10% to $1.2 billion, and comparable sales grew 2.3%, matching Wall Street’s predictions.
Jersey Mike’s expects comparable sales to grow between 2.5% and 3% for the full year, and between 3% and 4% in the third quarter. The company also predicts that adjusted earnings before interest, taxes, depreciation, and amortization will rise at least 20% this year, with 13% growth in the current quarter.
Shares went up slightly in premarket trading on Wednesday, even though the overall market was down. Jersey Mike’s started trading on the New York Stock Exchange in July, but its shares dropped on the first day and closed below the initial offer price.
