Potbelly Corporation (NASDAQ:PBPB) Q1 2020 Earnings Conference Call - Final Transcript

May 12, 2020 • 05:00 pm ET


Potbelly Corporation (NASDAQ:PBPB) Q1 2020 Earnings Conference Call - Final Transcript


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Thank you for standing by. This is the conference operator. Welcome to the Potbelly Corporation First Quarter 2020 Earnings Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]

I would now like to turn the conference over to Matt Revord, please go ahead.

Matthew Revord

Good afternoon, everyone, and welcome to our first quarter earnings call. Before we get started, I'd like to note that certain comments made in this call will contain forward-looking statements regarding future events for the future financial performance of the company. Any such statements, including our outlook for 2020 or any other future periods, should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance nor should they be relied upon representing management views as of any subsequent date.

Forward-looking statements involve significant risks and uncertainties, and events or results could differ materially from those presented due to a number of risks and uncertainties. Additional detailed information concerning these risks regarding our business, the factors that could cause actual results to differ materially from the forward-looking statements and other information we've given today can be found in our most recent report on Form 10-K, under the headings Risk Factors and MD&A and in our subsequent filings with the Securities and Exchange Commission, which are available at sec.gov.

Our presenters today are Alan Johnson, our Chief Executive Officer; and Steve Cirulis, Senior VP and Chief Financial Officer. After our prepared remarks, we'll open the call for your questions.

I'll now turn the call over to Alan.

Alan Johnson

Thank you, Matt, and good afternoon, everyone, and thank you for joining us today. Before we begin, I would first like to offer my sincere thanks to the first responders fighting this crisis on the frontline. Secondly, I want to express my gratitude and thanks to all our Potbelly employees. Their unwavering dedication and commitment during this ever-changing pandemic is inspiring. As the COVID situation evolved, our number one priority shifted from building on our turnaround momentum to ensuring the health and safety of our employees serving our customers and communities. This pandemic forced us to make very difficult decisions across all our shops and in our corporate office and changed our business. While we closed dine-in options in line with state mandates, the vast majority of our shops remain open with off-premise options.

In those shops, we continue to adhere to our stringent food safety and quality protocol and are making necessary adjustments to align with emerging best practices. This includes the use of gloves and masks for our employees. Thermometers in each shop to check the temperature of our employees before they start their shift, adequate spacing for tables and off-premise pickup areas, enhanced cleaning procedures and the future addition of acrylic barriers at the cash registers and various high-traffic parts of the shop. We want our employees and customers to know that they can trust that the Potbelly brand is looking out for