Jersey Mike's Subs Stock Rises on Strong Financial Performance and Expansion
Shares of Jersey Mike's Subs (JMKE) rose more than 7% after the company released its first quarterly financial results as a public entity. The sandwich chain reported strong performance, including opening 83 new stores in Q2 to reach a total of 3,378 locations and achieving same-store sales growth of 2.3%. Total revenue increased by 10% year-over-year to $208 million, with EBITDA rising 7% to $114 million. Jersey Mike's also received positive recognition from the American Customer Satisfaction Index (ACSI) and Entrepreneur Magazine, which ranked it as the top quick-service restaurant and best franchise opportunity. The company is optimistic about future growth, projecting same-store sales increases of 3-4% in Q3 and EBITDA growth of at least 13%. Management sees long-term potential to expand its store count beyond 7,500 locations domestically and up to 15,000 globally.
Tickers: $JMKE