- PBPB held its earnings call yesterday and announced same store sales of -1.6% and -0.9% ex-Easter.
- Same store sales may be worse than numbers indicate. 2014 Q1 and Q2 include income previously excluded comp numbers.
- Management identified some key problems A discussion of the merits of solutions is presented.
- The $35 million share repurchase program is difficult to gauge, in light of store openings pushed back to Q4.
- Labor line may become a problem since 12% of stores will experience a minimum wage increase this quarter.