Jersey Mike’s Beats Q3 Estimates as Same-Store Sales Growth Eases

Jersey Mike’s beat estimates for third-quarter revenue and earnings, but same-store sales growth eased to 3% and fourth-quarter guidance for two key measures fell short of expectations.

Same-store sales rose 3% in the third quarter, marking a deceleration from the same quarter a year earlier. The company’s fourth-quarter guidance for same-store sales and adjusted EBITDA also came in below expectations.

Jersey Mike’s plans to return $100 million to shareholders through a share repurchase program and a special cash dividend. The company had $177 million in operating cash flow.