Buzz-Sandwich seller Jersey Mike's gains after maiden report since IPO
JMKE•Shares rise after first quarterly report since IPO
** Shares of Jersey Mike's Subs JMKE.N were up 7.7% at $22.42 on Wednesday after its first quarterly report since the Blackstone-backed BX.N firm's public debut in July.
** The sandwich chain earlier in the day said Q2 same-store sales (SSS) increased 2.3% year/yr, primarily driven by transaction growth.
** The company said that acceleration continued into Q3 as it seeks to broaden its consumer base and grow its digital channels.
** It projected SSS growth of 2.5%-3% for the year, including 3%-4% in the current quarter.
Revenue and EBITDA in line to slightly ahead of estimates
** For Q2, total revenue increased 10% year/yr to $208 million, in line with the LSEG estimate; adjusted EBITDA grew by $7 million from the prior year to $114 million, while analysts had modeled $112.6 million.
** TD Cowen, which has a 'buy' rating on JMKE, said in a note it's encouraged by the company's higher-than-expected Q3 and 2026 guidance, pointing out that the current quarter wraps up shortly on Sept. 27.
** JMKE stock opened at $21 on July 30 after a $1 billion IPO priced at $23.
** 21 of 25 analysts rate the stock "strong buy" or "buy", 4 "hold"; median PT $28.
