CNBC – Subway’s same-store sales climbed 12.1% in the first quarter, showing that its turnaround is taking hold.
The sandwich chain is seeking to sell itself, and a deal could be done as early as late May.
Although privately owned, Subway has recently shared periodic sales updates as it has undertaken a turnaround.
Sandwich chain Subway reported double-digit same-store sales growth in the first quarter, showing its turnaround taking hold as the company seeks to sell itself.
In February, Subway confirmed that it hired JPMorgan to advise it on a potential sale. The restaurant company is reportedly seeking a valuation of at least $10 billion, and the auction is heading into its second round, according to The Wall Street Journal.
Subway CEO John Chidsey told Restaurant Business Online that a deal is expected to be done by the end of May or early June.
The company’s improved performance could help it achieve that valuation. Subway said it saw traffic growth in the first quarter, although price hikes and comparisons to last year’s Covid omicron outbreaks also likely boosted its numbers.
Globally, Subway’s same-store sales climbed 12.1%, and its digital sales increased 11.4%. In North America, same-store sales grew 11.7%, and digital sales soared 21.2% …
