Sector News

Subway achieves 10 consecutive quarters of growth

July 30, 2023
Consumer Packaged Goods

Global sandwich franchise Subway has reached its tenth consecutive quarter of positive sales. During the second quarter of this fiscal year, the company achieved its highest average unit volume (AUV) within three months and had its highest weekly AUV in Subway history in that same three-month period.

The first half of 2023 results show areas of significant increase when compared with the same period one year ago. Globally, the company has seen a 9.8% increase in same-store sales and 11.1% increase in digital sales. In North America, the company recorded a 9.3% increase in same-store sales and a 17.8% increase in digital sales. The top 75% of North American Subway restaurants were up 14.5% and the top 50% of locations were up 19.8% in same-store sales, the company said.

“Over the past two years, we’ve made consistent progress across all areas of our business, driving impressive sales results and positive changes for our franchisees and guests,” said John Chidsey, chief executive officer of Subway. “The strong sales momentum from the first half of 2023 is setting the tone for another exceptional year for Subway and our franchisees.”

The company credited menu innovation, restaurant modernization and guest experience improvements as some of the reasons for its growth. Digital growth has quadrupled since 2019 and this year Subway said it plans to launch a refreshed online loyalty program. Other areas of progress include the company remodeling 10,000 North American franchises to reflect a more contemporary presence and a new sliced meat deli sandwich menu.

By Gloria Cowdin


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