Jersey Mike's Subs Inc. (NYSE:JMKE) is trading up almost 2.3% at last check on Monday after the sandwich shop franchisor announced the opening of its first location in the U.K. Nothing says "we're going global" quite like a sub shop near Oxford Circus.
The expansion supports Jersey Mike's long-term plan to operate approximately 15,000 restaurants worldwide, compared with its current footprint of more than 3,400 locations across the U.S. and Canada. That's a big jump, and the company is starting it with a single storefront in London.
The new restaurant, located near Oxford Street and Oxford Circus, is the first under a master franchise agreement with company founder Peter Cancro to develop 300 restaurants across the U.K. and Ireland. The company, led by CEO Charlie Morrison, expects to open four locations in London before year-end.
Recent Earnings
Jersey Mike's completed its IPO of 43 million shares in July 2026 and began trading on the NYSE on July 30. It reported better-than-expected third-quarter 2026 results and updated its full-year 2026 outlook on Oct. 28.
Revenue rose 10% year over year to $209.0 million, narrowly beating the Street estimate of $208.6 million. The company reported adjusted earnings of 23 cents per share, exceeding the analyst consensus estimate of 15 cents.
Systemwide sales increased 11% year over year to $1.204 billion, while same-store sales increased 3.0%, primarily driven by transaction growth. Jersey Mike's opened 80 new stores, driving net store growth of 8.8% year over year.
For the full year 2026, the company expects same-store sales growth of at least 2.5% and net unit growth of at least 8%. Morrison said the company aims to achieve $2 million average unit volumes by expanding its customer base, enhancing digital and delivery sales, and leveraging menu innovation.
Analyst Outlook
The stock carries a Buy rating with an average price forecast of $26.33. Recent analyst moves include:
- Tigress Financial: Buy (Maintains Target to $30.00) (Nov. 3)
- Guggenheim: Buy (Lowers Target to $28.00) (Nov. 3)
- Bernstein: Market Perform (Lowers Target to $23.00) (Oct. 29)
JMKE Price Action
Jersey Mike's Subs shares were up 3.20% at $19.61 during premarket trading on Monday, according to market data.
