February 3, 2023
Subway reports record 2022 sales amid transformation efforts
PHOTOS | Courtesy Subway
By Michelle Tuccitto Sullo
Milford-based sandwich chain Subway said it had a record-setting year in 2022 amid ongoing efforts to transform its menu and modernize its restaurants.
Globally, the company had a 9.2% increase in same-store sales in 2022 compared to the prior year. The increase was at 29.1% increase compared to 2020.
Digital sales around the world have more than tripled since 2019, according to the company, which indicated that its 2022 sales exceeded its projections.
In North America, 2022 had a 7.8% increase in same-store sales compared to 2021.
The company attributed the increase to factors like the introduction of new products and growth in digital and non-traditional channels.
Subway CEO John Chidsey said the company has had two years of record sales results as it continues to transform the brand.
“We can confidently say that Subway is getting its swagger back,” Chidsey said. “Across every region, the team’s efforts have set the stage for another year of strategic and profitable growth and exciting enhancements to our guest experience.”
Subway has roughly 20,000 restaurants in the U.S. In the summer of 2022, it launched its “Subway Series” line of sandwiches, 12 new signature sandwiches that customers can order by name or number.
At the time, Subway called it the most significant menu update in its nearly 60-year history. The lineup allows guests to pick new options beyond its well-known build-your-own custom sandwich offerings.
In May 2022, Subway updated its catering program, with easy-order menu options, delivery and pickup options, and upgraded packaging. In November 2022, the company expanded its non-traditional offerings, such as Subway Grab & Go and smart fridges, which are akin to vending machines.
Subway has also been modernizing brick-and-mortar locations, and reports that 2,600 remodel projects were finished in 2022 alone.
Dennis Reed, a multi-unit Subway franchisee for over 25 years, said the company’s efforts over the past two years have resulted in “positive feedback,” and he reported seeing an increase in traffic and sales.
In 2023, there are plans to remodel an additional 3,600 locations across North America, according to Subway.
The company reports that it is focused on “strategically expanding” its footprint worldwide, and has more than 5,300 future restaurant commitments internationally. It currently has some 37,000 restaurants in 100 countries.
The Wall Street Journal in January reported that the company was exploring a sale that could value the sandwich chain at more than $10 billion.
Last June, Subway announced it planned to move its Connecticut headquarters from Milford to Shelton.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
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