This list is based solely on average unit volume, as disclosed by the sub sandwich franchises in Item 19 of their FDD. I used the latest available FDD for each franchise, which in most cases was for 2011, with sales figures for 2010. Some of the leading brands that you might have expected to be on the list — like Subway and Jersey Mike’s — are missing because they do not make any financial disclosures in Item 19.

The various sub sandwich franchises present their sales figures in slightly different ways. In the case of Jimmy John’s, Capriotti’s, Cheba Hut, Lenny’s Sub Shop, and Submarina, they make it easy by actually disclosing the average unit volume of the restaurants in their sample. For the rest, I had to make certain judgment calls in order to arrive at a clear ranking.

In the case of Schlotzsky’s and Firehouse Subs, I chose the average sales of the group that represents at least 50% (cumulatively) of the restaurants in the sample. For Togo’s, I got the average of the Medium High Sales Quartile and Medium Low Sales Quartile. And for Cousins Subs, I used the midpoint of the range that applies to at least 50% (cumulatively) of the restaurant in the sample.

America's Most Lucrative Franchises of the Year

1. Jimmy John’s

Sample size: all Jimmy John’s restaurants in the U.S. that were open for operations during the entire fiscal year 2010 (954 locations)
Average: $752,988
FDD Talk: Jimmy John’s Sales and Profit Disclosures for Their Franchised and Affiliate-Owned Restaurants

2. Schlotzsky’s

Sample size: Schlotzsky’s restaurants in 2010, by restaurant opening date
Pre-1990 openings (77 restaurants, 24.7% of system)
1. Highest net sales – $1,854,618
2. Lowest net sales – $130,970
3. Average net sales – $691,819
1991 – 1998 openings (165 restaurants, 52.9% of system)
1. Highest net sales – $2,121,551
2. Lowest net sales – $161,872
3. Average net sales – $708,732
1999 – 2009 openings (70 restaurants, 22.4% of system)
1. Highest net sales – $2.510,508
2. Lowest net sales – $264,409
3. Average net sales – $870,746
FDD Talk: Average Annual Sales, Food Costs, and Labor Costs for Schlotzsky’s Restaurants in 2010

3. Capriotti’s

Sample size: Capriotti’s sandwich shops in operation for 12 months or more (56 Units)
Average gross sales: $646,914.71
Number of units above average: 24
Number of units below average: 32
Seventy-fifth percentile: $770,837.47
Fiftieth percentile: $618,862.08
Twenty-fifth percentile: $474,965.72
FDD Talk: Average Sales, Expenses, and Operating Profits of Capriotti’s Sandwich Shops

4. Cheba Hut

Sample size: all affiliate-owned and franchised Cheba Hut restaurants that were open and operating during the entire fiscal year ended December 31, 2010 (11 restaurants)
Average annual sales: $600,189.09
Averate time in operation: 5 years
The Cheba Hut restaurants included in the analysis are located in Arizona (5 restaurants), Colorado (5 restaurants), and New Mexico (1 restaurant).
Number of Cheba Hut restaurants with sales below $600,189.09: 6 (55% of total)
Number of Cheba Hut restaurants with sales above $600,189.09: 5 (45% of total)
Highest annual sales volume of an affiliate-owned Cheba Hut restaurant: $739,936
Lowest annual sales volume of an affiliate-owned Cheba Hut restaurant: $489,202
Highest annual sales volume of a franchised Cheba Hut restaurant: $760,584
Lowest annual sales volume of a franchised Cheba Hut restaurant: $423,488
FDD Talk: Average Annual Sales of Cheba Hut Restaurants (a Sub Sandwich Franchise with a Counter Culture Theme)

5. Firehouse Subs

Sample size: franchised and affiliate-owned Firehouse Subs Restaurants that were open for the full 12-month period during fiscal year 2010 (361 units).
$0 to $450,000 in gross sales
1. Number of restaurants: 39 (10.8% of total)
2. Average unit volume: $399,299
$450,000 to $500,000 in gross sales
1. Number of restaurants: 51 (14.1% of total)
2. Average unit volume: $476,391
$500,000 to $550,000 in gross sales
1. Number of restaurants: 57 (15.8% of total)
2. Average unit volume: $526,580
$550,000 to $600,000 in gross sales
1. Number of restaurants: 52 (14.4% of total)
2. Average unit volume: $574,639
$600,000 to $650,000 in gross sales
1. Number of restaurants: 54 (15.0% of total)
2. Average unit volume: $624,370
$650,000+ in gross sales
1. Number of restaurants: 108 (29.9% of total)
2. Average unit volume: $765,311
FDD Talk: Average Sales, Expenses, and Operating Income for Firehouse Subs Restaurants in 2010

6. Togo’s

Sample size: franchisee-owned Togo’s restaurants for the 52-week period ended December 25, 2010 (169 restaurants)
High sales quartile (42 Togo’s restaurants)
1. High – $1,250,350
2. Low – $704,739
3. Average – $846,367
Medium high sales quartile (43 Togo’s restaurants)
1. High – $702,760
2. Low – $567,229
3. Average – $622,681
Medium low sales quartile (42 Togo’s restaurants)
1. High – $566,536
2. Low – $453,533
3. Average – $507,602
Low sales quartile (42 Togo’s restaurants)
1. High – $451,825
2. Low – $179,268
3. Average – $348,823
FDD Talk: Average Sales, Costs for Food, Paper Products and Direct Labor for Togo’s Restaurants in 2010

7. Lenny’s Sub Shop

Sample size: Lenny’s Subs Shops (106 restaurants; 28 of which are located in the Greater Memphis Area)
Average: $538,205
FDD Talk: Average Sales and Expenses of Lenny’s Sub Shop Franchised Locations in 2010

8. Submarina

Sample size: Submarina Restaurants that operated under the new concept for at least 12 months as of December 31, 2010 (34 restaurants).
In 2006, Submarina began the process of updating and upgrading the assistance it offers to new franchisees, and the concept for the layout, design, signage, equipment and products for Submarina restaurants. After completing the process, it granted franchises for new Submarina restaurants to operate under the new concept and some existing Submarina restaurants converted to that new concept.
Average: $321,662
High: $720,270
Top 1/4: $462,149
Middle: $307,760
Bottom 1/4: $183,492
Low: $115,898
FDD Talk: Average, High and Low Gross Sales of Submarina California Subs

9. Cousins Subs

Sample size: Cousins Subs shops that have been open for more than 2 years as of December 25, 2010 (119 restaurants)
Less than $200,000: 19 shops (15.9%)
$200,000 to $399,999: 53 shops (44.5%)
$400,000 to $599,999: 29 shops (24.4%)
$600,000 to $799,999: 14 shops (11.8%)
$800,000 to $999,999: 4 shops (3.3%)
FDD Talk: The Financial Disclosures of Cousins Subs, a Lower Cost Alternative to Jimmy John’s, Schlotzsky’s and Togo’s