Business
Noodles & Company Announces First Quarter 2023 Financial Results
Total Revenue Increases 12.0%; Company Comparable Restaurant Sales Increase 6.9%; Operating Margin Improves 360 Basis Points and Restaurant Contribution
About this update from Noodles & Company
[{"type":"text","content":"Total Revenue Increases 12.0%; Company Comparable Restaurant Sales Increase 6.9%; Operating Margin Improves 360 Basis Points and Restaurant Contribution Margin Improves 400 Basis Points Compared to First Quarter 2022 BROOMFIELD, Colo., May 10, 2023 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its first quarter ended April 4, 2023. Key highlights for the first quarter of 2023 versus the first quarter of 2022 include: Total revenue increased 12.0% to $126.1 million from $112.6 million in the first quarter of 2022.Comparable restaurant sales increased 6.4% system-wide, comprised of a 6.9% increase at company-owned restaurants and a 4.1% increase at franchise restaurants.Company Average Unit Volumes (“AUV”) of $1.34 million, a 7.5% increase versus the first quarter of 2022.Net loss was $3.1 million, or $0.07 loss per diluted share, compared to $6.4 million, or $0.14 loss per diluted share, in the first quarter of 2022.Operating margin was (1.8)% compared to (5.4)% in the first quarter of 2022.Restaurant contribution margin(1) was 13.7% compared to 9.7% in the first quarter of 2022.Adjusted EBITDA(1) was $7.0 million, an increase of $4.8 million compared to the first quarter of 2022.Adjusted net loss(1) was $2.3 million, or a $0.05 loss per diluted share, compared to adjusted net loss of $5.8 million, or $0.13 loss per diluted share, in the first quarter of 2022.Three new company-owned restaurants opened in the first quarter of 2023. ______________________________ (1)Restaurant contribution margin, EBITDA, adjusted EBITDA, and adjusted net income (loss) are non-GAAP measures. Reconciliations of operating income (loss) to restaurant contribution margin, net income (loss) to EBITDA and adjusted EBITDA and net income (loss) to adjusted net income (loss) are included in the accompanying financial data. See “Non-GAAP Financial Measures.” “Noodles & Company’s strong results in the first quarter reflected continued progress in our cost-savings initiatives, a more favorable expense environment, and the ability to leverage a double-digit revenue increase from both comparable sales and new restaurant growth. Our first quarter included 400 basis points of restaurant level margin expansion versus prior year and adjusted EBITDA of $7.0 million, an increase of $4.8 million, which more than tripled from...