Business
Noodles & Company Announces Fourth Quarter and Fiscal Year 2019 Financial Results
Fourth Quarter Marks Seventh Consecutive Quarter of Comparable Sales Growth;Year-To-Date 2020 Company Comparable Restaurant Sales Accelerate to 5.8%
About this update from Noodles & Company
[{"type":"text","content":"Fourth Quarter Marks Seventh Consecutive Quarter of Comparable Sales Growth;Year-To-Date 2020 Company Comparable Restaurant Sales Accelerate to 5.8%\n BROOMFIELD, Colo., Feb. 26, 2020 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended December 31, 2019. Key highlights for fiscal year 2019 compared to fiscal year 2018 include: Total revenue increased 1.0% to $462.4 million from $457.8 million.Comparable restaurant sales increased 2.8% system-wide, increased 2.9% for company-owned restaurants and increased 2.5% for franchise restaurants.Digital sales grew 46% and accounted for 23% of sales and contributed to an increase in total off-premise sales of 470 bps to 56% of sales.Net income was $1.6 million, or $0.04 per diluted share, compared to a net loss of $8.4 million, or $0.20 loss per diluted share.Adjusted net income was $8.1 million, or $0.18 earnings per diluted share, compared to adjusted net income of $1.0 million, or $0.02 earnings per diluted share.Restaurant contribution margin increased 110 basis points to 16.1%.Adjusted EBITDA increased 15.2% to $38.4 million from $33.4 million.Four new company-owned restaurants opened in 2019. Key highlights for the fourth quarter of 2019 compared to the same quarter of 2018 include: Total revenue increased 0.6% to $113.9 million from $113.2 million.Comparable restaurant sales increased 1.5% system-wide, increased 1.4% for company-owned restaurants and increased 1.8% for franchise restaurants.Digital sales grew 34% and accounted for 25% of sales and contributed to an increase in total off-premise sales of 420 bps to 58% of sales.Net loss was $1.2 million, or $0.03 loss per share compared to net income of approximately zero.Adjusted net income was $3.0 million, or $0.07 earnings per diluted share, compared to adjusted net income of $0.5 million, or $0.01 earnings per diluted share.Restaurant contribution margin increased 200 basis points to 17.2%.Adjusted EBITDA increased 30.2% to $10.9 million from $8.4 million. Dave Boennighausen, Chief Executive Officer of Noodles & Company, remarked, “We are pleased with our 2019 results as they reflect our continued momentum in sales, margin and bottom line growth. Our seventh consecutive quarter of positive comparable sales during the fourth quarter, combined with mea...