Business
Noodles & Company Announces Fourth Quarter and Full Year 2020 Financial Results
Q4’20 Digital Sales Climb 128% Year-Over-Year to 62% of Sales Company Provides Accelerated Growth Objectives BROOMFIELD, Colo., Feb. 25, 2021 (GLOBE NEWSWIRE)
About this update from Noodles & Company
[{"type":"text","content":"Q4’20 Digital Sales Climb 128% Year-Over-Year to 62% of Sales Company Provides Accelerated Growth Objectives BROOMFIELD, Colo., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended December 29, 2020, as well as provided accelerated growth objectives. Dave Boennighausen, Chief Executive Officer of Noodles & Company, remarked, “Our fourth quarter results reflect the continued resiliency of our brand, particularly surrounding our digital and off-premise capabilities, even against the resurgence of COVID-19 during the quarter. Our ability to accelerate these areas and adapt to rapidly changing consumer preferences is a testament to our brand strength, our unit economic model and most importantly, our incredible team members. Noodles & Company’s differentiated menu, bolstered by the recent introduction of our low-carb Cauliflower Gnocchi, supported by a robust digital program which grew to 62% of sales in the fourth quarter, is particularly well suited for the needs of today’s consumer.” Boennighausen continued, “Thus far in 2021, we have seen nice momentum in our comparable restaurant sales and AUV growth relative to fourth quarter 2020, as well as continued strength in our recent openings. As we look further ahead, we are more encouraged than ever that our brand is well positioned to thrive in the years to come. We believe the Company will significantly accelerate unit growth from a company and franchise perspective, as well as meaningfully expand both average unit volumes and restaurant level margins. The Company’s resiliency demonstrated during the pandemic, combined with the success of recent openings and digital and menu strengths, support our confidence in achieving these accelerated growth objectives.” Key highlights for the fourth quarter of 2020 compared to the same quarter of 2019 include: Total revenue decreased 5.9% to $107.2 million from $113.9 million.Comparable restaurant sales decreased 4.7% system-wide, decreased 4.2% for company-owned restaurants and decreased 7.9% for franchise restaurants.Digital sales grew 128% and accounted for 62% of sales.Net loss was $3.8 million, or $0.09 loss per diluted share compared to net loss of $1.2 million, or $0.03 loss per diluted share.Adjusted net loss was $1.6 million, or $0.04 loss per...