Business
Noodles & Company Announces Fourth Quarter and Full Year 2021 Financial Results
Full Year 2021 Average Unit Volume Growth of 11.3% vs. 2019 Reiterates Unit Growth Target of 8% in 2022 and 10% Annually Thereafter BROOMFIELD, Colo., Feb.
About this update from Noodles & Company
[{"type":"text","content":"Full Year 2021 Average Unit Volume Growth of 11.3% vs. 2019 Reiterates Unit Growth Target of 8% in 2022 and 10% Annually Thereafter BROOMFIELD, Colo., Feb. 23, 2022 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended December 28, 2021, and provided an updated business outlook and accelerated growth objectives. Key highlights for fiscal year 2021 compared to fiscal year 2020 include: Total revenue increased 20.7% to $475.2 million from $393.7 million.Comparable restaurant sales increased 22.1% system-wide, including an increase of 21.3% for company-owned restaurants and an increase of 27.1% for franchise restaurants.Company average unit volumes of $1.30 million represented a 22.2% increase versus 2020 and an 11.3% increase versus 2019.Digital sales grew 20.0% and accounted for 56.6% of sales.Net income was $3.7 million, or $0.08 per diluted share, compared to a net loss of $23.3 million, or $0.53 loss per diluted share.Operating margin was 1.2% compared to an operating margin of (5.1)%.Adjusted net income(1) was $7.8 million, or $0.17 per diluted share, compared to an adjusted net loss of $17.8 million, or $0.40 loss per diluted share.Restaurant contribution margin increased 400 basis points to 15.9%.Adjusted EBITDA increased 232.5% to $38.1 million from $11.5 million.Six new company-owned restaurants opened in 2021. Key highlights for the fourth quarter of 2021 compared to the same quarter of 2020 include: Total revenue increased 7.1% to $114.8 million from $107.2 million.Comparable restaurant sales increased 11.2% system-wide, including an increase of 9.5% for company-owned restaurants and an increase of 20.8% for franchise restaurants.Company average unit volumes of $1.31 million represented a 14.1% increase compared to the fourth quarter of 2020 and a 10.8% increase versus the fourth quarter of 2019.Digital sales grew 1.0% and accounted for 57.3% of sales.Net loss was $4.7 million, or $0.10 loss per diluted share, compared to a net loss of $3.8 million, or $0.09 loss per diluted share.Operating margin was (3.8)% compared to an operating margin of (3.1)%.Adjusted net loss was $2.5 million, or $0.05 loss per diluted share, compared to adjusted net loss of $2.3 million, or $0.05 loss per diluted share.Restaurant contribution margin decreased 120 basi...