Business
Noodles & Company Announces Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter 2022 Company-Owned Comparable Restaurant Sales Increase 10.2%; Significant Expansion of Operating Margin and Restaurant Contribution Margin
About this update from Noodles & Company
[{"type":"text","content":"Fourth Quarter 2022 Company-Owned Comparable Restaurant Sales Increase 10.2%; Significant Expansion of Operating Margin and Restaurant Contribution Margin Compared to Fourth Quarter 2021 BROOMFIELD, Colo., March 08, 2023 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended January 3, 2023, and provided a 2023 business outlook. Key highlights for the fourth quarter of 2022 compared to the same quarter of 2021 include: Total revenue increased 18.9% to $136.5 million from $114.8 million.Comparable restaurant sales increased 10.2% for company-owned restaurants, 1.3% for franchise restaurants and 8.7% system-wide.Net income was $1.0 million, or $0.02 per diluted share, compared to a net loss of $4.7 million, or $0.10 loss per diluted share.Operating margin was 1.3% compared to an operating margin of (3.8)%.Adjusted net income(1) was $1.3 million, or $0.03 per diluted share, compared to adjusted net loss(1) of $2.5 million, or $0.05 loss per diluted share.Restaurant contribution margin(1) increased 280 basis points to 15.2%.Adjusted EBITDA(1) increased 101.6% to $9.9 million from $4.9 million.Five new company-owned restaurants opened. Key highlights for fiscal year 2022 compared to fiscal year 2021 include: Total revenue increased 7.2% to $509.5 million from $475.2 million.Comparable restaurant sales increased 6.0% for company-owned restaurants, 3.4% for franchise restaurants and 5.6% system-wide.Net loss was $3.3 million, or $0.07 loss per diluted share, compared to net income of $3.7 million, or $0.08 per diluted share.Operating margin was (0.2)% compared to an operating margin of 1.2%.Adjusted net loss(1) was $0.5 million, or $0.01 loss per diluted share, compared to adjusted net income(1) of $7.8 million, or $0.17 per diluted share.Restaurant contribution margin(1) decreased 200 basis points to 13.9%.Adjusted EBITDA(1) decreased 13.3% to $33.1 million from $38.1 million.Sixteen new company-owned restaurants and three franchised restaurants opened in 2022. _____________________ (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 in...