Business
Noodles & Company Announces Fourth Quarter and Full Year 2023 Financial Results
BROOMFIELD, Colo., March 07, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal
About this update from Noodles & Company
[{"type":"text","content":"BROOMFIELD, Colo., March 07, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for the fourth quarter and fiscal year ended January 2, 2024, and provided a 2024 business outlook. Key highlights for the fourth quarter of 2023 (13 weeks) compared to the fourth quarter of 2022 (14 weeks) include: Total revenue decreased 8.9% to $124.3 million from $136.5 million. Adjusting for the impact of the 53rd week in the fourth quarter of 2022, total revenue decreased $3.1 million in the fourth quarter of 2023, or 2.4%.Comparable restaurant sales decreased 4.2% system-wide, including a 4.3% decrease for company-owned restaurants and a 3.6% decrease for franchise restaurants.Net loss was $6.1 million, or $0.14 loss per diluted share, compared to net income of $1.0 million, or $0.02 per diluted share.Operating margin was (3.7)% compared to an operating margin of 1.3%.Restaurant contribution margin(1) decreased 50 basis points to 14.7%.Five new company-owned restaurants opened and two closed in the fourth quarter of 2023. One franchise restaurant closed in the fourth quarter of 2023. Key highlights for fiscal year 2023 (52 weeks) compared to fiscal year 2022 (53 weeks) include: Total revenue decreased 1.2% to $503.4 million from $509.5 million. Adjusting for the impact of the 53rd week in 2022, total revenue increased $3.0 million in 2023, or 0.6%.Comparable restaurant sales decreased 1.9% system-wide, including a 2.0% decrease for company-owned restaurants and a 1.1% decrease for franchise restaurants.Net loss was $9.9 million, or $0.21 loss per diluted share, compared to net loss of $3.3 million, or $0.07 loss per diluted share.Operating margin was (1.0)% compared to an operating margin of (0.2)%.Restaurant contribution margin(1) increased 100 basis points to 14.9%.Eighteen new company-owned restaurants opened and six closed in 2023. Three franchise restaurants closed in 2023. The Company had 470 restaurants at the end of 2023, comprised of 380 company-owned and 90 franchise restaurants. _____________________ (1) Restaurant contribution margin is a non-GAAP measure. A reconciliation of operating income (loss) to restaurant contribution is included in the accompanying financial data. See “Non-GAAP Financial Measures.” Drew Madsen, Chief Executive Officer of Noodles & Company, remarked, “Despite our rec...