Business
Noodles & Company Announces Second Quarter 2020 Financial Results
Recovery Gaining Momentum With Average Unit Volumes Nearly Flat vs. 2019 in July Fiscal Period BROOMFIELD, Colo., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Noodles &
About this update from Noodles & Company
[{"type":"text","content":"Recovery Gaining Momentum With Average Unit Volumes Nearly Flat vs. 2019 in July Fiscal Period\nBROOMFIELD, Colo., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its second quarter ended June 30, 2020.\n “Our second quarter saw a consistent sales recovery led by the strength and evolution of our digital and off-premise business, and I’m pleased to report that the recovery has continued into the third quarter,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “In addition, average unit volumes, normalized for the impact of temporary closures, were nearly flat year-over-year during the recently completed July fiscal period. This continued improvement, coupled with the potential to utilize a smaller, off-premise focused footprint to take advantage of a more favorable real estate environment, gives me great confidence in the Company’s ability to continue to gain momentum through the balance of 2020 and accelerate new unit growth in the years to come.” Boennighausen added, “I am extremely proud of all of our team members and partners for the progress we have made since the onset of the COVID-19 pandemic. The Company’s competitive strengths in our people, off-premise resonance and the variety inherent in our menu - from our world famous Mac & Cheese to healthy Zoodle and Caulifloodle offerings - have positioned Noodles & Company to successfully navigate this challenging environment and thrive in the coming years.” The cadence of comparable restaurant sales and average unit volumes during the second quarter and third quarter to-date are as set forth below. Company-owned restaurants were closed July 4th and 5th 2020 in appreciation of our teams’ efforts during the pandemic. All restaurants were open during that time frame in 2019, negatively impacting comparable restaurant sales during the same period in 2020: Comparable Restaurant Sales4 Weeks Ended April 28, 20204 Weeks Ended May 26, 20205 Weeks Ended June 30, 20202 Weeks Ended July 14, 2020 (1)2 Weeks Ended July 28, 2020Company-owned(47.0)%(28.9)%(17.7)%(13.9)%(3.8)%Franchise(55.5)%(37.3)%(18.1)%(7.5)%(7.8)%System-wide(48.2)%(30.1)%(17.8)%(13.0)%(4.4)%Average Unit Volumes (000’s)$685$901$1,044$1,168$1,181 _____________________ (1) Company-owned restaurants were closed July 4 and July 5, 2020. Key highligh...