Business
Noodles & Company Announces Second Quarter 2021 Financial Results
Company-Owned Comparable Restaurant Sales Growth of 56%, Record Average Unit Volumes of $1.35M and Highest Restaurant Contribution Margin Since 2014
About this update from Noodles & Company
[{"type":"text","content":"Company-Owned Comparable Restaurant Sales Growth of 56%, Record Average Unit Volumes of $1.35M and Highest Restaurant Contribution Margin Since 2014\nBROOMFIELD, Colo., Aug. 03, 2021 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its second quarter ended June 29, 2021. Key highlights for the second quarter of 2021 versus the second quarter of 2020 include: Total revenue increased 57% to $125.6 million.Comparable restaurant sales increased 56.8% system-wide, comprised of a 55.7% increase at company-owned restaurants and a 63.8% increase at franchise restaurants.Record Company Average Unit Volumes of $1.35 million represented a 51.5% increase compared to the second quarter of 2020 and a 12.3% increase versus the second quarter of 2019.Digital sales grew 15% and accounted for 56% of sales.Restaurant contribution margin(1) was 18.9%, the highest since Q4 2014 and an increase of 1,220 basis points.Net income was $5.7 million, or $0.12 per diluted share, compared to net loss of $13.5 million, or $0.30 per diluted share.Adjusted EBITDA(1) was $13.8 million, an increase of $17.1 million.Net debt(1) decreased to $19.9 million compared to $34.2 million at the end of the fourth quarter 2020. _____________________(1)Restaurant contribution margin, EBITDA, adjusted EBITDA and net debt are non-GAAP measures. Reconciliations of operating income (loss) to restaurant contribution margin, net income (loss) to EBITDA and adjusted EBITDA, and debt to net debt are included in the accompanying financial data. See “Non-GAAP Financial Measures.” “We are very pleased with our second quarter results which reflect the strong momentum and the resiliency in our concept despite volatility in market conditions. Our second quarter results are further proof of the strength of the Noodles & Company brand, with continued sales acceleration and strong restaurant contribution margins. Our average unit volumes reached a new record level of $1.35 million, representing 12.3% growth relative to the second quarter of 2019 and we achieved our highest restaurant contribution margin of 18.9% in nearly seven years, despite an inflationary environment. Our results in the second quarter reflect strength across all channels, as digital sales continued to grow as in-restaurant sales returned to 70% of pre-pandemic levels. The launch o...