Business
Noodles & Company Announces Second Quarter 2022 Financial Results
System-wide Comparable Restaurant Sales Growth of 5.1%;Record Company Average Unit Volumes of $1.42M, 18.3% Above Pre-COVID Q2 2019 BROOMFIELD, Colo., July
About this update from Noodles & Company
[{"type":"text","content":"System-wide Comparable Restaurant Sales Growth of 5.1%;Record Company Average Unit Volumes of $1.42M, 18.3% Above Pre-COVID Q2 2019 BROOMFIELD, Colo., July 27, 2022 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its second quarter ended June 28, 2022. Key highlights for the second quarter of 2022 versus the second quarter of 2021 include: Total revenue increased 4.3% to $131.1 million from $125.6 million in the second quarter of 2021.Comparable restaurant sales increased 5.1% system-wide, comprised of a 5.1% increase at company-owned restaurants and a 5.3% increase at franchise restaurants.Company Average Unit Volumes (“AUV”) of $1.42 million represented a 5.3% increase compared to the second quarter of 2021 and an 18.3% increase versus the second quarter of 2019.Net income was $1.3 million, or $0.03 per diluted share, compared to $5.7 million, or $0.12 per diluted share in the second quarter of 2021.Operating margin was 1.4% compared to 4.9% in the second quarter of 2021.Restaurant contribution margin(1) was 15.5% compared to 18.9% in the second quarter of 2021, which was inclusive of an approximately 300 bps increase in cost of goods sold.Adjusted EBITDA(1) was $11.2 million, a decrease of $2.6 million compared to the second quarter of 2021.Adjusted net income(1) was $2.4 million, or $0.05 per diluted share compared to adjusted net income of $6.0 million, or $0.13 per diluted share, in the second quarter of 2021.Three new company-owned restaurants opened in the second quarter of 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 income (loss) are included in the accompanying financial data. See “Non-GAAP Financial Measures.” “We are pleased with our second quarter results, which were highlighted by record level average unit volumes of $1.42 million, reflecting 5.3% growth over 2021 and an 18.3% increase over the pre-COVID second quarter of 2019,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “In addition to strong AUV growth in the second quarter, we launched Leanguini, which offers 56% less net carbs and 44%...