Noodles & Company Announces Second Quarter 2024 Financial Results

About this update from Noodles & Company

[{"type":"text","content":"BROOMFIELD, Colo., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its second quarter ended July 2, 2024. Key highlights for the second quarter of 2024 versus the second quarter of 2023 include: Total revenue increased 1.8% to $127.4 million from $125.2 million in the second quarter of 2023.Comparable restaurant sales increased 2.0% system-wide, comprised of a 1.3% increase at company-owned restaurants and a 4.7% increase at franchise restaurants.Net loss was $13.6 million, or $0.30 loss per diluted share, compared to net loss of $1.3 million, or $0.03 loss per diluted share, in the second quarter of 2023.Operating margin was (9.0)% compared to (0.2)% in the second quarter of 2023.Restaurant contribution margin(1) was 15.5% compared to 14.8% in the second quarter of 2023.Adjusted EBITDA(1) was $9.2 million compared to $8.5 million in the second quarter of 2023. Adjusted EBITDA in the second quarter of 2024 included a $10.9 million adjustment for a non-cash impairment charge.Five new company-owned restaurants opened in the second quarter of 2024.Refranchised six company-owned restaurants to a new franchise partner. _____________________ (1) Restaurant contribution margin and Adjusted EBITDA are non-GAAP measures. Reconciliations of operating income (loss) to restaurant contribution margin and net loss to Adjusted EBITDA are included in the accompanying financial data. See “Non-GAAP Financial Measures.” Drew Madsen, Chief Executive Officer of Noodles & Company, remarked, “I am pleased that we delivered positive 2% system-wide same-store sales during the second quarter despite a challenging consumer environment, and that we equaled the fast casual benchmark on same-restaurant sales and traffic for the first time since 2022. We also improved our restaurant contribution margin by 70 basis points aided by strong cost management. Most importantly, we continued to make meaningful progress on all five of our strategic priorities for long-term profitable growth, including an improved foundation for operations excellence and encouraging early test market results for our menu transformation. Although the current consumer environment may cause variability in our near-term results, I am confident we are on the right path to capture the significant growth opportunity Noodles offers.” Liq...

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