Business
Noodles & Company Announces Third Quarter 2019 Financial Results
Adjusted Net Income Increased 118%; Restaurant Contribution Margin Increased 70 bps;Comparable Sales Increased 2.1% System-Wide With 7.6% Two Year Comparable
About this update from Noodles & Company
[{"type":"text","content":"Adjusted Net Income Increased 118%; Restaurant Contribution Margin Increased 70 bps;Comparable Sales Increased 2.1% System-Wide With 7.6% Two Year Comparable Sales Growth\n BROOMFIELD, Colo., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended October 1, 2019. Key highlights for the third quarter of 2019 versus the third quarter of 2018 include: Total revenue increased 1.4% to $118.3 million from $116.7 million, primarily due to the increase in comparable restaurant sales.Comparable restaurant sales increased 2.1% system-wide, comprised of a 2.2% increase at company-owned restaurants and a 1.6% increase at franchise restaurants.Digital sales grew 47% and accounted for 23% of sales and contributed to an increase in total off premise sales of 490 bps to 54% of sales.Net income was $4.2 million, or $0.09 per diluted share, compared to net income of $1.1 million, or $0.02 per diluted share.Adjusted net income(1) increased 118% to $4.1 million, or $0.09 per diluted share, compared to an adjusted net income of $1.9 million, or $0.04 per diluted share.Restaurant contribution margin(1) increased 70 basis points to 17.1%.Adjusted EBITDA(1) increased 6.4% to $11.0 million from $10.4 million. ______________________ (1) Adjusted EBITDA, restaurant contribution margin, and adjusted net income (loss) are non-GAAP measures. Reconciliations of net income (loss) to adjusted EBITDA and adjusted net income (loss) and of operating income (loss) to restaurant contribution margin are included in the accompanying financial data. See “Non-GAAP Financial Measures.” “We are pleased with our results from the third quarter, which marked the sixth consecutive quarter of positive comparable sales growth,” said Dave Boennighausen, Chief Executive Officer. “The Company continues to make strides in expanding both the top and bottom line resulting in a 118% increase in our adjusted net income, and is further evidence that the Company is on a continued strong upward trajectory.” Boennighausen continued “We are proud that the team continued to deliver solid comparable sales growth with two year growth of 7.6% system-wide, especially as our sales driving marketing and promotional activity will be more concentrated during the fourth quarter to support the recent launches of our Cauliflower ...