Business
Noodles & Company Announces Third Quarter 2020 Financial Results
Positive Comparable Sales Growth in September Despite Ongoing Pandemic; Digital Sales Increase 151% vs. Prior Year BROOMFIELD, Colo., Oct. 28, 2020 (GLOBE
About this update from Noodles & Company
[{"type":"text","content":"Positive Comparable Sales Growth in September Despite Ongoing Pandemic; Digital Sales Increase 151% vs. Prior Year\nBROOMFIELD, Colo., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended September 29, 2020.\n “Noodles & Company’s off-premise capabilities and digital strength uniquely position the brand to meet the needs of today’s fast casual environment and take advantage of long-term consumer trends,” said Dave Boennighausen, Chief Executive Officer. “While we continue to navigate the current COVID-19 pandemic, our consistent sales recovery and return to positive comparable sales during the last month of the third quarter is evidence of our ability to serve great tasting healthy food conveniently when and where guests want it. Our operational strength has been a significant contributor to our sales recovery and I am proud and thankful for our incredible team members for their commitment to fulfill our mission to always nourish and inspire every team member, guest and community we serve.” Boennighausen concluded, \"Although there remains uncertainty around the duration and severity of COVID-19, we feel that Noodles & Company’s digital strengths, off-premise friendly menu, powerful economic model, and the strength of recent new restaurant openings give us confidence in our opportunity to thrive and accelerate growth in the years to come.\" As previously disclosed on October 1, 2020, the cadence of comparable restaurant sales during the third quarter are as set forth below. Company-owned restaurants were closed July 4 and 5, 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 EndedJuly 28, 2020 (1) 4 Weeks EndedAugust 25, 2020 5 Weeks EndedSeptember 29, 2020Company-owned(8.4)% (4.6)% 1.1%Franchise(7.2)% (5.1)% (3.2)%System-wide(8.2)% (4.7)% 0.4% Key highlights for the third quarter of 2020 versus the third quarter of 2019 include: Total revenue was $106.0 million compared to $118.3 million.Comparable restaurant sales decreased 3.8% system-wide, comprised of a 3.6% decrease at company-owned restaurants and a 5.0% decrease at franchise restaurants.Digital sales grew 151% an...