Business
Noodles & Company Announces Third Quarter 2021 Financial Results
System-wide Comparable Restaurant Sales Growth of 16.3%, Record Company Average Unit Volumes of $1.38M BROOMFIELD, Colo., Oct. 27, 2021 (GLOBE NEWSWIRE) --
About this update from Noodles & Company
[{"type":"text","content":"System-wide Comparable Restaurant Sales Growth of 16.3%, Record Company Average Unit Volumes of $1.38M BROOMFIELD, Colo., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended September 28, 2021. Key highlights for the third quarter of 2021 versus the third quarter of 2020 include: Total revenue increased 18.1% to $125.1 million from $106.0 million in the third quarter of 2020.Comparable restaurant sales increased 16.3% system-wide, comprised of a 15.3% increase at company-owned restaurants and a 21.0% increase at franchise restaurants.Record Company Average Unit Volumes of $1.38 million represented a 16.0% increase compared to the third quarter of 2020 and a 15.9% increase versus the third quarter of 2019.Net income was $4.7 million, or $0.10 per diluted share, compared to net loss of $0.1 million, or $0.00 per diluted share in the third quarter of 2020.Operating margin was 4.3% compared to operating margin of 0.7% in the third quarter of 2020.Restaurant contribution margin(1) was 18.1% compared to 15.4% in the third quarter of 2020.Adjusted EBITDA(1) was $13.2 million, an increase of $5.5 million compared to the third quarter of 2020.Adjusted net income(1) was $5.3 million, or $0.12 per diluted share compared to adjusted net income of $0.7 million, or $0.01 per diluted share, in the third quarter of 2020.Net debt(1) decreased to $19.1 million compared to $34.2 million at the end of the fourth quarter 2020. _____________________ (1) Restaurant contribution margin, EBITDA, adjusted EBITDA, adjusted net income and net debt are non-GAAP measures. Reconciliations of operating income (loss) to restaurant contribution margin, net income (loss) to EBITDA and adjusted EBITDA, net income (loss) to adjusted net income and debt to net debt are included in the accompanying financial data. See “Non-GAAP Financial Measures.” “We are very pleased to report another quarter of record high average unit volumes, reflecting the continued momentum of the Noodles & Company brand and our ability to remain resilient in volatile market conditions,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “Our results in the third quarter were driven by strength across all channels, with continued retention in our digital offering and further acceleration within our...