Business
Noodles & Company Announces Third Quarter 2022 Financial Results
Company Comparable Restaurant Sales of 3.4%; Sales Trends Accelerate Through the Quarter; Company Comparable Sales of 10.5% During Fiscal October BROOMFIELD,
About this update from Noodles & Company
[{"type":"text","content":"Company Comparable Restaurant Sales of 3.4%; Sales Trends Accelerate Through the Quarter; Company Comparable Sales of 10.5% During Fiscal October BROOMFIELD, Colo., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended September 27, 2022. Key highlights for the third quarter of 2022 versus the third quarter of 2021 include: Total revenue increased 3.4% to $129.4 million from $125.1 million in the third quarter of 2021.Comparable restaurant sales increased 2.1% system-wide, comprised of a 3.4% increase at company-owned restaurants and a 3.8% decrease at franchise restaurants.Company Average Unit Volumes (“AUV”) of $1.39 million, a 16.8% increase versus the third quarter of 2019.Net income was $0.8 million, or $0.02 per diluted share, compared to $4.7 million, or $0.10 per diluted share in the third quarter of 2021.Operating margin was 1.2% compared to 4.3% in the third quarter of 2021.Restaurant contribution margin(1) was 14.4% compared to 18.1% in the third quarter of 2021, which was inclusive of an approximately 300 bps increase in cost of goods sold.Adjusted EBITDA(1) was $9.8 million, a decrease of $3.4 million compared to the third quarter of 2021.Adjusted net income(1) was $1.6 million, or $0.04 per diluted share compared to adjusted net income of $5.3 million, or $0.12 per diluted share, in the third quarter of 2021.Three new company-owned restaurants and one new franchise location opened in the third 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 third quarter sales performance, as Noodles strong value proposition and on trend innovation continues to resonate with our guests,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “Our sales trends accelerated throughout the quarter and we continue to see strong momentum thus far in the fourth quarter, resulting in company comparable restaurant sales of 10.5% during fiscal October.” Boennighausen ...