Noodles & Company Announces Third Quarter 2023 Financial Results

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[{"type":"text","content":"BROOMFIELD, Colo., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Noodles & Company (Nasdaq: NDLS) today announced financial results for its third quarter ended October 3, 2023. Key highlights for the third quarter of 2023 versus the third quarter of 2022 include: Total revenue decreased 1.2% to $127.9 million from $129.4 million in the third quarter of 2022.Comparable restaurant sales decreased 3.7% system-wide, comprised of a 4.3% decrease at company-owned restaurants and a 1.2% decrease at franchise restaurants.Net income was $0.7 million, or $0.02 per diluted share, compared to net income of $0.8 million, or $0.02 per diluted share, in the third quarter of 2022.Operating margin was 1.6% compared to 1.2% in the third quarter of 2022.Restaurant contribution margin(1) was 16.4% compared to 14.4% in the third quarter of 2022.Adjusted EBITDA(1) was $11.7 million, an increase of $1.9 million compared to the third quarter of 2022.Adjusted net income(1) was $1.6 million, or $0.04 per diluted share, compared to adjusted net income of $1.6 million, or $0.04 per diluted share, in the third quarter of 2022.Four new company-owned restaurants opened in the third quarter of 2023. _____________________(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.” “Noodles & Company made meaningful traction during the third quarter, evidenced by 200 bps of restaurant contribution margin expansion to 16.4% and nearly 20% growth in Adjusted EBITDA relative to the third quarter of the prior year,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “In the third quarter, we made tangible progress in improving the Company’s economic model, while being opportunistic in completing our previously announced $5 million share repurchase program.” “We continue to aggressively execute strategies to improve upon our comparable restaurant sales trend,” Boennighausen continued. “Our introduction of Chicken Parmesan in September has been one of our most successful new product launches in history and serves as an excellent foundation as we focus...

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