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Mar 30, 2021
Noodles & Co Q1 2021 Earnings Report
Noodles & Company reported strong first quarter results with company-owned comparable restaurant sales growth and increased average unit volumes.
Key Takeaways
Noodles & Company announced positive financial results for Q1 2021, featuring a 10.5% increase in company-owned comparable restaurant sales and a 12.7% increase in average unit volumes compared to Q1 2020. Digital sales grew by 110%, accounting for 62% of total sales. The company reported a net loss of $2.0 million, an improvement from the $5.8 million net loss in Q1 2020.
Total revenue increased by 9.2% to $109.6 million compared to $100.3 million in Q1 2020.
System-wide comparable restaurant sales increased by 10.7%, with a 10.5% increase at company-owned restaurants and an 11.7% increase at franchise restaurants.
Digital sales grew 110% and accounted for 62% of sales.
Net loss decreased to $2.0 million, or $0.04 per diluted share, compared to a net loss of $5.8 million, or $0.13 per diluted share, in Q1 2020.
Revenue by Segment
Forward Guidance
Noodles & Company is not providing full financial guidance for fiscal year 2021 due to the uncertainty surrounding the COVID-19 pandemic, but expects to open 10 to 15 new restaurants system-wide and have capital expenditures of $20 million to $24 million.
Positive Outlook
- System-wide unit growth of at least 7% annually beginning in 2022, quickly reaching 10% annual growth on a path to at least 1,500 units.
- Average unit volumes of $1.45 million by 2024.
- Restaurant contribution margin of 20% by 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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