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Jul 04, 2023
Noodles & Co Q2 2023 Earnings Report
Announced second quarter 2023 financial results and share repurchase authorization.
Key Takeaways
Noodles & Company reported a decrease in total revenue by 4.5% to $125.2 million, a net loss of $1.3 million, and a system-wide comparable restaurant sales decrease of 5.5%.
Total revenue decreased 4.5% to $125.2 million.
System-wide comparable restaurant sales decreased 5.5%.
Net loss was $1.3 million, or $0.03 loss per diluted share.
The Board of Directors authorized a share repurchase program allowing the Company to repurchase up to $5.0 million of its common stock.
Noodles & Co
Noodles & Co
Forward Guidance
The Company has revised guidance related to its 2023 performance. Total revenue of $500 million to $510 million; Negative low single-digit Comparable Restaurant Sales; Restaurant level contribution margins of 14.5% to 15.0%; Adjusted EPS of ($0.11) to $0.00
Positive Outlook
- Total revenue of $500 million to $510 million
- Restaurant level contribution margins of 14.5% to 15.0%
- Approximately 5.0% new restaurant growth system-wide, with a majority of openings being company-owned
Challenges Ahead
- Negative low single-digit Comparable Restaurant Sales
- Adjusted EPS of ($0.11) to $0.00
- General & administrative expense of $50 million to $53 million
- Adjusted EBITDA of $35 million to $40 million
- Capital expenditures of $45 to $50 million in 2023