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Sep 27, 2022
Noodles & Co Q3 2022 Earnings Report
Announced third quarter financial results with a comparable restaurant sales increase of 3.4% and total revenue increase of 3.4%.
Key Takeaways
Noodles & Company reported a 3.4% increase in total revenue to $129.4 million and a net income of $0.8 million, or $0.02 per diluted share, for the third quarter of 2022. The company's comparable restaurant sales increased by 2.1% system-wide, with a 3.4% increase at company-owned restaurants. Despite inflationary pressures, the company saw sales trends accelerate through the quarter and into October.
Total revenue increased 3.4% to $129.4 million.
System-wide comparable restaurant sales increased 2.1%.
Net income was $0.8 million, or $0.02 per diluted share.
Company Average Unit Volumes (AUV) reached $1.39 million, a 16.8% increase versus Q3 2019.
Forward Guidance
The Company is providing the following expectations for the fiscal year 2022, reflecting the 53rd fiscal week that will occur during the fourth quarter of 2022.
Positive Outlook
- Fourth quarter 2022 total revenue of $133.5 million to $136.5 million
- Fourth quarter 2022 restaurant level contribution margin of 14.5% to 15.0%
- Reiterates full year 2022 unit growth of approximately 5%
- Reiterates full year 2022 capital expenditures of $30.0 to $33.0 million in 2022, representing approximately $7.0 to $10.0 million in the fourth quarter.
- Fixed cost contract for chicken for next year
Challenges Ahead
- Difficult inflationary environment concerning wage pressure
Historical Earnings Impact
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Avg. Return Before/After Earnings
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