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Oct 03, 2023
Noodles & Co Q3 2023 Earnings Report
Noodles & Company reported mixed results with a decrease in total revenue but an increase in restaurant contribution margin and adjusted EBITDA.
Key Takeaways
Noodles & Company's third quarter 2023 results showed a decrease in total revenue by 1.2% to $127.9 million, while comparable restaurant sales decreased by 3.7%. Net income remained relatively flat at $0.7 million, or $0.02 per diluted share. However, the company saw improvements in operating margin, restaurant contribution margin, and adjusted EBITDA.
Total revenue decreased by 1.2% to $127.9 million.
System-wide comparable restaurant sales decreased by 3.7%.
Net income was $0.7 million, or $0.02 per diluted share.
Adjusted EBITDA increased by $1.9 million to $11.7 million.
Forward Guidance
Noodles & Company has revised its full-year 2023 guidance, expecting total revenue between $502 million and $506 million and adjusted EPS between ($0.08) and $0.00.
Positive Outlook
- Total revenue of $502 million to $506 million.
- Restaurant contribution margin of approximately 15.0%.
- General & administrative expense of $50 million to $52 million.
- Adjusted EBITDA of $36 million to $40 million.
- Adjusted EPS of ($0.08) to $0.00, including the benefit from our new share repurchase program.
Challenges Ahead
- Negative low single-digit Comparable Restaurant Sales.
- Depreciation and amortization of $26.0 million to $27.0 million.
- Disposal of assets of $3.0 million to $3.5 million.
- Net interest expense of $4.5 million to $5.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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