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Dec 28, 2021
Noodles & Co Q4 2021 Earnings Report
Announced fourth quarter and fiscal year 2021 financial results.
Key Takeaways
Noodles & Company reported a 7.1% increase in total revenue to $114.8 million for the fourth quarter of 2021, compared to $107.2 million in the fourth quarter of 2020. The company's net loss was $4.7 million, or $0.10 loss per diluted share, compared to a net loss of $3.8 million, or $0.09 loss per diluted share in the fourth quarter of 2020.
Total revenue increased 7.1% to $114.8 million.
Comparable restaurant sales increased 11.2% system-wide.
Company average unit volumes were $1.31 million, a 14.1% increase.
Net loss was $4.7 million, or $0.10 loss per diluted share.
Noodles & Co
Noodles & Co
Forward Guidance
The Company is providing the following expectations for the fiscal year 2022: First quarter 2022 total revenue of $110 million to $113 million, inclusive of the impact of the Omicron variant and the recent refranchising of 15 company restaurants in California; First quarter 2022 comparable restaurant sales in the mid-single digits; Approximately 35 new restaurants system-wide in 2022, with roughly 70% of openings being company-owned; and Capital expenditures of $30 million to $34 million in 2022.
Positive Outlook
- System-wide unit growth of at least 10% annually beginning in 2023 on a targeted path to at least 1,500 units.
- Average unit volumes of $1.50 million by 2024.
- Restaurant contribution margin of 20% by 2024.
- Strategic framework and underlying momentum.
- Reiterating unit growth and restaurant contribution targets while increasing average unit volume expectations.
Challenges Ahead
- Near term pressures in the first quarter due to the Omicron variant.
- Pressures during the first half of the year due to commodity inflation.
- Staffing challenges.
- Supply chain challenges.
- Potential volatility through 2022 due to the current staffing and supply chain environment.