BROOMFIELD, Colo., June 10, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (NDLS), the national fast-casual chain known for its globally-inspired noodle bowls, best-in-class service, and values-centric culture, has appointed Britain Peakes as a director on its Board of Directors (Board), effective June 10, 2024. Ms. Peakes is a seasoned finance and investment professional with experience in both private and public markets. As a principal investor at Hoak & Co., she oversees a comprehensive range of responsibili ...

Noodles & Company (NASDAQ:NDLS) Q1 2024 Earnings Conference Call May 8, 2024 4:30 PM ET Company Participants Mike Hynes - CFO Drew Madsen - CEO Conference Call Participants Todd Brooks - The Benchmark Company Jake Bartlett - Truist Securities Andy Barish - Jefferies Jake Bartlett - Truist Securities Operator Good afternoon, and welcome to today's Noodles & Company First Quarter 2024 Earnings Conference Call. All participants are in listen-only mode. After the presenters' remarks, there will be a question-an ...

Noodles & Company (NDLS) reported mixed results in first-quarter fiscal 2024, with earnings topping the Zacks Consensus Estimate and revenues missing the same. The top and the bottom line declined on a year-over-year basis. Following the results, the company’s shares fell 9.8% during after-hours trading on May 8.Earnings & Revenue DiscussionDuring the fiscal first quarter, the company reported an adjusted loss per share of 13 cents, narrower than the Zacks Consensus Estimate of a loss of 20 cents. The compa ...

Core Insights - Noodles & Co. reported $121.4 million in revenue for Q1 2024, a year-over-year decline of 3.7% [1] - The company had an EPS of -$0.13, compared to -$0.05 a year ago, indicating a worsening financial performance [1] - Revenue fell short of the Zacks Consensus Estimate of $122.17 million, resulting in a surprise of -0.63% [1] - The company delivered an EPS surprise of +35.00%, with the consensus EPS estimate being -$0.20 [1] Financial Performance Metrics - Company-owned comparable restaurant sales decreased by 5.7%, compared to the average estimate of -5% [2] - Total restaurants system-wide at the end of the period were 469, below the estimated 471 [2] - System-wide comparable restaurant sales were down 5.4%, compared to the estimated -4.8% [2] - Franchise comparable restaurant sales declined by 4.5%, against the average estimate of -4% [2] - Revenue from franchising royalties and fees was $2.39 million, exceeding the estimate of $2.23 million, but representing a 16.1% decline year-over-year [2] - Restaurant revenue was $119 million, slightly below the estimated $119.94 million, reflecting a 3.4% decrease from the previous year [2] Stock Performance - Shares of Noodles & Co. have returned +14.8% over the past month, outperforming the Zacks S&P 500 composite, which changed by -0.2% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), suggesting potential underperformance in the near term [3]

Noodles & Co. (NDLS) came out with a quarterly loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.20. This compares to loss of $0.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 35%. A quarter ago, it was expected that this restaurant chain would post a loss of $0.01 per share when it actually produced a loss of $0.07, delivering a surprise of -600%.Over the last four quarters, the company has surpa ...

Restaurant Operations - In the first quarter of 2024, Noodles & Company opened 2 new company-owned restaurants, bringing the total to 380 company-owned and 89 franchise restaurants across 31 states[61] - The company plans to open 10-12 new company-owned restaurants in 2024, a reduction from previous years, as it focuses on improving its operating model[61] - The company permanently closed 2 company-owned restaurants and 2 franchise restaurants in the first quarter of 2024[61] Financial Performance - Revenue for the fiscal quarter ended April 2, 2024, was impacted by a net loss of $6,140,000, compared to a net loss of $3,115,000 for the same period in the previous year[72] - EBITDA for the fiscal quarter ended April 2, 2024, was $3,274,000, down from $4,023,000 in the prior year, while adjusted EBITDA was $5,499,000 compared to $6,181,000[72] - Total revenue decreased by $4.7 million, or 3.7%, to $121.4 million in Q1 2024 compared to $126.1 million in Q1 2023, primarily due to lower guest traffic[82] - Comparable restaurant sales decreased by 5.4% in Q1 2024, with a 5.7% decrease at company-owned restaurants and a 4.5% decrease at franchise-owned restaurants[82] - Net loss increased to $6.1 million in Q1 2024, compared to a net loss of $3.1 million in Q1 2023, representing a 97.1% increase[81] Cost and Expenses - Labor costs have risen due to a competitive environment, but wage inflation has decelerated throughout 2023[60] - Labor costs decreased by $1.4 million, or 3.5%, in Q1 2024, remaining flat at 32.3% of restaurant revenue[84] - Occupancy costs increased by $0.3 million, or 3.0%, in Q1 2024, with occupancy costs as a percentage of revenue rising to 9.9%[86] - General and administrative expenses decreased by $0.6 million, or 4.4%, in Q1 2024, with expenses as a percentage of revenue decreasing to 10.7%[88] Debt and Interest - As of April 2, 2024, the company had $83.0 million of indebtedness and $3.0 million of letters of credit outstanding under its A&R Credit Agreement[106] - The average interest rate on outstanding borrowings was 8.85% during the first quarter of 2024, up from 4.09% in the first quarter of 2023, reflecting an increase in market base rates[109] - Interest expense, net rose by $1.0 million, or 105.9%, in Q1 2024 due to higher interest rates compared to Q1 2023[91] Inflation and Economic Conditions - Inflationary pressures are primarily from food, labor, energy costs, and materials, with total inflation remaining above historical averages[112] - The degree of inflation moderated in the first quarter of 2024 compared to 2023, but inflation is expected to continue affecting results in the near future[112] Legal and Compliance - The company has not been involved in any material legal proceedings as of the reporting date[117] - There have been no changes in internal control over financial reporting that materially affected the company during the most recent fiscal quarter[115] Capital Expenditures - Capital expenditures are estimated to be between $28.0 million and $32.0 million for fiscal year 2024, primarily for new restaurant openings[101] Commodity Price Volatility - The company continues to face challenges related to commodity price volatility, particularly in chicken products, but has seen improvements in 2023[59]

Revenue and Sales Performance - Total revenue decreased 3.7% to $121.4 million from $126.1 million in the first quarter of 2023[2] - Comparable restaurant sales decreased 5.4% system-wide, with a 5.7% decrease at company-owned restaurants and a 4.5% decrease at franchise restaurants[2] - The company expects total revenue of $510 million to $525 million for the full year 2024, including flat to +3% comparable restaurant sales growth[4] - Company-owned comparable restaurant sales increased by 6.9% in the latest period, while franchise comparable restaurant sales rose by 4.1%[19] - System-wide comparable restaurant sales grew by 6.4% in the latest period[19] Financial Losses and Margins - Net loss was $6.1 million, or $0.14 loss per diluted share, compared to net loss of $3.1 million, or $0.07 loss per diluted share, in the first quarter of 2023[2] - Operating margin was (3.4)% compared to (1.8)% in the first quarter of 2023[2] - Restaurant contribution margin was 13.1% compared to 13.7% in the first quarter of 2023[2] - Net loss for the fiscal quarter ended April 2, 2024, was $(6,140) thousand, compared to $(3,115) thousand in the same period last year[21] - Adjusted net loss for the fiscal quarter ended April 2, 2024, was $(5,827) thousand, compared to $(2,726) thousand in the same period last year[23] - Restaurant contribution margin decreased to 13.1% in the fiscal quarter ended April 2, 2024, from 13.7% in the same period last year[26] Cash, Debt, and Liabilities - The company had available cash and cash equivalents of $1.3 million and outstanding debt of $83.0 million as of April 2, 2024[3] - Total current assets as of January 2, 2024, were $22,624 million, with total assets at $368,095 million[18] - Total long-term debt stood at $80,218 million, and total liabilities were $340,935 million as of January 2, 2024[18] Expansion and Capital Expenditures - The company plans to open 10-12 company-owned restaurants and up to 3 franchise-owned restaurants in 2024[4] - Capital expenditures for 2024 are expected to be between $28 million and $32 million[4] Adjusted EBITDA and Restaurant Contribution - Adjusted EBITDA for the fiscal quarter ended April 2, 2024, was $5,499 thousand, down from $6,181 thousand in the same period last year[21] - Restaurant contribution for the fiscal quarter ended April 2, 2024, was $15,592 thousand, with a restaurant contribution margin of 13.1%[26] Share Information - Weighted average common shares outstanding (basic) were 45,079,355 for the fiscal quarter ended April 2, 2024, down from 46,115,506 in the same period last year[23] Quarterly Performance Update - The company reported a strong start to the second quarter with positive comparable sales and traffic growth in April[2]

Core Viewpoint - Noodles & Company is focusing on expansion in the Pacific Northwest through a multi-unit franchise agreement with DND Group Inc., which includes acquiring six existing locations and opening ten new restaurants in the Portland area [1] Expansion Initiatives - The company aims to grow its franchise presence in southern and southeastern markets, specifically targeting Alabama, Florida, Georgia, Texas, and Oklahoma in 2024 [2] - In fiscal 2023, Noodles & Company opened 18 company-owned restaurants, bringing the total to 470 restaurants system-wide as of January 2, 2024, which includes 380 company-owned and 90 franchise restaurants [2] - For fiscal 2024, the company plans to open 10-12 company-owned restaurants and up to three franchise-owned restaurants [2] Price Performance - Year-to-date, shares of Noodles & Company have decreased by 60.3%, contrasting with a 1.5% decline in the Retail - Restaurants industry [3] - The decline in comparable restaurant sales due to lower guest traffic, along with increased costs and expenses, has negatively impacted the company's performance [3] Growth Potential - Despite current challenges, the company's expansion initiatives, digital capabilities, and focus on menu transformation are expected to support growth momentum [4] - For fiscal 2024, Noodles & Company anticipates comparable restaurant sales growth to be between flat and 3% year-over-year [4]

BROOMFIELD, Colo., April 18, 2024 (GLOBE NEWSWIRE) -- Noodles & Company (NASDAQ:NDLS) today announced that it will host a conference call to discuss its first quarter 2024 financial results on Wednesday, May 8, 2024 at 4:30 p.m. ET. Drew Madsen, Chief Executive Officer, and Mike Hynes, Chief Financial Officer, will host the call. A press release with first quarter 2024 financial results will be issued after the market close that same day. To access the live conference call, please click on the registration ...

Noodles & Company (NDLS) had a tough 2023 as sales slowed. This Zacks Rank #5 (Strong Sell) is expected to see negative earnings in 2024 as it tries a menu reboot.Noodles & Company operates 470 restaurants across the United States serving noodle dishes from Wisconsin Mac & Cheese to better-for-you Zoodles.A Miss in the Fourth Quarter of 2023On Mar 7, Noodles & Company reported fourth quarter and fiscal year 2023 results and missed on earnings by $0.06. Earnings were a loss of $0.07 compared to the Zacks Con ...