Noodles & Company Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Noodles & Company reported financial results for Q4 and fiscal year 2024, showing a net loss and a decrease in total revenue compared to the previous year [1][7][6] - The company anticipates total revenue for fiscal year 2025 to be between $503 million and$512 million, with expectations of mid-single digit comparable restaurant sales growth [6][4] Financial Performance - Q4 2024 total revenue decreased by 2.0% to $121.8 million from$124.3 million in Q4 2023 [7] - Comparable restaurant sales increased by 0.8% system-wide, with a 0.5% increase for company-owned restaurants and a 1.9% increase for franchise restaurants [7] - The net loss for Q4 2024 was $9.7 million, or$0.21 loss per diluted share, compared to a net loss of $6.1 million, or$0.14 loss per diluted share in Q4 2023 [7] - For the fiscal year 2024, total revenue decreased by 2.0% to $493.3 million from$503.4 million in fiscal year 2023 [7] - The net loss for the fiscal year 2024 was $36.2 million, or$0.80 loss per diluted share, compared to a net loss of $9.9 million, or$0.21 loss per diluted share in fiscal year 2023 [7] Operational Highlights - The company closed six company-owned restaurants in Q4 2024, while one franchise restaurant opened and three franchise restaurants closed [7] - The company had 463 restaurants at the end of 2024, comprised of 371 company-owned and 92 franchise restaurants [7] - The CEO noted that sales improvements observed in Q4 2024 have continued into Q1 2025, with positive traffic and comparable restaurant sales growth over 3% [4] Strategic Initiatives - Noodles & Company plans to launch a significant menu transformation with the addition of nine new dishes and increased marketing investment [4] - The company is focused on five strategic priorities aimed at reigniting profitable growth [4] Liquidity Position - As of December 31, 2024, the company had available cash and cash equivalents of $1.1 million and outstanding debt of$103.0 million [5] - The company had $19.0 million available for future borrowings under its revolving credit facility [5]