Noodles & Co reports another loss
Noodles & Company has reported a net loss of $26.8 million for its first quarter ended April 4, 2017. The chain, which has struggled over thepast couple years, said its net loss attributable to common stockholders was $27.8 million or $0.99 loss per diluted share, compared to net loss of $2.4 million, or $0.09 loss per diluted share in the first quarter of 2016.
Q1 highlights included:
- Total revenue increased 2.4 percent to $116.7 million from $114 million.
- Comparable restaurant sales decreased 2 percent system-wide, decreased 2.5 percent for company-owned restaurants and increased 1.1 percent for franchise restaurants.
- AUVs for the quarter overall decreased $34,000 compared to the first quarter of 2016. AUV’s for the trailing 12 months were $1,067,000. Excluding restaurants that were closed during the first quarter, AUV’s were $1,116,000.
- Eight restaurants opened system-wide in the first quarter of 2017, including seven company-owned restaurants and one franchise restaurant.
The company expects the following for the full year 2017:
- Opening 14 to 17 restaurants system-wide, including 12 to 15 company-owned restaurants.
- Growing total revenue of $458 million to $468 million.
- Company-owned comparable restaurant sale decline of low-single-digits.
- Restaurant-level contribution margin of 13.5 percent to 14.5 percent.
- Adjusted EBITDA of $31 million to $35 million.
- Flat adjusted net income.
- And capital expenditures will increase from $21 million to $25 million.
Topics: Operations Management