Hospitality & Tourism  November 5, 2014

Revenue up, income down at Noodles

BROOMFIELD – Fast-casual restaurant chain Noodles & Co. saw revenue rise but net income decrease in the third quarter ended Sept. 30.

Broomfield-based Noodles (Nasdaq: NDLS) on Wednesday reported its third-quarter financials after markets closed, posting revenue of $106.2 million, up 19.4 percent from the third quarter of last year.

Net income dipped from $3.3 million, or 11 cents per share, a year ago to $2.9 million, or 10 cents per share.

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The revenue bump resulted from a combination of new stores opening, the acquisition of 16 franchise restaurants in the Indianapolis area, and increased sales at existing restaurants.

Noodles opened 15 new restaurants in the third quarter, including 11 company-owned and four franchise locations. The 45 new stores in the year to date keeps the company on pace to meet the expectations of management to open 48 to 50 new company-owned stores and 10 to 12 new franchise locations by the end of the year.

“We are also very pleased with the performance of our new restaurants and the strength of our new restaurant pipeline,” chief executive Kevin Reddy said in a release. “During the third quarter, our noncomparable base restaurants’ sales were their highest in almost two years, and we are very pleased with the success of our entries in the metropolitan areas of San Francisco, Boston and Philadelphia.”

Noodles went public in June of last year and saw its stock price double on the first day of trading. After a steady decline over the past 12 months, the stock has rebounded slightly in recent weeks. Shares closed at $22.81 Wednesday, up 2.7 percent from the previous day but only $4.81 above last year’s IPO price of $18.

BROOMFIELD – Fast-casual restaurant chain Noodles & Co. saw revenue rise but net income decrease in the third quarter ended Sept. 30.

Broomfield-based Noodles (Nasdaq: NDLS) on Wednesday reported its third-quarter financials after markets closed, posting revenue of $106.2 million, up 19.4 percent from the third quarter of last year.

Net income dipped from $3.3 million, or 11 cents per share, a year ago to $2.9 million, or 10 cents per share.

The revenue bump resulted from a combination of new stores opening, the acquisition of 16 franchise restaurants in the Indianapolis area, and increased sales at existing restaurants.

Noodles opened 15 new restaurants…

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