Noodles & Co. continues positive momentum in Q3

BROOMFIELD — Noodles & Co. (Nasdaq: NDLS), the Broomfield-based fast casual restaurant chain, boosted year-over-year revenue and reduced costs in the third quarter of fiscal year 2019, posting a net income that was more than double the same period last year.

“We are pleased with our results from the third quarter, which marked the sixth consecutive quarter of positive comparable sales growth,” said CEO Dave Boennighausen said in a prepared statement. “The company continues to make strides in expanding both the top and bottom line resulting in a 118% increase in our adjusted net income, and is further evidence that the company is on a continued strong upward trajectory.”

The firm reported $118.3 million in revenue in the quarter that ended Oct. 1, up from $116.7 million in Q3 of last year. Noodles attributes the bump primarily to increases in comparable restaurant sales.

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“We are proud that the team continued to deliver solid comparable sales growth with two year growth of 7.6 percent system-wide, especially as our sales driving marketing and promotional activity will be more concentrated during the fourth quarter to support the recent launches of our cauliflower noodle and our new rewards program,” Boennighausen said.

During the first three quarters of this fiscal year Noodles reported a net income of $2.8 million, or $0.06 per diluted share, compared to a net loss of $8.5 million, or $0.20 per diluted share for the first three quarters of 2018.