BROOMFIELD — Pasta chain Noodles & Co. (Nasdaq: NDLS) says its comparable sales have increased significantly through June but remain well below pre-coronavirus levels.
The Broomfield-based restaurant company said in a statement Wednesday that comparable sales improved from a 30% drop in May from the previous period and improved steadily each week of June to 15.1% below the comparable period of the week ending June 16.
If asked to identify any emerging theme resulting from the events of 2020, I’d have to say that we are challenging historical norms at a record-setting pace. There is a large degree of discord in our political system regarding the state of our economy and the suggestions on how to fix it are endless.
While that is an improvement to the 54.7% decline in sales in late March, Noodles said its system-wide revenues for the quarter ending on June 30 is behind previous periods by 34%.
Noodles posted revenue decreases of 8.8% from the first quarter of 2020 compared to the same time in 2019 due to the first few weeks of in-store dining being stopped by various stay-at-home orders across the U.S. In particular, the company’s sales dropped 43% from mid-March to the end of the month.
Investors took the optimistic view of the company’s situation in Thursday trading, with Noodles’ stock increasing 12.74% on the day against a flat Dow Jones Industrial Average to end at $5.84 per share.