COVID-19  June 18, 2020

Noodles and Co. says sales recovering after COVID-19 shutdowns

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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.

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.

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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