COVID-19  October 29, 2020

Noodles revenue drops slightly in Q3, sees Sept. rebound

BROOMFIELD — Noodles & Co. (Nasdaq: NDLS) posted lower sales totals in the third quarter of 2020 compared with the same period last year but saw sales rebound in September. 

The Broomfield fast-casual pasta chain recorded revenues of $106 million in the third quarter, down from $118.3 million in the third quarter of 2019.

Systemwide, sales were up 0.4% year over year in the five weeks that ended Sept. 29. In the four weeks that ended Aug. 25, sales were down 4.7% compared with that period in 2019.

Noodles posted a net loss of about $100,000 in the third quarter, compared with net income  of $4.2 million, or 9 cents per diluted share, in the same period last year. 

“Although there remains uncertainty around the duration and severity of COVID-19, we feel that Noodles & Company’s digital strengths, off-premise friendly menu, powerful economic model, and the strength of recent new restaurant openings give us confidence in our opportunity to thrive and accelerate growth in the years to come,” Noodles CEO Dave Boennighausen said in a statement accompanying the firm’s earnings report. 

Noodles withdrew its guidance for the remainder of fiscal year 2020 earlier this year and did not offer additional projections in its regulatory filings Thursday.

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