Noodles stock sags despite improved performance
BROOMFIELD — Fast-casual pasta chain Noodles & Co. (Nasdaq: NDLS) saw its stock price drop on Thursday after a Wednesday evening quarterly report release that appears to have turned investors’ stomachs despite improved year-over-year top and bottom-line performance.
Total revenue for the most-recent period was $126.1 million, up from $112.6 million in the first quarter of 2022, but below analysts’ expectations.
Net loss was $3.1 million in the first quarter of this year, compared with a loss of $6.4 million in the same period of 2022.
Comparable sales were up 6.9% year over year at company-owned restaurants and up 4.1% at franchise restaurants.
“This increase was primarily due to sales growth in the comparable restaurant base, in addition to a benefit from open restaurants that were temporarily closed during a portion of the first quarter of 2022 due to the Omicron variant,” the company said.
Three restaurants opened in the first quarter of 2023, but an equal number closed.
“Noodles & Co.’s strong results in the first quarter reflected continued progress in our cost-savings initiatives, a more favorable expense environment, and the ability to leverage a double-digit revenue increase from both comparable sales and new restaurant growth,” Noodles CEO Dave Boennighausen said in a prepared statement.
For the full year, Noodles is projecting adjusted EBITDA of $45 million to $50 million.
Noodles’ stock price finished trading Thursday at $3.92, down 19.34%.
BROOMFIELD — Fast-casual pasta chain Noodles & Co. (Nasdaq: NDLS) saw its stock price drop on Thursday after a Wednesday evening quarterly report release that appears to have turned investors’ stomachs despite improved year-over-year top and bottom-line performance.
Total revenue for the most-recent period was $126.1 million, up from $112.6 million in the first quarter of 2022, but below analysts’ expectations.
Net loss was $3.1 million in the first quarter of this year, compared with a loss of $6.4 million in the same period of 2022.
Comparable sales were up 6.9% year over year at company-owned restaurants and up 4.1% at franchise restaurants.
“This…
Start your subscription to BizWest, The Business Journal of the Boulder Valley and Northern Colorado, TODAY!
Online access PLUS print versions of all Bizwest publications
One month subscription includes:
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
- 1-year access to daily email newsletter & breaking news alerts.
Online access for one year.
One month subscription includes:
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year access to daily email newsletter & breaking news alerts.
Online and print versions of all Bizwest publications PLUS premium access to BizWest Datastore for one year.
One year subscription includes:
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to unlimited downloads from the BizWest Datastore!
- 1-year premium online access to the Breaking Ground website!
- 1-year access to daily email newsletter & breaking news alerts.
Premium access to the BreakingGround site plus online and print versions of all BizWest publications.
One year subscription includes:
- 1-year online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-year subscription to BizWest & all of the publications in print version.
- 1-year premium online access to the Breaking Ground website!
- 1-year access to daily email newsletter & breaking news alerts.
Premium access to the BreakingGround site plus online and print versions of all BizWest publications.
One month subscription includes:
- 1-year premium online access to the Breaking Ground website!
- 1-month online access to BizWest.com which includes unlimited news stories, archived story access and interactive versions of monthly business journal.
- 1-month subscription to BizWest & all of the publications in print version.
- 1-year access to daily email newsletter & breaking news alerts.