Noodles zeros in on sales guidance and revenue, income slightly slip

BROOMFIELD — Noodles & Co. (Nasdaq: NDLS), the Broomfield-based fast-casual pasta chain, saw its year-over-year sales and net income slide a bit in the third quarter of 2023. 

Total revenue for the most recent period was $127.9 million, down from $129.4 million in the third quarter of 2022.

Noodles posted net income of $700,000 in the third quarter of 2023, down from $800,000 in the same quarter last year. 

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Four new company-owned restaurants opened in the most recent period, while one franchise location closed. Noodles ended the third quarter with 468 restaurants system-wide:  377 company-owned restaurants and 91 franchise operations.

“In the third quarter, we made tangible progress in improving the company’s economic model, while being opportunistic in completing our previously announced $5 million share repurchase program,” Noodles CEO Dave Boennighausen said in a prepared statement. “… We continue to aggressively execute strategies to improve upon our comparable restaurant sales trend. Our introduction of chicken parmesan in September has been one of our most successful new product launches in history and serves as an excellent foundation as we focus on enhancing and optimizing our menu with the help of an industry leading culinary consulting firm. “Additionally, we have made progress on our efforts toward price optimization and leveraging our robust digital guest engagement capabilities, supported by digital menu boards, which we anticipate will be installed at all company restaurants by the end of 2023.”

Looking ahead, Noodles is projecting full-year 2023 sales of $502 million to $506 million. The prior guidance was $500 million to $510 million.