Noodles & Co. posts third-quarter revenue increase

BROOMFIELD — Noodles & Co., a fast-casual restaurant chain based in Broomfield, on Thursday reported a loss of $9.8 million, or 35 cents per share, for its third quarter that ended Sept. 27, the same amount lost during the third quarter of last year.

Noodles (Nasdaq: NDLS) posted a 4.6 percent increase in revenue of $122.7 million for the quarter, up from $117.3 million for the same quarter a year ago.

Fourteen new restaurants opened systemwide in the third quarter, including 12 company-owned restaurants and two franchise restaurants.

For the first three quarters, revenue increased $19.8 million, or 5.8 percent, to $358.1 million, compared with $338.3 million in the first three quarters of 2015.

In the first three quarters, the company opened 38 new restaurants, including 34 company-owned and four franchise restaurants.

The company reported a loss of $26.3 million in the first three quarters, compared with a loss of $9.5 million in the first three quarters of 2015.

“Despite the results of the third quarter, I am convinced that we are making important progress, implementing strategies to increase operational consistency, enhance our menu and improve our profitability,” Dave Boennighausen, the company’s chief financial officer and interim chief executive, said in a prepared statement.

Boennighausen said the company is implementing plans to “improve our team and guest member experience across all of our restaurants, while implementing tests of several culinary, operational and marketing initiatives to bring the brand back to superior performance.”

He said strategies are being evaluated to address underperforming restaurants so resources can be deployed toward restaurants with greater earnings potential.

Noodles’ stock closed Thursday at $4.50 per share. Its 52-week low is $4.25, and its 52-week high is $13.65.

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