Noodles & Company (NDLS) Tops Q2 EPS by 3c

Noodles & Company (NASDAQ: NDLS) reported Q2 EPS of ($0.18), $0.03 better than the analyst estimate of ($0.21). Revenue for the quarter came in at $80.2 million versus the consensus estimate of $77.81 million.

Comparable restaurant sales decreased 30.9% system-wide, comprised of a 30.1% decrease at company-owned restaurants and a 35.4% decrease at franchise restaurants.

Digital sales grew 135% and accounted for 74% of sales.

“Our second quarter saw a consistent sales recovery led by the strength and evolution of our digital and off-premise business, and I’m pleased to report that the recovery has continued into the third quarter,” said Dave Boennighausen, Chief Executive Officer of Noodles & Company. “In addition, average unit volumes, normalized for the impact of temporary closures, were nearly flat year-over-year during the recently completed July fiscal period. This continued improvement, coupled with the potential to utilize a smaller, off-premise focused footprint to take advantage of a more favorable real estate environment, gives me great confidence in the Company’s ability to continue to gain momentum through the balance of 2020 and accelerate new unit growth in the years to come.”

Boennighausen added, “I am extremely proud of all of our team members and partners for the progress we have made since the onset of the COVID-19 pandemic. The Company’s competitive strengths in our people, off-premise resonance and the variety inherent in our menu - from our world famous Mac & Cheese to healthy Zoodle and Caulifloodle offerings - have positioned Noodles & Company to successfully navigate this challenging environment and thrive in the coming years.”

For earnings history and earnings-related data on Noodles & Company (NDLS) click here.

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