2023-08-09 16:30:04 ET
- Noodles & Company press release ( NASDAQ: NDLS ): Q2 Non-GAAP EPS of -$0.02 misses by $0.08 .
- Revenue of $125.2M (-4.5% Y/Y) misses by $11.2M .
- This decrease was primarily due to a decline in comparable restaurant sales due to lower guest count, partially offset by growth in new restaurant openings.
- Comparable restaurant sales decreased 5.5% system-wide, comprised of a 5.9% decrease at company-owned restaurants and a 3.4% decrease at franchise restaurants.
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Expected for the full year 2023:
- Total revenue of $500 million to $510 million;
- Negative low single-digit Comparable Restaurant Sales;
- Restaurant level contribution margins of 14.5% to 15.0%;
- General & administrative expense of $50 million to $53 million, inclusive of non-cash stock-based compensation expense and $250,000 of corporate restructuring costs;
- Adjusted EBITDA of $35 million to $40 million;
- Depreciation and amortization of $26.5 million to $27.5 million;
- Disposal of assets of $3.0 million to $3.5 million;
- Net interest expense of $4.5 million to $5.0 million;
- Stock-based compensation of $5.5 million to $6.5 million;
- Adjusted EPS of ($0.11) to $0.00 vs $0.15 consensus, including the expected benefit from our new share repurchase program;
- Approximately 5.0% new restaurant growth system-wide, with a majority of openings being company-owned; and
- Capital expenditures of $45 to $50 million in 2023.
For further details see:
Noodles & Company Non-GAAP EPS of -$0.02 misses by $0.08, revenue of $125.2M misses by $11.2M