Noodles & Company reports Q2 EPS adjusted EPS 1c, consensus 2c
Reports Q2 revenue $112.8M, consensus $113.98M. Comparable restaurant sales decreased 3.4% system-wide, decreased 3.9% for company-owned restaurants and decreased 0.4% for franchise restaurants. The company said, "To date in 2017, we have made meaningful progress in strengthening our foundation, including the closing of 55 underperforming restaurants to improve our focus on the core business, successfully completing two private placement financings with gross proceeds of $50 million to strengthen our balance sheet and recently welcoming Paul Murphy as our Executive Chairman to significantly bolster our senior leadership and operational expertise. During the second quarter, we began to see the benefits of our actions, as adjusted EBITDA grew 16% and restaurant level contribution margin expanded 130 basis points relative to the prior year. Building upon this improved foundation, we will continue to be laser focused on operational excellence and capitalizing on the brand's inherent strengths. For example, given the variety in our menu and family focused guest base we are uniquely positioned to capitalize on the growing industry trend around off-premise. Paul and I look forward to executing our strategy to help achieve the sizable growth opportunity that is ahead of us."