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Noodles & Company Unveils Delicious Duos Value Menu, Sets CEO Transition

Early two-week comp sales rise of about 5% underscores the chain’s push to restore profitability ahead of Joseph D. Christina’s arrival as president and CEO on August 31.

LIMA, 12 DE SETIEMBRE DE 2011 La Piazzetta. Oferta Gastronomica de la Pizzeria La Pizzetta. Pizzas, Ozobuco, Pan al Aljo, Fettuchini, Lasagna. FOTO: KAREN ZARATE/ EL COMERCIO (GDA via AP Images)
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DENVER, CO - JUNE 11: Noodles and Company opened up their first international restaurant in Canada this week and is offering breakfast, June 11, 2015. The company is using the Denver 16th Street Mall restaurant for concept testing. (Photo by RJ Sangosti/The Denver Post)

Overview

  • Revenue slipped 0.7% in Q2 to $126.4 million while net losses widened to $17.6 million and adjusted EBITDA fell to $6 million.
  • System-wide comparable sales rose 1.5% despite a 2.5% drop in company traffic and an average check increase of about 4%.
  • Noodles & Company will close 28 to 32 company-owned restaurants by year-end and plans another 12 to 17 closures in 2026 as part of a portfolio optimization.
  • The chain ended Q2 with only $2.3 million in cash, $13 million of revolver capacity and does not expect to be free cash flow positive in 2025.
  • Andrew H. Madsen will step down for health reasons and stay on the board as Joseph D. Christina assumes the roles of president and CEO on August 31.