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Financing

Same-store sales rebound at Noodles but remain down nearly 15%

The fast-casual chain says it has reopened about 20% of its dining rooms.
Photo courtesy of Noodles & Co.

Same-store sales at Noodles & Co are rebounding after plunging more than 50% during the early days of the coronavirus pandemic but they still remain down significantly, according to a report from the fast-casual brand released Wednesday.

For the most recent week, same-store sales fell 14.8% at company-owned Noodles units and were down 16.8% at franchised stores. Average weekly sales, which take into account the impact of restaurants temporarily closed due to the virus, declined 9.7% for the week that ended on Tuesday.

As of Tuesday, about 20% of all Noodles units had reopened their dining rooms, including 7% of company stores and 87% of franchised units. The Broomfield, Colo.-based company had 389 company-owned restaurants and 68 franchised locations as of the quarter ended March 31.

Noodles last month delayed the filing of its quarterly report due to business interrupts caused by COVID-19. It previously reported that same-store sales plunged 54.7% during the last week of March.

The chain currently has $62.4 million in cash on hand and recently disclosed amendments to its credit facility through Q3 of 2021 to give it greater financial flexibility.  

Digital sales now account for 67% of all sales, compared to 31% of overall sales during Q1 2020, the company said.

Noodles stock price climbed nearly 10% early Thursday on its latest financial news.

The chain also announced the addition of lifestyle-focused Perfect Bowls for customers looking for dishes geared toward Paleo, keto, vegetarian and gluten-sensitive diets.

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