Noodles & Company reported a 54-percent increase in net income for the fourth quarter ended Dec. 31, but warned that severe weather in the first quarter of 2014 will likely dampen results for the year ahead.
For the first quarter, the company projects a 3 percent to 3.5 percent impact on revenue, or a 3-cent hit to earnings, as a result of bitterly cold and snowy weather. However, the company still expects to meet its goal of achieving a 25-percent increase in adjusted earnings per share for the year.
For fiscal 2014, Noodles & Company projects a same-store-sales increase of between 2.5 percent and 3 percent. It expects to open 42 to 50 new company-owned restaurants and 10 to 15 new franchised units. The Broomfield, Colo.-based fast-casual operator finished fiscal 2013 with 380 locations in 29 states and the District of Columbia.
4Q NET INCOME
Result: $2.4 million, or 8 cents per share% Increase: 54% (from $1.6 million, or 7 cents per share)
4Q REVENUE
Result: $91.5 million% Increase: 17% (from $77.9 million)
4Q SAME-STORE SALES
% Increase systemwide: 3.9%
% Increase at company-owned units: 4.3%
% Increase at franchised units: 1.5%
Source: Company report
FULL YEAR NET INCOME
Result: $6.7 million, or 24 cents per share% Increase: 29% (from $5.2 million, or 22 cents per share)
FULL YEAR REVENUE
Result: $350.9 million% Increase: 17% (from $300.4 million)
FULL YEAR SAME-STORE SALES
% Increase systemwide: 3%
% Increase at company-owned units: 3.4%
% Increase at franchised units: 0.6%
Source: Company report
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Contact Lisa Jennings at [email protected].
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