Noodles & Company reports Q4 net loss of $6.1M, appoints Drew Madsen as permanent CEO

NOODLES & Co

Q4 total revenue decreased 8.9% to $124.3M; comparable restaurant sales down 4.2% system-wide.
Net loss of $6.1M ($0.14 per diluted share) vs. net income of $1.0M in prior-year quarter.
Full year 2023 net loss widened to $9.9M ($0.21 per diluted share) from $3.3M in 2022.
Drew Madsen appointed permanent CEO effective March 6, 2024; $800K base salary plus equity awards.
2024 strategic priorities: drive traffic via operational excellence, menu, digital, catering, financial position.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Drew Madsen

Chief Executive Officer

NDLS · NOODLES & Co

Effective: 2024-03-06
Filed: March 7, 2024, 6:59 PM ET

Effective March 6, 2024, the Board of Directors (the “Board”) of the Company appointed Drew Madsen, 67, as the Company’s Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NOODLES & Co reported fiscal quarter and fiscal year ended January 2, 2024 results: revenue $124.3 million, net income $6.1 million, EPS $0.14 loss per diluted share.

Period: fiscal quarter and fiscal year ended January 2, 2024
Revenue: $124.3 million
Net income: $6.1 million
EPS: $0.14 loss per diluted share
Result: reported results

Exact text from the filing

a 2024 business outlook. Key highlights for the fourth quarter of 2023 (13 weeks) compared to the fourth quarter of 2022 (14 weeks) in clude: • Total revenue decreased 8.9% to $124.3 million from $136.5 million. Adjusting for the impact of the 53rd week in the fourth quarter of 2022, total revenue decreased $3.1 million in the fourth quarter of 2023, or 2.4%. •

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

NOODLES & Co reported fiscal year ended January 2, 2024 results: revenue $503.4 million, net income $9.9 million, EPS $0.21 loss per diluted share.

Period: fiscal year ended January 2, 2024
Revenue: $503.4 million
Net income: $9.9 million
EPS: $0.21 loss per diluted share
Result: reported results

Exact text from the filing

closed in the fourth quarter of 2023. Key highlights for fiscal year 2023 (52 weeks) compared to fiscal year 2022 (53 weeks) include: • Total revenue decreased 1.2% to $503.4 million from $509.5 million. Adjusting for the impact of the 53 rd week in 2022, total revenue increased $3.0 million in 2023, or 0.6%. • Comparable restaurant sales decreased 1.9%

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Executive change SEC 8-K Item 5.02 confidence 1.0

Drew Madsen was appointed as Chief Executive Officer at NOODLES & Co.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

Effective March 6, 2024, the Board of Directors (the “Board”) of the Company appointed Drew Madsen, 67, as the Company’s Chief Executive Officer.

View on SEC.gov

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Source: SEC EDGAR

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