Additionally, the Company today provided an update on the COVID-19 pandemic’s impact on the Company's business.
Quarter-to-Date Q2 2020 Comparable Restaurant Sales
|Comparable Restaurant Sales||4 Weeks
- Comparable restaurant sales(1) have improved meaningfully since the beginning of the COVID-19 pandemic. After comparable sales declined 54.7% during the final week of March, results have sequentially improved even with the vast majority of dining rooms remaining closed.
- Comparable sales declined 14.8% at company-owned restaurants for the fiscal week ended
June 16, 2020.
Average weekly sales(2), which normalize for the impact of restaurants that were temporarily closed due to the COVID-19 pandemic, declined 9.7% during the fiscal week ended
June 16, 2020versus the comparable fiscal week of 2019.
- Digital sales have continued to strengthen and for the week ending
June 16, 2020were 67% of overall sales compared to 31% of overall sales for the first quarter of 2020.
(1) Comparable restaurant sales represent year-over-year sales comparisons for the comparable restaurant base open for at least 18 full periods. This measure highlights performance of existing restaurants, as the impact of new restaurant openings is excluded. Changes in comparable restaurant sales are generated by changes in traffic, which we calculate as the number of entrées sold, or changes in per-person spend, calculated as sales divided by traffic.
(2) Average weekly sales is calculated by dividing restaurant revenue by the number of operating days within the time period and multiplying by seven days.
Disciplined Dining Room Re-openings Continue
From the last half of March through
The Company’s liquidity profile remains healthy with cash on hand of
Investor Conference Participation
Forward Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties such as the impact of the COVID-19 pandemic, including operational and financial measures we have taken in response, the number of restaurants we intend to open, projected capital expenditures and estimates of our effective tax rates. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms and similar expressions intended to identify forward-looking statements. These statements reflect our current views with respect to future events and are based on currently available operating, financial and competitive information. Examples of forward-looking statements include all matters that are not historical facts, such as statements regarding our ability to navigate the COVID-19 pandemic, our new product introductions, our plans to reopen our dining rooms, the implementation and results of strategic initiatives and our future financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements due to reasons including, but not limited to, the extent, duration and severity of the COVID-19 pandemic; governmental and guest response to the COVID-19 pandemic; other conditions beyond our control such as weather, natural disasters, disease outbreaks, epidemics or pandemics impacting our customers or food supplies; consumer reaction to industry related public health issues and health pandemics and perceptions of food safety; our ability to achieve and maintain increases in comparable restaurant sales and to successfully execute our business strategy, including new restaurant initiatives and operational strategies to improve the performance of our restaurant portfolio; our ability to maintain compliance with debt covenants and continue to access financing necessary to execute our business strategy; the success of our marketing efforts; our ability to open new restaurants on schedule; current economic conditions; price and availability of commodities; our ability to adequately staff our restaurants; changes in labor costs; consumer confidence and spending patterns; seasonal factors; and weather. For additional information on these and other factors that could affect the Company’s forward-looking statements, see the Company’s risk factors, as they may be amended from time to time, set forth in its filings with the
Source: Noodles & Company