Noodles & Company reports Q3 adjusted EPS (12c), consensus (6c)

Reports Q3 revenue $122.75M, consensus $125.85M. Comparable restaurant sales decreased 3.3% system-wide. Drew Madsen, CEO of Noodles & Company, remarked, “In the third quarter, we continued to face a challenging consumer environment with a significant level of industry-wide promotional and discount activity coupled with a marked and unexpected decline in our third-party delivery sales. As we continue our focus on driving guest experience improvements and evolving our new menu innovations into test markets, we pivoted late in September and October to increase our promotional activity and identify promising new third-party pricing strategies. In early October, we also rolled out nationally the first dishes from our menu transformation. All of this has resulted in noticeable improvement in our fourth quarter traffic trends to date relative to the third quarter. Although we are seeing variability in our near-term results, largely due to a challenging consumer environment, our team remains focused on executing against all five of our strategic priorities to achieve sustained profitable growth and drive long-term shareholder value.”