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Noodles & Company (NDLS+2.86%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $493.3 million from $503.4 million in the previous year, primarily due to a decline in company same store sales and permanent restaurant closures.
Cost of sales decreased slightly by $0.4 million, but as a percentage of restaurant revenue, it increased to 25.6% due to menu mix shifts and inflation.
Labor costs decreased by $3.4 million, with a slight decrease in percentage of restaurant revenue due to labor efficiencies and lower incentive pay, despite wage inflation.
The company reported an increase in restaurant impairments, closure costs, and asset disposals to $20.3 million from $8.4 million, largely due to write-downs of lease related assets and fixed asset impairments.
Interest expense increased by $3.6 million due to higher average borrowings and interest rates.
Net loss for the year was $36.2 million, compared to a net loss of $9.9 million in the previous year.
Noodles & Company opened ten new company-owned restaurants and closed thirteen in 2024. The company plans to open two new company-owned restaurants in 2025.
The company amended its credit agreement, increasing the credit facility to $125 million and adjusting interest rate margins.
The filing details a focus on revitalizing menu options and addressing declines in sales, with a significant menu rollout planned for completion by mid-2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Noodles & Company annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.