Noodles & Company (NASDAQ: NDLS) reported Q1 EPS of ($0.09), $0.04 worse than the analyst estimate of ($0.05). Revenue for the quarter came in at $100.3 million versus the consensus estimate of $106.11 million.

Comparable restaurant sales decreased 7.2% system-wide, comprised of a 7.0% decrease at company-owned restaurants and an 8.9% decrease at franchise restaurants.- Comparable sales growth system-wide increased 5.5% during the first ten weeks of the year through March 10th.- Comparable sales were negatively impacted by COVID-19 during the last three weeks of the fiscal quarter, resulting in a system-wide comparable sales decline of 46.3% from March 11th to March 31st.

“I am proud of all of our team members and partners for their tremendous commitment to quickly evolve and address the needs of the consumer during this unprecedented time,” said Dave Boennighausen, Chief Executive Officer. “After a strong 2019 reflecting continued growth in comparable sales, margin and earnings, 2020 began with significant business momentum as our off-premise, culinary and operational initiatives continued to resonate with our guests. As we previously disclosed, the company achieved mid-single digit comparable sales growth during the first ten weeks of the quarter before sales were abruptly disrupted by the current COVID-19 crisis.”

Boennighausen continued “Fortunately, Noodles & Company’s investment in building a strong off-premise business, which represented over 60% of sales quarter-to-date prior to the COVID-19 crisis, has allowed the company to navigate this downturn. We are seeing a steady rebound in company-owned comparable sales growth, which declined 54.7% during the last week of March but has since improved to a decline of just 33.6% for the fiscal week ended May 5, 2020 as our digital and off-premise innovation is helping offset the continued closure of our restaurant dining rooms. Our balance sheet remains strong, with cash on hand of $61.1 million as of May 5, 2020.”

“We continue to maintain our intense focus on ensuring the health and safety of our team members and guests, including several process enhancements enacted over the past several weeks. Although we are prepared and excited to welcome guests back into our dining rooms as the situation allows, our strong off-premise business and increased digital capabilities give us increased confidence in both the company’s ability to navigate this current crisis but also strengthen our competitive position going forward.” Boennighausen concluded.

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