BROOMFIELD — Noodles Inc. (Nasdaq: NDLS) reported $129.3 million in revenue for the third quarter of 2022, a 3.3% increase from the $125.1 million it earned in the third quarter of 2021.
Expenses increased 6.6%, to $127.8 million from 119.7 million, and net earnings fell to $795,000 from $4.69 million, an 83% decrease.
So far in 2022, Noodles has opened 11 company-owned Noodles & Co. restaurants and three franchises, bringing its total to 366 company-owned stores and 93 franchises across 31 states.
In the earnings report, the company noted that inflation has caused it to increase prices at a higher rate than normal: “During 2022, we have implemented greater menu price increases relative to historical years as a result of ongoing inflation in our cost of food, wages and general restaurant expenses. Our price increases have been implemented through our owned channels in addition to applying a pricing premium for third-party delivery. If we continue to see inflationary pressures on our cost of operations, we may continue to further increase menu prices in the future. In addition, our revenue is highly dependent on our customers’ future willingness to order from restaurants given consumer inflationary pressures and recessionary market dynamics.”