Shares of Noodles & Co. are down more than 16% on Thursday after the fast-casual dining chain that serves — you guessed it — noodles, reported earnings and revenue that disappointed.
In the second quarter, Noodles reported adjusted earnings per share of $US0.12, missing Wall Street estimates for $US0.14, on revenue of $US99.5 million which was short of estimates for $US106.02 million.
Comparable-restaurant sales in the second quarter were up 0.6% over the prior year, and perhaps most disappointingly, the company said that for the remainder of 2014, comparable-restaurant sales would be flat.
Noodles, which debuted in June 2013 at $US18 per share, closed as high as $US48.30 in October 2013, but have lost more than half their value since that high point.
The tumble in Noodles also comes alongside a really bad day for Red Robin, which is down 20% after reporting earnings and profit margins that narrowed compared to last year.
The drop in shares of Noodles also marks the second high-profile report this week that saw a company that made its public debut last spring fall out of favour with investors.
On Wednesday, SeaWorld shares were absolutely crushed, falling 32% as the theme-park company acknowledged for the first time that bad publicity surrounding the company, including the controversial documentary “Blackfish,” is hurting attendance.
SeaWorld, which made its public debut in April 2013, hasn’t made a new high since May 2013, and with a further decline of nearly 5% on Thursday, is trading at fresh record lows.
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