Q3 2022 Noodles & Co Earnings Call
The conference will begin shortly to raise your hand during Q&A you can dial star one one.
[music].
Good afternoon, and welcome to today's noodles <unk> Company third quarter 2022 earnings Conference call. All participants are now in a listen only mode. After the speaker's presentation. There will be a question and answer session. As a reminder, this call is being recorded I would now like to hand the call.
Over and introduce noodles, <unk> company's Chief Financial Officer, Carl Lukasz, you may begin.
Thank you and good afternoon, everyone welcome to our third quarter 2022 earnings call.
With me. This afternoon is Dave Burney, our Chief Executive Officer, I'd like to start by going over a few regulatory matters during our opening remarks and in response to your questions. We may make forward looking statements regarding future events or the future financial performance of the company.
Any such items, including details relating to our future performance should be considered forward looking statements within the meetings of the private Securities Litigation Reform Act.
Such statements are only projections and actual events or results could differ materially from those projections due to a number of risks and uncertainties.
The Safe Harbor statement in this afternoon's news release and the cautionary statement in the company's annual report on Form 10-K for 2021 fiscal year and subsequent filings with the SEC are considered a part of this conference call, including the portion of each that set forth the risks and uncertainties related to the company's forward looking statements.
I refer you to the documents the company files from time to time with the Securities and Exchange Commission specifically the company's annual report on Form 10-K for 2021 fiscal year and subsequent filings we have made.
These documents contain and identify important factors that could cause actual results to differ materially.
From those contained in our projections or forward looking statements during.
During the call we will discuss non-GAAP measures, which we believe can be useful in evaluating the company's operating performance.
These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.
A reconciliation of these measures to the most directly comparable GAAP measures is available in our third quarter 2022 earnings release, and our supplemental information.
Now I would like to turn it over to Dave <unk>, Our Chief Executive Officer.
Thanks, Karl and good afternoon, everyone.
Excited to share with you today, the momentum that we've seen in our sales trajectory as well as our outlook concerning the state of today's cost environment relative to just a few months ago.
I'd like to start by sharing some of the highlights from our third quarter results, which were punctuated by accelerating sales trends through the quarter and improvements in some of our key input cost, notably chicken that will manifest themselves in improved cost of goods sold during upcoming quarters.
Importantly, we are finalizing a fixed cost contract for chicken for 2023 that we expect will yield approximately 200 basis points of savings relative to Q3 of this year.
Our third quarter revenue of $129 4 million was above the high end of our guidance range, reflecting company comparable restaurant sales of three 4% and nearly 17% growth in company average unit volumes relative to 2019.
Company comparable restaurant sales as well as our three year average unit volume growth accelerated through the quarter, including comparable restaurant sales of six 8% during fiscal September .
Song in the high single digits for the fourth quarter.
R accelerated sales trends are a testament to the great value an extensive variety that we provide noodles and company.
With regard to value, we've been highlighting seven offerings for $7.
Featuring the entry level price point for some of our most popular made to order dishes.
We've received strong response from this messaging showcasing our commitment to providing uncommon value to our guests in this challenging environment.
We're also excited about the rollout of our plant based protein alternative impossible, pinko, chicken, which reinforces the company's ability to meet a wide variety of dietary preferences.
While it's only been offered nationally for a few weeks, we're very pleased with the early response to impossible Peco chicken, which is resonating with both vegetarian guest in addition to more environmentally conscious younger generations.
Finally, we continue to be thrilled with Linguini broad appeal.
Spurred by the fact that is roughly half the net carbs and nearly 50% more protein with the same taste and texture of a traditional we'd noodle.
This proprietary first of its kind offering has been a hit with our guests from day, one recently, reaching its highest mix since launch and resulting in increased frequency from guests who have tried it.
Additionally, we are excited to announce that we have commenced the implementation of digital menu boards across our system.
We feel that digital menu boards are particularly meaningful for the noodles and company brand for several reasons.
First given are great variety digital many boards allow us to better communicate key features of our menu.
Such as the great health benefits of Linguini second.
Second with our increased strength and guest engagement will have more flexibility in terms of communication that is more relevant for consumers, including the ability to change messaging based on trade area dynamics or day part.
Third digital menu boards allow us greater pricing flexibility both in our ability to test various scenarios as well as in speed the market.
Finally, as digital menu boards increased flexibility in all aspects of the organization. They also reduced cost associated with physical menu boards.
As our digital presence inside the restaurants improves we are also pleased with the digital sales that originates outside of our restaurants.
Even as our in restaurant dining continues to increase digital sales still accounted for nearly 50% of revenue during the third quarter.
And our rewards program saw an increase in membership to $4 4 million members, 16% above prior year.
Are strengthening rewards program continues to give us the ability to better personalize our communication with our guests.
Which has been supported by recent enhancements to our <unk> interface to make it easier for gas to engage with the brand.
Additionally, we've begun implementation of a comprehensive customer data platform to give us a more complete single view of our customers from a behavioral transactional and demographic perspective.
Turning to restaurant level margin.
During the third quarter, a restaurant level margin of 14.4%, which was impacted by continued inflation and the vast majority of our input costs.
While Carl address our margin trends in more detail again, we are seeing significant declines in certain key ingredient costs, notably chicken.
While the inflationary environment remains volatile. We're also beginning to see signs of stabilization across other key input areas as well.
And we believe we are well positioned to expand margin meaningfully as we exit 2022 and enter 2023.
Additionally, we have continued our work with the third party industrial engineering firm on the next kitchen of the future initiatives, which is prior iterate iteration yielded significant labor efficiencies throughout the system.
While it's too early to quantify with the potential opportunities will be we're confident that with enhancements and equipment technology and revisiting our processes for post Covid World, we will find meaningful efficiency opportunities throughout the operating model.
Unimproved margin profile will also enhance our strategy to accelerate our unit growth with a model that supports 30% plus cash on cash returns.
We continue to be very pleased with the performance of our new restaurants as well as the maturation of recent classes.
We expect new restaurants to initially opened at approximately 90% of company average and reach maturity in three years.
Our recent openings continue to outperform that target and restaurants are open between 2019 2020 have reached maturity with AAV of $1 million $450000 quarter today above the company average.
While the well documented challenges to the development environment did cause us to pull back from certain restaurants in 2022 that we felt would compromise the discipline in our capital underwriting model. We have already opened more restaurants of this year than we have in any year since 2016 and.
Need to expect 5% unit growth for the year.
Moreover, the 2023 pipeline for company restaurants continues to be very strong with the vast majority of our pipeline either already under lease or in final stages of lease negotiations.
Although the company pipeline remains very robust we have seen challenges in the current development environment as it relates to the signing of new franchisees.
While interest remains high economic uncertainty the present inflationary environment and rapidly rising lending rates have cost perspective franchisees to move more deliberately than our prior 2023 expectations assumed.
As a result, while we remain confident in 7% to 10% unit growth rate long term. We believe it is prudent for us to assume that the development and lending environment for franchisees will remain challenging and consequently, we know anticipate unit growth system wide of at least 7% in 2023 with the van.
Asked majority of those restaurants being company owned.
As the inflationary environment improves and ultimately the lending environment, we're confident that the brand will be well positioned to accelerate franchise growth in the years to come.
Finally, I would like to make note of an incredible team members or a large part of our accelerating momentum and an incredible representation of our brands commitment to uncommon goodness.
<unk> continues to be strong and this past month, we have two particularly special events concerning furniture's.
First we had our first all manager meeting in four years and I came away in all the energy commitment and talent of our general manager team.
Second a few weeks ago I was proud to welcome the inaugural class of 57 general managers into our GM equity program.
We believe strongly in the value creation opportunities noodles and company.
And we feel it is important to a line that opportunity with the general managers in our restaurants, who are so critical to achieving our objectives.
These 57 general managers achieved strong financial and operational metrics over the past six months.
And through this program after three additional years that the company. They will invested equity that could have a meaningful impact in their lives.
While I am immensely proud of these general managers, who qualified for this inaugural class I look forward to welcoming additional members in future classes, who aspire to share and the value creation opportunity at noodles and company through this unique program.
While it has been a challenging environment during the past 12 months and inflationary <unk>.
<unk>, particularly in labor, we feel strongly that the brand is positioned well to expand profit meaningfully versus 2022.
Our sales have accelerated and our cost of goods sold should improve significantly relative to the pressures of this year.
I look forward to sharing with you our progress in future calls and we'll now turn it over to Carl to share some of our financial highlights.
Thank you, Dave and good afternoon, everyone I'm pleased to share our third quarter results, including the continued momentum and our average unit volumes and the progression towards a more favorable commodity environment in terms of the financial highlights comparable restaurant sales increased 2.1% system wide comprised of a 3.4% in.
Increase at company owned restaurants, and a 3.8% decrease in franchise restaurants.
Our third quarter included our most challenging comparisons of the year, particularly in franchise location.
On a two year stacked basis third quarter company restaurant sales increased 18.7%.
In franchise restaurant sales increased $17, 2%.
Underlying the overall strength of both company and franchise momentum.
As Dave noted comparable sales growth during the fiscal October has accelerated to 10.5% accompany restaurants and four 8% at franchise restaurants.
Our third quarter revenue increased 3.4% to $129 $4 million compared to last year with meaningful growth from both comparable restaurant sales and new restaurants that have been opened since the third quarter last year.
This growth was partially offset from the January 2022 sale of our California locations, which reduced revenue by approximately four and a half million dollars and includes lots revenue net of royalty payments received.
Underlying our revenue growth our company average unit volumes for $1.39 million for the quarter at 16.8% increase versus pre COVID-19 levels in 2019.
For the third quarter restaurant contribution margin with 14.4%, a 370 basis point decrease relative to the third quarter of 2021.
This decrease was primarily seen in cost of goods sold which increased 300 basis points relative to the prior year to $28 1%.
During the quarter at the cost of chicken remained the most material driver of inflation and over 50% of our guests choose boneless, all white meat chicken breast as an add onto their noodle dishes.
Chicken prices rose to unprecedented levels during the second quarter and continue to have a financial impact on our cost of goods sold throughout the third quarter as we move product through our distribution network.
Over the past several months, we have been highly encouraged that chicken prices have declined materially during the third quarter. We saw steady sequential improvement in our cost of goods sold which we expect to continue throughout the fourth quarter.
We currently anticipate fourth quarter Cogs in the high 26% area.
In addition, while our chicken contracts for the remainder of the year remain on floating right prices. We are finalizing a full year 2023 fixed price contract for both our grilled and parmesan chicken.
At the sixth right prices, we expect nearly a 200 basis point benefit heading into 2023 relative to our peak Cogs margin in the third quarter. This year.
This gives us further confidence that we will be able to achieve cogs between 25 and 26% during 2023.
Labor costs for the quarter were 38% of sales, which is 80 basis points above the third quarter last year.
While our labor margins continued to benefit from the full annualized impact of the rollout of steamers are wage inflation continues to remain elevated at nearly 12% year over year during the third quarter.
While wage inflation is moderating somewhat we anticipate elevated levels will continue throughout the fourth quarter.
As a result, we expect our labor margins to increase approximately 50% to 60 basis points for the fourth quarter compared to the third quarter.
Key drivers of the increase our continued industrywide inflation. In addition to anticipated sales deleveraged from normal seasonality in the fourth quarter, which contained three low volume holiday weeks Thanksgiving Christmas and new years.
Other operating cost for the quarter were $17 90 per cent of sales compared to 17.5% last year. This increase was driven by an increase in utility costs, which is predominantly due to higher energy rates compared to prior year <unk>.
During the fourth quarter, we anticipate other operating cost of around 18%, reflecting both elevated market utility rates as well as an expected increase in delivery sales and associated fees as we enter the winter months.
Pricing during the third quarter remain just above 10% and we expect to maintain pricing at these levels during the fourth quarter.
We feel it's particularly encouraging to see the acceleration of sales growth during September and October given we have not taken any core pricing since may.
We are fortunate to maintain a strong value proposition with an attractive entry level price point of around $7.
We do not currently planned to take any further pricing on our core menu for the rest of the year.
And we do feel that we retained pricing power in the event of further volatility and input costs.
G&A for the third quarter was $11.6 million compared to $12.2 million last year.
G&A includes non-cash stock based compensation of 750000 during the third quarter compared to $1.2 million last year.
For the fourth quarter, we anticipate G&A around $13.5 million to $14 million, which is inclusive of approximately $1 million of stock based compensation.
Our fourth quarter G&A forecast reflects in approximately $2 million increase relative to the third quarter driven by employee related costs, including an additional week of compensation and expense to the 53rd week fiscal year, which includes 14 weeks in the fourth quarter.
G&A is also expected to be impacted by an increase in stock based compensation related to the GM equity program that they have highlighted.
In addition to an investment in our new CDP platform and other technologies that we expect to have a positive long term impact on our guest engagement capabilities.
GAAP net income for the third quarter was 800000 or two cents per diluted share compared to net income of $4.7 million last year or 10 cents per diluted share.
We also report net income on and adjusted basis, which is just for the impact of impairments divestitures enclosures.
Excluding these adjustments are third quarter net income was $1.6 million or four cents per diluted share compared to net income of $5.3 million or 12 cents per diluted share last year we.
We expect our effective tax rate to remain low at least through 2022, and we do not expect to be a cash taxpayer for the foreseeable future given our sizeable NOL and other tax credits of over $150 million.
Turning to the balance sheet.
And so we had to cash <unk> eight.
$8 million.
Total and the balance of approximately $39 million.
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I would like to turn the call back over to the data.
Okay. Thanks Carl.
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Our unit growth. Thank you for your time today and please open the lines for Q&A.
Alright, ladies and gentlemen, if you do have a question at this time. Please press star one one on your telephone.
Please stand by while we compiled the Q&A roster.
One moment.
Mmm.
And our first question will come from Joshua along a Steven your line is open.
Great. Thank you for taking my question then apologies the audio on my line got a little garbled there at the end you repeated some of this are you are you talking about this just let me know what I can grab it on the transcript but.
As we think about the trends through the third quarter. It sounded like you talked about.
Acceleration there and then it has been particularly strong October trends could you provide some context, there I mean, what what's driving that strong, particularly on the company side strong trends and you talked about the moderation there perhaps from some year over year comparisons any sort of context or color you could offer there as we think about that high single digit guidance for before.
<unk>.
Sure I think Josh was particularly exciting as as we look at that sales trajectory.
First off the momentum weight gain.
The end of two three dogs are lower doses per cent store sales. This was occurring despite christ actually being lost that it wasn't the beginning of the quarter. So even as we lost some pricing we were able to gain significant momentum exit in Q3, I think what's additionally, exciting is.
We did start to lost some of the Covid related closer seltzer related closures of before it even as we lost.
That that particular impact we continued to see strengthening essentials sales as well as strengthening average little bottles of versus 2019, so very steady consistent growth certainly there is an element there that has been related to overall price as well as Latin closers, but when we look at our gap relative to the industry.
A three year growth as well as for the same store sales perspective, we feel very strongly that first our values resonating as you see with the seven or seven offering secular guests engagements continues to improve more rewards programs for digital sales.
50% I am just our teams are executing well, we get to see great operations Electrics R employee metrics to some of the best in the industry. So until there's a lot of things clicking Shaun Edwards will allow us to continue to have that strong momentum now as we do lab, we have lots of those those mostly upset closers.
Would you believe that there is potential for a bit of a moderating in the one year same store sales and that's reflected in the guidance, but we do see three year average unit volume growth normalize into that impact to continue to strengthen through the quarter.
That's very helpful. Thank you and shifting gears, maybe to the input costs side. It seems like chicken was maybe persistently more inflationary than was expected can you provide additional color there and just how things are shaped up understood that we'd get some benefit heading into next year, but it seems like at least from my dad.
We might have expected to see some of that Tom without materialize that benefit materialize, a little bit sooner is that right.
What kind of visibility do you have in terms of that you know cost trajectory now heading into the fourth quarter.
Sure. It was the third quarter Cogs as you noted were $2008, 1%, which was.
Really.
Imagine to be the peak of our cost performance and as we.
Forecast for the fourth quarter, we're looking at the high 26% area in terms of the third quarter performance that typically is generally in line with our expectations. We had thought about about 100 150 basis points of chicken benefit 100 coming from chicken strips. We are seeing that that is again, just moving to check into our distribution system and we feel <unk>.
Confident that that bad, but we are getting.
And 50 basis points, we talked about last quarter was from market pricing and we're seeing that continue to drive forward sequentially throughout the quarter, but more predominantly and seen in the financial to the fourth quarter and generally in line with our expectations that was just moving at the product through the distribution better yeah, I'd say the visibility as we love with the balance of this quarter.
As well as Hunter twenty-three is extremely high.
<unk> what are you chicken strips through the system and then getting into a fixed cost contracts gives us that price is sheree is that from this most volatile.
Actually can be considerably flavorful, so that 200 basis points up at roughly impact that we expect to see as the other 23, we feel this very strong visibility to that.
Got it that's helpful and they made me one last one for me, but quite passes on when we think about the digital menu boards. It seems exciting as an opportunity for both top and bottom line. As you mentioned can you talk about timing and then do you think about that maybe early on the impact from digital many boards more so than not on one side of that either sales driving or just.
The operational flexibility or efficiency that it offers how do we think about that from a store level execution or maybe a consumer experienced perspective yeah.
I think it can be particularly strong on the consumer perspective, and allowing our marketing team really capitalized on all of the break guest installed so that we've been able to glean and learn through our investigation ecosystem over the past couple of years, one important level digital menu boards. It is so powerful for us primarily.
Because extensive variety is the strength of our branch so being able to communicate in a more flexible way with our gas based on gay part based on trade areas dynamics based on new introductions being able to really talk about here's the 50% less carbs, 6% more protein was.
This is particularly a tactful for us it gives us more flexibility across the board for messages relocation to testing to pricing you name. It there's a lot more flexibility that you get when you come into a digital menu bar ecosystem, we expect us to be rolled out over the next six to nine.
Across all company restaurants.
And we're extremely excited about it for our brand in particular, we think digital menu boards can really allow us to capitalize on locks on all that for a best engagement that we have listed on the system.
Very helpful. Thank you.
One moment.
And our next question will come from Nicole Miller Regan Piper Sandler Nicole Your line is open.
Thank you. Good afternoon can you talk about the marketing spend.
Period, and what it was versus the prior year, either a percentage or dollar terms whatever you have.
Sure from a from a <unk> perspective, it was 1.4% a quarter nichol and that compares to 1.3% last year so relatively in line.
And when you think about the commentary around you talked about value proposition, but also affordability and you gain some average check figures and whatnot can you also walk us through for the corner the 3.4% company comp what are you rolling in terms of price.
And how does that rule into four Q.
Maybe a little on traffic and next if you have it too.
Sure. So we turn to the third quarter. So price was just north of 10% which is.
An area that we've been asked for the second quarter as well in terms of traffic traffic wise.
I'll, let you talk a little bit more about the traffic teeth, but traffic.
Traffic was still a headwind and.
Offsetting some of that price increase.
As we think about what we're laughing in August .
Lap, a 3% price increase last year.
So as Dave pointed out earlier, we did see a step down and private sequentially throughout the quarter, which didn't give us more encouraging than at the comp level, we saw heading into September and October .
From a mix perspective, and I think this is a good sign of the value proposition Nicole typically when you see price increases you would Austin CMU mix become a negative <unk> <unk>.
Less expensive, we're not saying that it's actually been negligible it down a little bit positive from a pure profit perspective.
Was modestly negative during Q3, but as you look at that October fiscal period, Barney at about 10% price for and it also just north of 10% same store sales you see would definitely turn the caller in terms of some of the traffic trend that has been the driver of the improvements that we've seen over the last few months has been improvements in <unk>.
<unk> line.
So when you put that all together can you kind of think about a very you know.
Lowest of allow however, you slice and dice the pie of income cohorts, they're gonna followed anyway, I mean really if you took prices up to prices down to have energy problems problems. You know a list of problems and then everyone else is willing to come there is underlying demand and pay what they need to pay or is that too too simplified.
It's not too simplified I'll tell you what we are seeing from medium income in hiring some cohorts, we've seen a significant increase in frequency.
That's been extremely encouraging is why don't we have that consumer.
Pretty stable.
Challenges that actually increase the frequency with noodles confidence from the lowest of the consumer there's no question that they're still facing the broth from the inflationary perspective.
C as in our guys will quickly utilities.
Element there.
The good news for us is that especially as we move into that several for <unk>, which is our normal entry level price point for those dishes. We saw that the resistance or if you will the impact from the lower consumer was mitigated pre meaningfully they were able to see us visa via our competitors as soon as this is one heck of a value.
And so that's what we're going to continue to wait for that.
Next few months uhm to be able to maintain as much of that as soon as possible. So long and short of it is middle income higher consumer we think is very very very very solid.
Solve all system ADC expectations for a specific overseeing increases in frequency.
Being able to hold onto that low income consumer I think better than we were let's call. It a few months ago.
Great. Thank you for that I appreciate it.
Again, if you like to ask a question. Please press star one on your telephone.
Our next question will come from Andros Drowsy at BMO.
Hey, good afternoon.
Great. Thank you I guess, if I could start on the pricing side by White also got a little jumbled their right. When you were talking about the pricing dynamics and so what what it sounded like to me. It was no pricing since may know incremental pricing and <unk> and now you have.
Amazing inflation environment on the horizon. So I guess, how are you thinking about what's the governor on pricing decisions moving forward and into twenty-three.
No I think the Governor circle, we feel.
Very very strongly about a value proposition agenda is dry powder that is pricing power there Andrew.
<unk>, probably almost other inflationary items, we feel pretty comfortable work commodities without aside from checking your savings come down there is some increases and produce and.
Other areas, but overall commodities looked extremely strong that said the labor environment, while stabilizing it's not quite as high as it was still pretty meaningful you still see inflation utilities in other areas. We wanted to see how that settles out a little bit again. This is one of those benefits of digital 90 reports belts will there be able to respond much.
More quickly and do much more testing as we see that inflationary environment, which regardless.
I'll agree that it's gonna be K volatility.
<unk> what the magnitude is we don't know, but it will be volatile and our ability to maintain that pricing power and there'll be able to act more quickly I think it's a great opportunity for operator.
I guess, so then should we think with those kind of cross currents on the different line items in the restaurant shall.
Should we think about kind of a normalised level of pricing or do you.
Think you might need to still keep the foot on the gas pedal a little bit I guess, if you just put it all together how should we think about that.
Yeah, I would tell you when you look at 2023 from a pure rollover perspective, assuming we don't have any for rental price. The balance of this year, we will ultimately rollover a weighted average effective price increase of about 3% to 5%. So really what you're looking at is what would you go above and beyond that based on.
Interesting environment.
Then we have not touch the core menu sense may.
So we certainly believe there's power and there's potential W. W. Raise prices of 2023 don't believe it will be near the levels that we saw in 2022.
Got it Okay and then the mixed commentary was certainly encouraging and just kind of implications for the consumer's activity to the brand, but I guess I'm just wondering about the $7 price point that you've been highlighting on the menu I mean, what what what was the impact of that did you see migration there and how does it in form.
Or not inform I guess, how you think about.
Value or other similar types of things as you become a little bit more dynamic I guess with the with the digital menu boards going forward.
I think washing as fascinating as you look at our digital sales and again about 50 per cent of our sales team digital when you go to the noodles website to order the seven per side that is one of the categories. You can choose from it quickly became the second most clicked upon category as people will be getting their orders well ultimately interestingly.
Enough to mix did not change much like we did not see people have less add on.
<unk> shifted towards those items, but not a lot I think what it did in general and keep in mind December separate include some of our most popular dishes. So it's not.
Underperforming dishes, there may be some resume as well.
Angie level Preisler has always been around $7 for Mac and cheese.
So it's just reminding people that the core value at noon the company is extremely strong.
So we're seeing great data that is actually Browns must you are seeing is mix, but just an overall halo in an overall reminder, reinforcement of that value proposition.
The one thing I'll add is the seven dishes excluded a protein attachment, but when we notice from the guest is even though they click through that area of the website or the app many of them customize their dish and did add a protein. Ultimately so are protein mix to date has remained fairly stable also which is something we were keenly watching to see if the guy.
Is going to change that attachment behavior.
Okay, great. Thanks for the color and.
Thanks.
Thank you I'm showing no further questions I would now like to turn the conference back to date for closing remarks.
And I think everybody I know, it's a very busy time of mirrors calendar Stevens I'll tell you that we still just extremely excited as we look at the setup as we enter 2023 that commodity environment, particularly chicken is significantly more favorable we have great visibility into that are new restaurants, performing extraordinarily well.
As you can see the sales momentum what we're seeing from the branch in house resonated with consumers. The resiliency has been extremely strong. Additionally, as we look at the strong innovation on tap from the digital many boards, we discuss some of the labour efficiency models, which are displayed opportunities striped top and bottom line I look forward to sharing with you all of the <unk>.
<unk> and let them know steps.
Over the course of the next year and Noverco select source. Thank you very much.
Ladies and gentlemen. This concludes today's conference. Thank you for your participation you may now disconnect.
The conference will begin shortly to raise your hand doing <unk> you can dial 911.
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The conference will begin shortly to raise your hand doing <unk> you can dial 911.
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