Business
El Pollo Loco Holdings, Inc. Announces First Quarter 2022 Financial Results
COSTA MESA, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period
About this update from El Pollo Loco Holdings, Inc.
[{"type":"text","content":"COSTA MESA, Calif., May 04, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 30, 2022 Highlights for the first quarter ended March 30, 2022 compared to the first quarter ended March 31, 2021 were as follows: Total revenue was $110.1 million compared to $107.7 million.System-wide comparable restaurant sales(1) increased 7.8%.Income from operations was $3.3 million compared to $6.0 million.Restaurant contribution(1) was $9.7 million, or 10.3% of company-operated restaurant revenue, compared to $15.2 million, or 16.1% of company-operated restaurant revenue.Net income was $2.1 million, or $0.06 per diluted share, compared to net income of $4.0 million, or $0.11 per diluted share.Pro forma net income(1) was $2.6 million, or $0.07 per diluted share, compared to $4.7 million, or $0.13 per diluted share.Adjusted EBITDA(1) was $8.5 million, compared to $11.9 million.(1) System-wide comparable restaurant sales, restaurant contribution, pro forma net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are defined below under “Key Financial Definitions.” A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the accompanying financial data. See also “Non-GAAP Financial Measures.” Larry Roberts, Chief Executive Officer and Interim Chief Financial Officer of El Pollo Loco Holdings, Inc., stated, “While the COVID resurgence heavily impacted our sales performance in January and early February, I’m pleased that our sales bounced back in the second half of the quarter, resulting in a system-wide comparable restaurant sales growth of 7.8%. We are also encouraged that our top-line momentum has accelerated in the second quarter on the strength of our Shredded Beef Birria promotion and the implementation of new marketing strategies. While working to address the challenges of inflation and restaurant staffing, our team remains focused on executing our four strategic priorities, including culture, brand differentiation and awareness, customer service, and accelerated development. We believe these initiatives will continue to strengthen our business, improve profitability, and accelerate growth in 2022...