Business
El Pollo Loco Holdings, Inc. Announces First Quarter 2023 Financial Results
COSTA MESA, Calif., May 04, 2023 (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, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 29, 2023 Highlights for the first quarter ended March 29, 2023 compared to the first quarter ended March 30, 2022 were as follows: Total revenue was $114.5 million compared to $110.0 million.System-wide comparable restaurant sales(1) increased 0.8%.Income from operations was $7.8 million compared to $3.3 million.Restaurant contribution(1) was $14.7 million, or 15.0% of company-operated restaurant revenue, compared to $9.7 million, or 10.3% of company-operated restaurant revenue.Net income was $4.9 million, or $0.13 per diluted share, compared to net income of $2.1 million, or $0.06 per diluted share.Adjusted net income(1) was $4.9 million, or $0.14 per diluted share, compared to $2.6 million, or $0.07 per diluted share.Adjusted EBITDA(1) was $12.2 million, compared to $8.5 million. (1)System-wide comparable restaurant sales, restaurant contribution, adjusted 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 of El Pollo Loco Holdings, Inc., stated, “We are encouraged by the start to 2023 and the progress we have made across our strategic pillars. For the first quarter, we achieved positive comparable restaurant sales despite unprecedented California weather and the lapping of our highly successful Beef Birria promotion. Our focus on restaurant level operating controls was instrumental in driving a 470 basis-point improvement in restaurant-level margins. This was achieved while customer service measures reached their highest levels in several years. On the development front, we signed three additional franchise development agreements for an incremental 26 new restaurants in three new markets. As we look ahead, we believe that the initiatives we have put in place to further differentiate our brand and drive awareness with younger consumers, our improved restaurant operations and cont...