Business
El Pollo Loco Holdings, Inc. Announces First Quarter 2024 Financial Results
COSTA MESA, Calif., May 02, 2024 (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 02, 2024 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended March 27, 2024. Highlights for the first quarter ended March 27, 2024 compared to the first quarter ended March 29, 2023 were as follows: Total revenue was $116.2 million compared to $114.5 million.System-wide comparable restaurant sales(1) increased by 5.1%.Income from operations was $9.7 million compared to $7.8 million.Restaurant contribution(1) was $17.1 million, or 17.6% of company-operated restaurant revenue, compared to $14.7 million, or 15.0% of company-operated restaurant revenue.Net income was $5.9 million, or $0.19 per diluted share, compared to net income of $4.9 million, or $0.13 per diluted share.Adjusted net income(1) was $6.8 million, or $0.22 per diluted share, compared to $4.9 million, or $0.14 per diluted share.Adjusted EBITDA(1) was $15.7 million, compared to $12.2 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 “Definitions of Non-GAAP and other Key Financial Measures” below. 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” below. Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “The strength of the El Pollo Loco brand centers around our signature product – fire-grilled, citrus-marinated chicken that is prepared fresh daily for our customers. Since starting as CEO almost two months ago, I have been impressed with the brand’s beloved status among customers and our long-term potential for growth. With our unique positioning at the intersection of the Chicken and Mexican categories, I believe that we can take El Pollo Loco to another level. To that end, I have focused our organization around five strategic pillars: Brand that Wins, Hospitality Mindset, Digital First, Winning Unit Economics, and New Unit Growth, all of which are designed with one goal in mind – to get the right building blocks in place for future success. El Pollo Loco should be and will be a national ...