Business
El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2022 Financial Results
COSTA MESA, Calif., March 09, 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., March 09, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended December 28, 2022. Highlights for the fourth quarter ended December 28, 2022 compared to the fourth quarter ended December 29, 2021 were as follows: Total revenue was $115.9 million compared to $109.0 million.System-wide comparable restaurant sales(1) increased 4.7%.Income from operations was $9.5 million compared to $8.4 million.Restaurant contribution(1) was $14.7 million, or 14.7% of company-operated restaurant revenue, compared to $14.7 million, or 15.7% of company-operated restaurant revenue.Net income was $6.5 million, or $0.18 per diluted share, compared to net income of $6.2 million, or $0.17 per diluted share.Adjusted net income(1) was $6.0 million, or $0.16 per diluted share, compared to $6.1 million, or $0.17 per diluted share.Adjusted EBITDA(1) was $13.3 million, compared to $12.7 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 pleased with our fourth quarter results, driven by the improvement in both our Company-operated and franchise restaurant operations and the success of our Stuffed Quesadilla promotion. These resulted in a system-wide comparable sales increase of 4.7%, with solid comparable sales growth at both company-owned and franchise restaurants. We are especially pleased by the continued improvement in both our brand tracker and internal customer service metrics, which achieved their highest levels during 2022 in the fourth quarter. While unfavorable weather is proving to be a headwind in the first quarter of 2023, we remain confident that the sales building initiatives we are implementing in 2023 will be successful in delivering higher revenues and profits. These include the continued improvement in system restaurant operat...