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El Pollo Loco Holdings, Inc. Announces Fourth Quarter 2023 Financial Results
COSTA MESA, Calif., March 07, 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., March 07, 2024 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended December 27, 2023. Highlights for the fourth quarter ended December 27, 2023 compared to the fourth quarter ended December 28, 2022 were as follows: Total revenue was $112.2 million compared to $115.9 million.System-wide comparable restaurant sales(1) increased 0.9%.Income from operations was $7.5 million compared to $9.5 million.Restaurant contribution(1) was $14.8 million, or 15.8% of company-operated restaurant revenue, compared to $14.7 million, or 14.7% of company-operated restaurant revenue.Net income was $4.4 million, or $0.14 per diluted share, compared to net income of $6.5 million, or $0.18 per diluted share.Adjusted net income(1) was $5.2 million, or $0.16 per diluted share, compared to $6.0 million, or $0.16 per diluted share.Adjusted EBITDA(1) was $13.6 million, compared to $13.3 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.” Maria Hollandsworth, President and Chief Operating Officer of El Pollo Loco Holdings, Inc., stated, “We are pleased with the progress our team has made during the fourth quarter as they execute against our initiatives geared toward top-line growth and profitability improvements. As we look into 2024, we aim to lean into what makes El Pollo Loco unique – our one-of-a-kind, better-for-you marinated flame grilled chicken that delivers a truly special flavor that our customers crave. Through menu innovations, marketing initiatives and renewed focus on four-wall operational excellence, we will build upon the foundation we have laid down last year to unlock the immense potential we have ahead of us.” Fourth Quarter 2023 Financial Results Company-operated restaurant revenue in the fourth quarter of 2023 decreased to $94.0 million, compared to $99.6 million in the fourth quarter of 2022, mainly due to a $5....