Business
El Pollo Loco Holdings, Inc. Announces Second Quarter 2021 Financial Results
COSTA MESA, Calif., Aug. 05, 2021 (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., Aug. 05, 2021 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended June 30, 2021. Highlights for the second quarter ended June 30, 2021 compared to the second quarter ended June 24, 2020 were as follows: Total revenue was $122.0 million compared to $99.6 million.System-wide comparable restaurant sales(1) increased 21.0%.Income from operations was $12.7 million compared to $7.4 million.Restaurant contribution(1) was $22.2 million, or 20.8% of company-operated restaurant revenue, compared to $17.2 million, or 19.6% of company-operated restaurant revenue.Net income was $8.8 million, or $0.24 per diluted share, compared to net income of $5.5 million, or $0.16 per diluted share.Pro forma net income(1) was $10.7 million, or $0.29 per diluted share, compared to $6.9 million, or $0.20 per diluted share.Adjusted EBITDA(1) was $19.9 million, compared to $15.3 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.” Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “Our strong second quarter performance was characterized by the continued sales recovery in both our LA and outer markets, resulting in over 22% top line improvement and strong two-year system-wide comparable restaurant sales growth of 14.8% compared to the second quarter of 2019. We were able to leverage our sales improvement and labor efficiencies to post a 20.8% restaurant contribution margin during the quarter. Our two-year system-wide comparable sales growth continued in the month of July coming in at 14.6% and company weekly average unit volumes have been over $40,000 for 18 straight weeks, demonstrating the strength we are seeing in our business. As we look at the back half of the year, we will work to sustain this sales momentum and work to manage the impact of increasing labor and commodity costs. We will al...