Business
El Pollo Loco Holdings, Inc. Announces Second Quarter 2022 Financial Results
COSTA MESA, Calif., Aug. 04, 2022 (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. 04, 2022 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended June 29, 2022 Highlights for the second quarter ended June 29, 2022 compared to the second quarter ended June 30, 2021 were as follows: Total revenue was $124.1 million compared to $122.0 million.System-wide comparable restaurant sales(1) increased 7.5%.Income from operations was $10.4 million compared to $12.7 million.Restaurant contribution(1) was $15.9 million, or 15.0% of company-operated restaurant revenue, compared to $22.2 million, or 20.8% of company-operated restaurant revenue.Net income was $7.1 million, or $0.20 per diluted share, compared to net income of $8.8 million, or $0.24 per diluted share.Pro forma net income(1) was $7.6 million, or $0.21 per diluted share, compared to $10.7 million, or $0.29 per diluted share.Adjusted EBITDA(1) was $15.4 million, compared to $19.9 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.” Larry Roberts, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “We were very pleased with our second quarter sales performance as our focus on brand differentiation and awareness through social media is paying off. This was reflected most recently in the success of our Shredded Beef Birria promotion, which contributed to our system-wide comparable restaurant sales growth of 7.5%.” Roberts added, “While system-wide comparable restaurant sales growth remains positive, similar to others in our industry, we are seeing some softening of consumer traffic and store-level margins continue to be challenged by the inflationary environment. Nevertheless, we continue to make meaningful and tangible progress towards our strategic initiatives, including improvement in our restaurants’ staffing levels, four-wall operational execution, and embedding our Familia culture across the organization. These efforts ...