Business
El Pollo Loco Holdings, Inc. Announces Second Quarter 2023 Financial Results
COSTA MESA, Calif., Aug. 03, 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., Aug. 03, 2023 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended June 28, 2023 Highlights for the second quarter ended June 28, 2023 compared to the second quarter ended June 29, 2022 were as follows: Total revenue was $121.5 million compared to $124.1 million.System-wide comparable restaurant sales(1) decreased 3.4%.Income from operations was $10.9 million compared to $10.4 million.Restaurant contribution(1) was $17.6 million, or 16.9% of company-operated restaurant revenue, compared to $15.9 million, or 15.0% of company-operated restaurant revenue.Net income was $7.1 million, or $0.20 per diluted share, compared to net income of $7.1 million, or $0.20 per diluted share.Adjusted net income(1) was $8.0 million, or $0.23 per diluted share, compared to $7.6 million, or $0.21 per diluted share.Adjusted EBITDA(1) was $16.6 million, compared to $15.4 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 continued to progress in our four-wall operations, including drive-thru times, social media ratings and customer complaints across both company and franchise restaurants. These improvements would not have been possible without the exemplary efforts of every team member and franchise partner and culminated in restaurant contribution margin of 16.9% and adjusted earnings per share of $0.23.” Roberts continued, “While our top line performance in the second quarter was below our expectations as we lapped last year’s extremely successful Beef Birria promotion, we are encouraged by sales trends over the past four weeks, with third quarter-to-date comparable system sales growth of 1.8% including a 2.1% increase in company comparable sales through July 26th. As we look to the back half of the year, we remain confident that the initiativ...