Business
El Pollo Loco Holdings, Inc. Announces Second Quarter 2024 Financial Results
COSTA MESA, Calif., Aug. 01, 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., Aug. 01, 2024 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended June 26, 2024. Highlights for the second quarter ended June 26, 2024 compared to the second quarter ended June 28, 2023 were as follows: Total revenue was $122.2 million compared to $121.5 million.System-wide comparable restaurant sales(1) increased by 4.5%.Income from operations was $12.3 million compared to $10.9 million.Restaurant contribution(1) was $19.1 million, or 18.6% of company-operated restaurant revenue, compared to $17.6 million, or 16.9% of company-operated restaurant revenue.Net income was $7.6 million, or $0.25 per diluted share, compared to net income of $7.1 million, or $0.20 per diluted share.Adjusted net income(1) was $7.8 million, or $0.26 per diluted share, compared to $8.0 million, or $0.23 per diluted share.Adjusted EBITDA(1) was $17.2 million, compared to $16.6 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 “Definitions of Non-GAAP and other Key Financial Measures” below. 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” below. Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “I am proud of the solid performance we delivered in Q2, as demonstrated by 4.5% system-wide comparable restaurant sales growth and company operated store margins of 18.6%, a 170 basis-point improvement. Our iconic Fire-Grilled Chicken, renewed focus in everyday value, and our consistent operations have clearly resonated with our guests and delivered exceptional results for the quarter. We are pleased with our results for the quarter, and believe that there is still significant potential for this beloved brand.” Second Quarter 2024 Financial Results Company-operated restaurant revenue in the second quarter of 2024 decreased to $102.3 million, compared to $103.9 million in the second quarter of 2023, mainly due to a $5.4 million decrease in revenue primarily from the ...