El Pollo Loco Q1 2023 Earnings Report
Key Takeaways
El Pollo Loco Holdings, Inc. reported a strong start to 2023, with total revenue increasing to $114.5 million and net income rising to $4.9 million. The company's focus on restaurant-level operating controls and strategic initiatives contributed to improved financial results.
Total revenue increased to $114.5 million compared to $110.0 million.
System-wide comparable restaurant sales increased 0.8%.
Net income was $4.9 million, or $0.13 per diluted share, compared to net income of $2.1 million, or $0.06 per diluted share.
Restaurant contribution was $14.7 million, or 15.0% of company-operated restaurant revenue, compared to $9.7 million, or 10.3% of company-operated restaurant revenue.
El Pollo Loco
El Pollo Loco
El Pollo Loco Revenue by Segment
Forward Guidance
El Pollo Loco provided the following expectations for 2023, including new restaurant openings, capital spend, G&A expense, and adjusted income tax rate.
Positive Outlook
- The opening of three to five new company-owned restaurants
- The opening of six to nine new franchised restaurants.
- Capital spend of $25.0 - $29.0 million.
- G&A expense between $42.0 and $45.0 million, inclusive of one-time costs of approximately $1.4 million primarily related to the reorganization and recent share distribution.
- Adjusted income tax rate of 26.5 – 27.5%.