Arcos Dorados Holdings (ARCO) Posts Q1 Loss of 10c/Share; Comps Rose 8.8%
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Arcos Dorados Holdings (NYSE: ARCO) reported Q1 EPS of ($0.10), $0.15 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $915.5 million versus the consensus estimate of $962.3 million.
Systemwide comparable sales increased by 8.8% year-over-year.
“We had a solid start to the year, achieving double-digit organic revenue growth, supported by a high single-digit increase in comparable sales. These results reflect the strength of our compelling value platforms, our beverage and dessert categories as well as the impact of our marketing promotions in the lead up to the FIFA World Cup, which overcame continued economic headwinds and soft consumption in several of our key markets. Excluding the Venezuelan operation, organic Adjusted EBITDA grew in the double-digits and the Adjusted EBITDA margin expanded 50 basis points, demonstrating the continued strength of our business on the ground.”
“I am particularly pleased with the operational efficiencies that we achieved as part of an ongoing review of our cost structure. During the quarter we delivered G&A leverage of approximately 90 basis points, and efficiency improvements will remain a key area of focus throughout the organization. In fact, beginning with the headcount reductions implemented at the end of 2013, we are targeting an annualized reduction in G&A of approximately $20.0 million,” said Woods Staton, Chairman and Chief Executive Officer of Arcos Dorados.
For earnings history and earnings-related data on Arcos Dorados Holdings (ARCO) click here.
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