El Pollo Loco (LOCO) Tops Q1 EPS by 5c, Withdraws Guidance

El Pollo Loco (NASDAQ: LOCO) reported Q1 EPS of $0.16, $0.06 better than the analyst estimate of $0.10. Revenue for the quarter came in at $105.2 million versus the consensus estimate of $102.93 million.

Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, "2020 was off to a strong start, as we built on last year’s momentum, with system-wide and company-operated comparable restaurant sales up 3.7% and 4.2%, respectively, with positive transactions through February. While we naturally experienced a slowdown in March as the reality of the COVID-19 pandemic set in, and restaurant sales remain down overall due to the government-mandated closure of our dining rooms, we have refocused our business to maximize sales in our drive-thru, take-out, delivery, e-commerce and mobile pickup channels. I am pleased with the trajectory of our sales trends, having seen sequential improvement in each of the last six weeks with system same store sales over the last week coming in at slightly better than negative 10%.”

Acoca concluded, “I have never been more proud of a team than I am of my El Pollo Loco family during these last two months. I am blessed to be in the trenches with this phenomenal group of people who are working tirelessly to provide a valued service to our communities. I am especially grateful to our restaurant teams, who are on the front lines every day working to provide an essential service to our customers. There is no doubt in my mind that our success in dealing with this pandemic has strengthened, and will continue to strengthen, the foundation of our business and aid in our long term success.”

GUIDANCE:

As previously announced, due to the ongoing uncertainty around the duration and severity of the COVID-19 pandemic, the Company has withdrawn its 2020 financial guidance for the period ending December 30, 2020.

For earnings history and earnings-related data on El Pollo Loco (LOCO) click here.

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