El Pollo Loco (LOCO) Tops Q2 EPS by 15c

El Pollo Loco (NASDAQ: LOCO) reported Q2 EPS of $0.20, $0.15 better than the analyst estimate of $0.05. Revenue for the quarter came in at $99.6 million versus the consensus estimate of $95.89 million.

System-wide comparable restaurant sales decreased 9.7%, including an 8.5% decrease for company-operated restaurants, and a 10.6% decrease for franchised restaurants.

Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “Despite the quarter’s challenging start with the onset of COVID-19, we made tremendous progress transforming our business and optimizing our off-premise capabilities, which is reflected by the consistent improvement in our sales during the second quarter, including positive comps in June. I’d add that positive sales have continued into the third quarter with comparable restaurant system sales having increased 2.8% to date. Our teams have also done a fantastic job delivering operational efficiency throughout the pandemic, as we have actively made adjustments to our labor deployment, managed our food costs with greater precision, and are more efficiently servicing our customers both on and off-premise. These efficiencies helped us achieve a 19.6% restaurant contribution margin for the quarter.”

Acoca concluded, “I’m proud that our actions have supported our communities during these trying times while also delivering solid financial results. It is a testament to the resilience and dedication of our restaurant teams, who are on the front lines every day executing our business during these trying times and I am convinced that our actions over the last few months will serve our business well over the longer term.”

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announced, due to the ongoing uncertainty around the duration and severity of the COVID‑19 pandemic, the Company has withdrawn its 2020 financial guidance for the period ending December 30, 2020.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

You May Also Be Interested In

• Amphenol (APH) Tops Q1 EPS by 7c, offers guidance
• Bok Financial Corp (BOKF) Misses Q1 EPS by 27c
• Amphenol (APH) Reports Q1, Announces $2B Share Buyback