El Pollo Loco (LOCO) Tops Q1 EPS by 1c
El Pollo Loco (NASDAQ: LOCO) reported Q1 EPS of $0.13, $0.01 better than the analyst estimate of $0.12. Revenue for the quarter came in at $107.7 million versus the consensus estimate of $106.26 million.
System-wide comparable restaurant sales(1) increased 7.4%, including a 3.3% increase for company-operated restaurants, and a 10.5% increase for franchised restaurants. System-wide comparable restaurant sales increased 5.9% compared to the same period in 2019.
Bernard Acoca, President and Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “We are pleased with our solid start to 2021, as we saw a significant improvement in sales trends during the first quarter, resulting in system-wide comparable restaurant sales growth of 7.4% compared to last year and an increase of 5.9% compared to 2019. Our momentum has continued into the second quarter with April system-wide comparable restaurant sales growth of 39.1% and two-year growth of 13.5%. Also highlighting our recovery, we recently achieved three consecutive records for average weekly sales and posted our highest single day of sales ever on National Burrito Day. While margins in January and February were challenged due to COVID-19 related expenses, March margins were strong at over 20.0%. These performance indicators along with declining COVID-19 cases, increasing vaccine availability, and loosening of dining room restrictions in California, give us confidence that the operating environment is normalizing and that we can now focus our efforts on our Acceleration Agenda, which provides a detailed roadmap for successful growth over the next three years.
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