El Pollo Loco Holdings Inc. reported Thursday a 12.7-percent increase in pro forma net income for the Sept. 25-ended third quarter, adjusting for the impact of the company’s initial public offering earlier this year.
Same-store sales grew 6.4 percent at company-operated units, driven by a 3.1-percent increase in average check and a 3.3-percent increase in traffic. Same-store sales at franchised locations rose 9.1 percent.
“During the third quarter, we once again demonstrated the strength of our business model through the combination of strong comparable restaurant sales, which now includes 13 consecutive quarters of growth, and a solid increase in overall profitability,” Steve Sather, El Pollo Loco’s president and chief executive, said in a statement.
“We believe the broad-based appeal of our differentiated, value-oriented, faster fast-casual restaurant concept continues to resonate well with our guests, and positions us well for sustainable long-term growth,” he added.
For the full fiscal year, the company expects same-store sales to grow between 6.4 percent and 6.6 percent systemwide, higher than previous growth projections of 5.5 percent to 6 percent.
The Costa Mesa, Calif.-based fast-casual operator ended the quarter with 239 franchised and 166 company-owned locations.
3Q ADJUSTED NET INCOME
Result: $5 million, or 12 cents per share% Increase: 12.7% (from $4.4 million, or 12 cents per share)
3Q REVENUE
Result: $86.6 million% Increase: 8.5% (from $79.8 million)
3Q SAME-STORE SALES
% Increase systemwide: 7.9%
% Increase corporate: 6.4%
% Increase franchised: 9.1%
Source: Company report
RELATED:
• El Pollo Loco reports first earnings as public company
• El Pollo Loco prices IPO at $15 per share
• More restaurant finance news
Contact Lisa Jennings at [email protected].
Follow her on Twitter: @livetodineout
