El Pollo Loco Holdings, Inc. reported its financial results for the thirteen and thirty-nine weeks ended September 25, 2024, revealing a mixed performance compared to the previous fiscal period. Total revenue for the quarter was $120.4 million, a slight decrease of $4,000 or 0.0% from $120.4 million in the same period last year. For the year-to-date period, total revenue increased by $2.3 million, or 0.6%, to $358.7 million from $356.4 million.
Company-operated restaurant revenue for the quarter decreased by $1.5 million, or 1.5%, to $101.2 million, primarily due to a $5.3 million reduction linked to the sale of 19 company-operated restaurants to franchisees. This decline was partially offset by a $2.7 million increase in comparable restaurant revenue, which rose by 2.8%. Year-to-date, company-operated revenue also fell by $3.8 million, or 1.3%, largely due to the same restaurant sales, despite a $9.3 million increase in comparable restaurant revenue.
Franchise revenue, however, showed positive growth, increasing by $1.1 million, or 10.5%, to $11.3 million for the quarter, and by $4.3 million, or 14.3%, to $34.3 million year-to-date. This growth was driven by a 2.7% increase in franchise comparable restaurant sales and new franchise openings.
Net income for the quarter was $6.2 million, down 33.0% from $9.2 million in the prior year, while year-to-date net income decreased to $19.7 million from $21.2 million, reflecting a 6.9% decline. Basic and diluted earnings per share for the quarter were both $0.21, down from $0.28 in the same period last year.
Total expenses for the quarter increased by 3.3% to $110.3 million, with notable rises in general and administrative expenses, which grew by 24.9% to $11.5 million. The company also reported a decrease in food and paper costs as a percentage of revenue, down to 25.1% from 26.8% in the prior year.
As of September 25, 2024, El Pollo Loco operated 172 company-operated restaurants and 324 franchised locations, with a total of 496 restaurants. The company continues to face inflationary pressures in food and labor costs but has managed to offset some of these through menu price increases and productivity improvements. The company also announced a share repurchase program, with approximately $3.1 million remaining available for repurchase as of the end of the quarter.
About El Pollo Loco Holdings, Inc.
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