US fire-grilled chicken restaurant chain El Pollo Loco Holdings has reported a net income of $4.4m, or $0.14 per diluted share, for the fourth quarter (Q4) of 2023, down from $6.5m, or $0.18 per diluted share, in the previous year.
For the quarter ended 27 December 2023, total revenue was $112.2m, down from $115.9 million in the same quarter of 2022.
Go deeper with GlobalData
The company’s income from operations saw a reduction to $7.5m from $9.5m in Q4 2022.
El Pollo Loco’s adjusted net income was $5.2m, or $0.16 per diluted share, which remained consistent with the $6m, or $0.16 per diluted share, reported during the fourth quarter of the previous year.
Revenue from company-operated restaurants in Q4 2023 decreased to $94m, compared to $99.6m in Q4 2022.
The decline was primarily attributed to a $5.8m decrease in revenue following the sale of 18 company-operated restaurants to existing franchisees.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataFranchise revenue saw a significant increase of 17%, reaching $11m in Q4 2023.
El Pollo Loco has announced plans to expand its footprint by opening two new company-owned restaurants and five to seven new franchised restaurants in 2024.
The brand has appointed Elizabeth Williams as its new CEO and as a member of the board, effective from 11 March 2024.
Williams will take over from Maria Hollandsworth, who served as interim CEO since 3 November 2023.
Hollandsworth has been appointed as president of the company and will continue her role as the chief operating officer.
Hollandsworth said: “We are pleased with the progress our team has made during the fourth quarter as they execute against our initiatives geared toward top-line growth and profitability improvements.
“As we look into 2024, we aim to lean into what makes El Pollo Loco unique – our one-of-a-kind, better-for-you marinated flame-grilled chicken that delivers a truly special flavour that our customers crave.
“Through menu innovations, marketing initiatives and renewed focus on four-wall operational excellence, we will build upon the foundation we have laid down last year to unlock the immense potential we have ahead of us.”
