Q3 2024 El Pollo Loco Holdings Inc Earnings Call Transcript

Oct 31, 2024 / 08:30PM GMT

Release Date Price: $12.22 (-2.63%)

Transcript 10-Q8-K

Key Points

Positve

El Pollo Loco Holdings Inc (LOCO) reported a 2.7% increase in system-wide comparable sales for the third quarter of 2024.
The company expanded restaurant-level margins by 230 basis points year-over-year to 16.7%.
El Pollo Loco Holdings Inc (LOCO) is making progress in reducing the cost of its prototype to stimulate future restaurant development.
The company is on track to complete its kiosk rollout by early Q1 of next year, enhancing customer experience with new technology.
El Pollo Loco Holdings Inc (LOCO) raised its margin expectations for 2024 for the third consecutive quarter, indicating strong financial performance.

Negative

Company-operated restaurant revenue decreased by 1.5% compared to the same period last year.
There was a 7.6% decrease in transactions during the third quarter, indicating a decline in customer visits.
The macroeconomic environment continues to put pressure on consumers, affecting sales.
California, a major market for El Pollo Loco Holdings Inc (LOCO), is experiencing significant transaction declines.
The company faces increased competition from QSR competitors offering low-price promotions, impacting demand.

Operator

Good day ladies and gentlemen. And thank you for standing by. Welcome to the El Pollo Loco third quarter 2024 earnings conference call. At this time all participants have been placed in a listen-only mode and the lines will be open for your questions following the presentation. Please note that this conference is being recorded today. October 31st 2024 And now I'd like to turn the conference over to Ira Fils, the company's Chief Financial Officer.

Ira Fils

El Pollo Loco Holdings Inc - Chief Financial Officer.

Thank you operator and good afternoon everyone by now everyone should have access to our third quarter, 2024 earnings release. If not it can be found at www.ELPolloloco.com in the investor relations section.

Before we begin our formal remarks, I need to remind everyone that our discussions today will include forward-looking statements, including statements related to our growth opportunities, strategic and operational initiatives, expectations regarding sales and margins,

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