EL POLLO LOCO IS CRASHING
The restaurant chain posted revenues totaling $89.5 million, missing the estimate for $93 million according to Bloomberg. Adjusted earnings per share came in at $0.18, in line with forecasts.
Comparable store sales, at locations open for at least one year, rose 1.3%, and were positive for a 16th straight quarter.
The company's shares soared 55% at its IPO last July. Shares are down 6% year-to-date, and have cratered 50% over the past 12 months.
The stock closed at $18.51 on Thursday, and the move down in after-hours trading took it to an all-time low.
"Our second quarter results included pro forma net income growth of over 20%, as well as our 16thconsecutive quarter of system-wide comparable restaurant sales growth," said CEO Steve Sather in the earnings statement.
The Mexican-style chicken chain expects to open as many as 24 restaurants during the fiscal year, and estimates its earnings per share between $0.67 and $0.71.
