El Pollo Loco shares slide in after-hours trade as sales fall short of estimates

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El Pollo Loco Holdings Inc. shares slid 3.4% in after-hours trade Thursday, after the chicken restaurant chain beat profit estimates for the third quarter as sales fell slightly short. The company post net income of $9.9 million, or 28 cents a share, in the quarter, up from $6.4 million, or 18 cents a share, in the year-earlier period. Adjusted per-share earnings came to 28 cents, ahead of the 22 cents FactSet consensus. Revenue edged down to $111.0 million from $112.1 million, slightly below the $112.0 million FactSet consensus. Same-restaurant sales rose 1.8%, below the FactSet consensus for a rise of 2.2%. “While the COVID crisis will likely continue to present challenges, we remain excited about the progress we’ve made against our Transformation Agenda,” Chief Executive Bernard Acoca said in a statement. The company is now expecting its fourth-quarter same-restaurant sales o rise 1% to 2%, compared with a FactSet consensus of up 2%. Shares have gained 16% in the year to date, while the S&P 500 has gained 2.5%.
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