El Pollo Loco Holdings Inc. (Nasdaq: LOCO) reported first-quarter revenue rose 2.8% to $110 million, beating analysts’ consensus estimate of $106.7 million.
“We are also encouraged that our top-line momentum has accelerated in the second quarter on the strength of our Shredded Beef Birria promotion and the implementation of new marketing strategies,” Chief Executive Larry Roberts said in a statement.
The company reported an adjusted profit of 7 cents a share, meeting the analyst consensus.
After the results were released, the shares rose 3.5% to $11.50. The company has a $408 million market cap.
El Pollo Loco currently has 481 restaurants, including 188 company-owned stores and 293 franchised restaurants. In 2022, the chain expects to open six new company-owned spots and six to ten new franchised locations.