Lake Forest-based Del Taco Restaurants Inc. (Nasdaq: TACO) said its push to focus on digital and value will be key with social distancing and contactless protocols likely to remain in place in the coming months.
The company provided an update on its operations amid the pandemic alongside results for its first quarter ended March 24.
President and CEO John Cappasola pointed to the chain’s quick-serve positioning that doesn’t depend on dining in as well as lower prices and digital orders as all key to future growth.
“These attributes will be increasingly important in the months ahead and set up a unique opportunity for Del Taco” as consumers seek limited contact and lower prices, Cappasola noted in a statement.
Del Taco reported revenue in the March quarter down 3.8% to $109.8 million. Analysts on average expected revenue of $106.6 million.
The company closed the quarter with an adjusted net loss of $300,000, missing consensus estimates of $600,000 in earnings.
Comparable sales were off 3.1% in the quarter.
Del Taco shares were trading down about 6% after-hours Monday to a market cap of $194 million.
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