Del Taco Restaurants Inc. (Nasdaq: TACO) expects to open 13 new restaurants this year and to increase its locations 5% annually starting in 2023.
The Lake Forest restaurant chain, with about 600 restaurants, has signed three multi-unit franchise deals so far this year, which are good for a total of 30 future restaurants in the Southeast. The most recent of those was a 12-unit deal in the Florida area with Consolidated Taco Holdings.
The restaurant growth guidance was announced with Del Taco’s results for its fiscal second quarter ended June 15, which beat consensus estimates.
The company reported total revenue of $125 million, an increase of 19.5% from the year-ago fiscal second quarter. Analysts on average expected revenue of $122.8 million.
Del Taco swung to a profit in the second quarter to $6 million, compared to the $600,000 net loss it reported in the year-ago period.
Companywide same-store sales were up 17.8% in the period compared to the prior year.
Del Taco, with a recent market cap of $350 million, was trading down about 1% to $9.45 in after-hours trading Thursday.