Strong 4Q16 System-Wide Comparable Restaurant
Sales of +5.5%
ICR Conference presentation and webcast at 8:00
am ET tomorrow
Del Taco Restaurants, Inc. (“Del Taco” or the “Company”),
(NASDAQ:TACO), the second largest Mexican-American QSR chain by
units in the United States, operating restaurants under the name
Del Taco, today announced preliminary unaudited fiscal fourth
quarter and fiscal year 2016 sales results ahead of its
presentation tomorrow morning at the ICR Conference.
The fiscal fourth quarter and fiscal year 2016 ended January 3,
2017 consisted of a 17 and 53 week period, respectively. Comparable
restaurant sales growth for the 17th and 53rd week was calculated
by comparing it to the “like week” in the prior year.
Sales Highlights for Fiscal Fourth Quarter 2016
- System-wide comparable restaurant sales
growth of approximately 5.5% and company-owned comparable
restaurant sales growth of approximately 5.3%, marking the
thirteenth and eighteenth consecutive quarter of gains,
respectively;
- Company-owned comparable restaurant
sales growth comprised check growth of 3.3%, including nearly 1% of
menu mix growth, and 2.0% transaction growth;
- Total revenue of approximately $150.2
million, representing 12.6% growth from the fiscal fourth quarter
of 2015. Week 17 of the fiscal fourth quarter contributed $8.3
million to total revenue. On a 16 week basis, which excludes the
additional 17th week, total revenue growth was 6.4% from the fiscal
fourth quarter of 2015; and
- Company restaurant sales of
approximately $144.4 million, representing 12.7% growth from the
fiscal fourth quarter of 2015. Week 17 of the fiscal fourth quarter
contributed $8.0 million to company restaurant sales. On a 16 week
basis, which excludes additional 17th week, company restaurant
sales growth was 6.5% from the fiscal fourth quarter of 2015.
Sales Highlights for Fiscal Year 2016
- System-wide comparable restaurant sales
growth of approximately 4.8% and company-owned comparable
restaurant sales growth of approximately 4.7%, marking the fourth
consecutive year of gains;
- Company-owned comparable restaurant
sales growth comprised check growth of 4.5%, including
approximately 1% of menu mix growth, and 0.2% transaction
growth;
- Total revenue of approximately $452.1
million, representing 6.6% growth from fiscal year 2015. Week 53 of
the fiscal fourth quarter contributed $8.3 million to total
revenue. On a 52 week basis, which excludes the additional 53rd
week, total revenue growth was 4.7% from fiscal year 2015; and
- Company restaurant sales of
approximately $434.1 million, representing 6.5% growth from fiscal
year 2015. Week 53 of the fiscal year 2016 contributed $8.0 million
to company restaurant sales. On a 52 week basis, which excludes the
additional 53rd week, company restaurant sales growth was 4.5% from
fiscal year 2015.
The expected sales results are preliminary and unaudited, have
not been reviewed by our independent registered public accountants,
and remain subject to the completion of normal quarter-end
accounting procedures and adjustments and are subject to change.
The Company expects to release financial and operating results for
its fiscal fourth quarter and fiscal year ended January 3, 2017
during March 2017.
Paul J.B. Murphy, III, Chief Executive Officer of Del Taco,
commented, “We believe our 5.5% comparable restaurant sales
performance for the fiscal fourth quarter, representing 11.3% on a
two year basis, will place us among select company within the
restaurant industry and we thank all of our team members for their
contributions to these outstanding results. 2016 marked another
successful year at Del Taco during which we continued to elevate
and solidify our QSR+ positioning through solid execution and
product innovation across our tiered menu strategy. In particular,
our June launch of Fresh Combined Solutions with our new Del Taco
product and the recent launch of Platos, our first occasion based
food platform, combined to drive strong transaction trends and menu
mix improvement during the fiscal fourth quarter. Menu mix improved
nearly 1% despite lapping more than 2% of menu mix growth in the
year ago quarter driven by the launch of Grilled Carne Asada steak.
Looking ahead to 2017, we intend to build on the success of our
Fresh Combined Solutions Strategy as we take our brand to the next
level.”
Restaurant Development
There were thirteen new system-wide openings during fiscal year
2016, including seven during the fiscal fourth quarter. As of
January 3, 2017 the Del Taco system consisted of 551 system wide
restaurants across 15 states, including 310 company-operated and
241 franchised locations.
ICR Conference Participation
The Del Taco management team will present at the ICR Conference
tomorrow morning, Tuesday, January 10, 2017 at the Grande Lakes
Hotel and Resort in Orlando, Florida. The presentation will begin
at 8:00 AM Eastern Time and will be webcast live and later
archived. The presentation will be posted to the Del Taco website
before the presentation begins at investor.deltaco.com under the
“News & Events” tab, where the webcast will be viewable. The
webcast can also be viewed directly through the conference website
at www.icrconference.com.
Jefferies 6th Annual Winter Consumer Summit
Participation
The Del Taco management team will be participating in a fireside
chat discussion at the Jefferies 6th Annual Winter Consumer Summit
on Tuesday, January 17, 2017 at the Ritz-Carlton Bachelor Gulch in
Avon, Colorado.
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ:TACO) offers a unique variety of both Mexican
and American favorites such as burritos and fries, prepared fresh
in every restaurant’s working kitchen with the value and
convenience of a drive thru. All menu items taste better because
they are made with quality ingredients like freshly grated cheddar,
hand-chopped pico de gallo, sliced avocado, slow-cooked beans made
from scratch, and fresh-grilled marinated chicken and steak. The
brand’s UnFreshing Believable® campaign further communicates Del
Taco’s commitment to provide guests with the best quality and value
for their money. Founded in 1964, today Del Taco serves more than
three million guests each week at its more than 550 restaurants
across 15 states. For more information, visit www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain
a number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, information concerning Del
Taco’s possible or assumed future results of operations, business
strategies, competitive position, industry environment, potential
growth opportunities and the effects of regulation. These
statements are based Del Taco’s management’s current expectations
and beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,”
“propose,” “preliminary,” “guidance” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside Del Taco’s management’s control that could
cause actual results to differ materially from the results
discussed in the forward-looking statements. These risks included,
without limitation, consumer demand, our inability to successfully
open company-owned or franchised restaurants or establish new
markets, competition in our markets, our inability to grow and
manage growth profitably, adverse changes in food and supply costs,
our inability to access additional capital, changes in applicable
laws or regulations, food safety and foodborne illness concerns,
our inability to manage existing and to obtain additional
franchisees, our inability to attract and retain qualified
personnel, our inability to profitably expand into new markets, and
the possibility that we may be adversely affected by other
economic, business, and/or competitive factors. Additional risks
and uncertainties are identified and discussed in Del Taco’s
reports filed with the SEC and available at the SEC’s website at
www.sec.gov and the Company’s website at www.deltaco.com.
Forward-looking statements included in this release speak only
as of the date of this release. Del Taco undertakes no obligation
to update its forward-looking statements to reflect events or
circumstances after the date of this release or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170109006265/en/
Media:For Del Taco Restaurants, Inc.Julia Young,
646-277-1280julia.young@icrinc.comorInvestor Relations:Del Taco
Restaurants, Inc.Raphael Gross,
203-682-8253investor@deltaco.com
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