Fiesta Restaurant Group, the parent company of the Pollo Tropical restaurant brand, has reported a 7.9% increase in total revenues from continuing operations in the third quarter (Q3) of 2022. Compared with $88.6m in the same period last year, total revenues reached $95.6m.
In Q3 2022, which ended on 2 October, the group reported a net loss of $2.9m, or $0.12 per diluted share, compared to a net income of $17.3m, or $0.66 per diluted share in Q3 2021, which included a gain on the sale of its Taco Cabana brand.
The restaurant group concluded the sale of its Taco Cabana brand to YTC Enterprises for a consideration of $85m last August.
In the latest quarter of the year, comparable restaurant sales at its Pollo Tropical brand grew by 9.3%, as against Q3 2021.
It reported a restaurant-level operating profit of $13.4m, or 14.1% of Pollo Tropical restaurant sales, in Q3 2022 compared with $13m, or 14.7% of Pollo Tropical restaurant sales in Q3 2021.
In Q3 2022, the consolidated adjusted EBITDA grew to $3.9m, compared with $3.7m in the same quarter last year.
Fiesta president and CEO Richard Stockinger said: “The third quarter of 2022 was a positive quarter for the business, with progress being made on all fronts and meaningful quarter-over-quarter gains, despite the impact of Hurricane Ian on our operations.
“We demonstrated ongoing traction across our key priorities of driving traffic growth and improving margins, and our strategic growth initiatives are building momentum.”
For the nine months of 2022 so far, the company has reported total revenues of $289.7m, compared with $267.9m during the same period of 2021.
Net loss for the three quarters of 2022 was $10.5m, against $15m in 2021.