Results Mixed for 3 Restaurant Groups
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Three Irvine-based restaurant chains owned by South Carolina-based Advantica Restaurant Group Inc. report mixed first-quarter results.
Coco’s, which owns 176 of the bakery-oriented coffee shops and licenses another 313, said first-quarter operating profits rose 2% to $4.4 million, while sales dropped 8% to $65.3 million. Sales at stores open at least a year--a key measure of growth--fell 0.2%.
Carrow’s, which owns 139 dinner houses and franchises 16 others, said first-quarter operating profits fell 46% to $1.5 million, as sales fell 16% to $46.3 million. Same-store sales fell 1.4%.
El Pollo Loco, which owns 99 Mexican-charbroiled chicken eateries and franchises another 152, said first-quarter operating profits rose 13.7% to $3.3 million, as sales fell 2% to $31.3 million. Same-store sales fell 1.6%.
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