Del Taco Restaurants, Inc. (“Del Taco” or the “Company”),
(NASDAQ:TACO), the second largest Mexican-American quick service
restaurant chain by units in the United States, today reported
fiscal third quarter 2020 financial results for the 12-week period
ending September 8, 2020 and provided a business update.
Management Commentary
John D. Cappasola, Jr., President and Chief Executive Officer of
Del Taco, commented, “As we continue to navigate the challenges and
opportunities related to COVID-19, I am proud of our actions to
stabilize our business as demonstrated by our strong third quarter
performance. Positive third quarter comparable restaurant sales for
company-operated and franchised restaurants reflects our
value-oriented QSR+ positioning, expanding off-premise convenience
and use of innovation with the very successful launch of new fresh
Guacamole and our Crispy Chicken menu. We also drove operational
efficiencies and maintained our cost discipline to help slightly
expand our restaurant contribution margin after adjusting for the
timing of advertising expense which will normalize during our
fourth quarter.”
Cappasola concluded, “We are delivering great experiences and
driving high overall guest satisfaction scores due to the
exceptional work and dedication of our restaurant teams,
franchisees and support center employees. Their efforts have
established a solid foundation that we plan to leverage with
continued innovation including the recent introduction of a new
flavor to our Crispy Chicken menu through our partnership with
Cholula. Looking ahead to 2021, we plan to elevate our brand
engagement and transform our digital capability through a holistic
CRM platform to incentivize and reward our fans, and launch our
‘Ultimate Convenience’ initiative to expand our access and
convenience through new technology.”
Fiscal Third Quarter 2020 Highlights
- System-wide comparable restaurant sales increased 4.1%;
- Company-operated comparable restaurant sales increased
2.0%;
- Franchised comparable restaurant sales increased 6.5%;
- Total revenue of $120.8 million, representing a 0.5% increase
from the fiscal third quarter 2019;
- Company-operated restaurant sales of $109.5 million,
representing a 1.4% decrease from the fiscal third quarter 2019
primarily due to fewer company-operated restaurants open during
2020 compared to 2019 due to our refranchising activity;
- Net income of $5.8 million, or $0.15 per diluted share,
compared to net loss of $7.7 million, or $0.21 per diluted share,
in the fiscal third quarter 2019;
- Adjusted net income* of $6.0 million, or $0.16 per diluted
share, compared to adjusted net income* of $3.7 million, or $0.10
per diluted share, in the fiscal third quarter 2019;
- Restaurant contribution* margin of 18.0% compared to 16.8% in
the fiscal third quarter 2019;
- Adjusted EBITDA* of $15.3 million compared to $14.5 million in
the fiscal third quarter 2019; and
- One company-operated and four franchise-operated restaurants
opened and two franchise-operated restaurants closed.
* Adjusted net income, restaurant contribution, and adjusted
EBITDA are non-GAAP measures and defined below under “Key Financial
Definitions”. Please see the reconciliation of non-GAAP measures
accompanying this release.
Liquidity
During the fiscal third quarter, the Company reduced its
outstanding revolving credit facility borrowing by $21 million to
$124 million from $145 million at the end of both the fiscal second
quarter and last year’s fiscal fourth quarter. The Company
currently has $108.7 million available under its revolving credit
facility.
Review of Fiscal Third Quarter 2020 Financial Results
Total revenue increased 0.5% to $120.8 million compared to
$120.2 million in the fiscal third quarter 2019. Comparable
restaurant sales increased 4.1% system-wide, increased 2.0% at
company-operated restaurants, and increased 6.5% at franchised
restaurants.
Net income was $5.8 million, or $0.15 per diluted share,
compared to net loss of $7.7 million, or $0.21 per diluted share,
last year.
Adjusted net income*, which excludes sublease income for closed
restaurants, impairment of long-lived assets, restaurant closure
charges, loss on disposal of assets and adjustments to assets held
for sale, and executive transition costs, was $6.0 million or $0.16
per diluted share compared to adjusted net income* of $3.7 million
or $0.10 per diluted share last year.
Restaurant contribution* was $19.7 million compared to $18.6
million in the fiscal third quarter 2019. As a percentage of
company-operated restaurant sales, restaurant contribution margin
increased 120 basis points year-over-year to 18.0%. The increase
was the result of an approximate 120 basis point decrease in food
and paper costs and an approximate 30 basis point decrease in labor
and related expenses, partially offset by an approximate 20 basis
point increase in occupancy and other operating expenses.
Adjusted EBITDA* was $15.3 million compared to $14.5 million in
the fiscal third quarter 2019.
Restaurant Development
During the fiscal third quarter 2020, one company-operated
restaurant and four franchise-operated restaurants opened and two
franchise-operated restaurants closed. There are two planned
franchise restaurant openings in the fiscal fourth quarter 2020,
including the first Del Taco restaurant opening in Ohio.
Fiscal Year 2020 Guidance Withdrawn
As a reminder, Del Taco previously withdrew guidance for the
52-week fiscal year 2020 ending December 29, 2020.
Conference Call and Webcast
A conference call and webcast is scheduled for 4:30 p.m. ET
today. Hosting the conference call and webcast will be John D.
Cappasola, Jr., President and Chief Executive Officer; and Steven
L. Brake, Executive Vice President and Chief Financial Officer.
Interested parties may listen to the conference call via
telephone by dialing 201-689-8471. A telephone replay will be
available shortly after the call has concluded and can be accessed
by dialing 412-317-6671; the passcode is 13710596.
The webcast will be available at www.deltaco.com under the
investors section and will be archived on the site shortly after
the call has concluded.
Key Financial Definitions
Comparable restaurant sales growth reflects the change in
year-over-year sales for the comparable company, franchise and
total system restaurant base. Restaurants are included in the
comparable store base in the accounting period following its 18th
full month of operations and excludes restaurant closures.
Restaurant contribution* is defined as company restaurant
sales less restaurant operating expenses, which are food and paper
costs, labor and related expenses and occupancy and other operating
expenses. Restaurant contribution margin is defined as
restaurant contribution as a percentage of company restaurant
sales. Restaurant contribution and restaurant contribution margin
are neither required by, nor presented in accordance with, GAAP.
Restaurant contribution and restaurant contribution margin are
supplemental measures of operating performance of restaurants and
the calculations thereof may not be comparable to those reported by
other companies. Restaurant contribution and restaurant
contribution margin have limitations as analytical tools, and you
should not consider them in isolation or as substitutes for
analysis of results as reported under GAAP. Management believes
that restaurant contribution and restaurant contribution margin are
important tools for investors because they are widely-used metrics
within the restaurant industry to evaluate restaurant-level
productivity, efficiency and performance. Management uses
restaurant contribution and restaurant contribution margin as key
performance indicators to evaluate the profitability of incremental
sales at Del Taco restaurants, to evaluate restaurant performance
across periods and to evaluate restaurant financial performance
compared with competitors.
Adjusted EBITDA* is defined as net income/loss prior to
interest expense, income taxes, and depreciation and amortization,
as adjusted to add back certain charges, such as impairment of
goodwill, trademark and long-lived assets, stock-based compensation
expense and restaurant closure charges, as these expenses are not
considered an indicator of ongoing company performance. Adjusted
EBITDA is a non-GAAP financial measure and should not be considered
as an alternative to operating income or net income/loss as a
measure of operating performance or cash flows or as measures of
liquidity. Non-GAAP financial measures are not necessarily
calculated the same way by different companies and should not be
considered a substitute for or superior to GAAP results. We believe
Adjusted EBITDA facilitates operating performance comparisons from
period to period by isolating the effects of some items that vary
from period to period without any correlation to core operating
performance or that vary widely among similar companies. These
potential differences may be caused by variations in capital
structures (affecting interest expense), tax positions (such as the
impact on periods or changes in effective tax rates or net
operating losses) and the age and book depreciation of facilities
and equipment (affecting relative depreciation expense). We also
present Adjusted EBITDA because (i) we believe this measure is
frequently used by securities analysts, investors and other
interested parties to evaluate companies in our industry and (ii)
we use Adjusted EBITDA internally as a benchmark to compare
performance to that of competitors.
Adjusted net income * represents company net income
before impairment of goodwill, trademark and long-lived assets,
restaurant closure charges, sublease income related to closed
restaurants, other income, executive transition costs and loss on
disposal of assets and adjustments to assets held for sale, net of
tax. Adjusted diluted net income per share* represents
company diluted net income per share before impairment of goodwill,
trademark and long-lived assets, restaurant closure charges,
sublease income related to closed restaurants, other income,
executive transition costs and loss on disposal of assets and
adjustments to assets held for sale, net of tax.
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. Del Taco's menu items taste better
because they are made with quality ingredients like fresh grilled
chicken and carne asada steak, hand-sliced avocado, hand-grated
cheddar cheese, slow-cooked beans made from scratch, and creamy
Queso Blanco. The brand's campaign further communicates Del Taco's
commitment to providing guests with the best quality and value for
their money through cooking, chopping, shredding and grilling menu
items from scratch. Founded in 1964, today Del Taco serves more
than three million guests each week at its approximately 600
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 on 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,” “target,”
“may,” “will,” “should,” “future,” “propose,” “preliminary,”
“guidance,” “on track” 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 include, without
limitation, the impact of the COVID-19 pandemic, consumer demand,
our inability to successfully open company-operated 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 (including
minimum wage regulations), food safety and foodborne illness
concerns, our inability to manage existing and to obtain additional
franchisees, our inability to successfully execute our portfolio
optimization strategy, our inability to attract and retain
qualified personnel, our inability to profitably expand into new
markets, changes in, or the discontinuation of, the Company’s
repurchase program, 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, including under Part I. Item
1A. Risk Factors in our Annual Report on Form 10-K for the year
ended December 31, 2019 and Part II., Item 1A. Risk Factors in our
Quarterly Report on Form 10-Q for the period ended June 16, 2020,
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.
Del Taco Restaurants, Inc. Consolidated Balance
Sheets (In thousands, except share and per share data)
September 8, 2020 December 31, 2019
(Unaudited) Assets Current assets: Cash and cash
equivalents
$
5,359
$
1,421
Accounts and other receivables, net
3,731
3,580
Inventories
2,640
3,123
Prepaid expenses and other current assets
2,541
2,289
Assets held for sale
1,495
8,411
Total current assets
15,766
18,824
Property and equipment, net
147,569
156,921
Operating lease right-of-use assets
250,154
258,278
Goodwill
108,979
192,739
Trademarks
208,400
220,300
Intangible assets, net
10,202
10,827
Other assets, net
4,610
4,568
Total assets
$
745,680
$
862,457
Liabilities and shareholders’ equity Current
liabilities: Accounts payable
$
17,616
$
19,652
Other accrued liabilities
45,690
34,577
Current portion of finance lease obligations and other debt
199
220
Current portion of operating lease liabilities
20,116
17,848
Total current liabilities
83,621
72,297
Long-term debt, finance lease obligations and other debt, excluding
current portion, net
123,380
144,581
Operating lease liabilities, excluding current portion
253,121
257,361
Deferred income taxes
61,466
69,510
Other non-current liabilities
16,274
16,601
Total liabilities
537,862
560,350
Shareholders’ equity: Preferred stock, $0.0001 par value;
1,000,000 shares authorized; no shares issued and outstanding
—
—
Common stock, $0.0001 par value; 400,000,000 shares authorized;
37,324,593 shares issued and outstanding at September 8, 2020;
37,059,202 shares issued and outstanding at December 31, 2019
4
4
Additional paid-in capital
336,285
333,379
Accumulated other comprehensive loss
—
(52
)
Accumulated deficit
(128,471
)
(31,224
)
Total shareholders’ equity
207,818
302,107
Total liabilities and shareholders’ equity
$
745,680
$
862,457
Del Taco Restaurants, Inc. Consolidated Statements of
Comprehensive Income (Loss) (Unaudited) (In
thousands, except share and per share data) 12 Weeks
Ended 36 Weeks Ended September 8, 2020
September 10, 2019 September 8, 2020 September 10,
2019 Revenue: Company restaurant sales
$
109,522
$
111,059
$
305,116
$
329,142
Franchise revenue
5,169
4,490
14,080
13,193
Franchise advertising contributions
4,001
3,458
9,995
10,048
Franchise sublease and other income
2,090
1,191
5,971
3,472
Total revenue
120,782
120,198
335,162
355,855
Operating expenses: Restaurant operating expenses: Food and paper
costs
29,051
30,761
82,988
90,434
Labor and related expenses
35,450
36,304
101,995
108,542
Occupancy and other operating expenses
25,302
25,386
72,099
73,522
General and administrative
10,841
10,421
30,139
31,735
Franchise advertising expenses
4,001
3,458
9,995
10,048
Depreciation and amortization
6,055
5,941
18,477
17,661
Occupancy and other - franchise subleases and other
1,766
1,011
5,088
2,858
Pre-opening costs
63
465
359
720
Impairment of goodwill
—
—
87,277
—
Impairment of trademarks
—
—
11,900
—
Impairment of long-lived assets
—
1,407
8,287
5,101
Restaurant closure charges, net
413
588
1,406
1,718
Loss on disposal of assets and adjustments to assets held for sale,
net
140
7,906
697
8,790
Total operating expenses
113,082
123,648
430,707
351,129
Income (loss) from operations
7,700
(3,450
)
(95,545
)
4,726
Other expense (income), net: Interest expense
941
1,663
3,730
5,169
Other income
—
—
—
(201
)
Total other expense, net
941
1,663
3,730
4,968
Income (loss) from operations before provision (benefit) for income
taxes
6,759
(5,113
)
(99,275
)
(242
)
Provision (benefit) for income taxes
962
2,556
(2,028
)
3,910
Net income (loss)
5,797
(7,669
)
(97,247
)
(4,152
)
Other comprehensive income (loss): Change in fair value of interest
rate cap, net of tax
—
(75
)
—
(345
)
Reclassification of interest rate cap amortization included in net
income, net of tax
—
32
52
79
Total other comprehensive income (loss), net
—
(43
)
52
(266
)
Comprehensive income (loss)
$
5,797
$
(7,712
)
$
(97,195
)
$
(4,418
)
Earnings (loss) per share: Basic
$
0.16
$
(0.21
)
$
(2.62
)
$
(0.11
)
Diluted
$
0.15
$
(0.21
)
$
(2.62
)
$
(0.11
)
Weighted average shares outstanding Basic
37,293,390
37,023,287
37,152,419
37,000,331
Diluted
37,420,043
37,023,287
37,152,419
37,000,331
Del Taco Restaurants, Inc. Reconciliation of Net Income
(Loss) to EBITDA and Adjusted EBITDA (Unaudited) (In
thousands) 12 Weeks Ended 36 Weeks Ended
September 8, 2020 September 10, 2019 September 8,
2020 September 10, 2019 Net income (loss)
$
5,797
$
(7,669
)
$
(97,247
)
$
(4,152
)
Non-GAAP adjustments: Provision (benefit) for income taxes
962
2,556
(2,028
)
3,910
Interest expense
941
1,663
3,730
5,169
Depreciation and amortization
6,055
5,941
18,477
17,661
EBITDA
13,755
2,491
(77,068
)
22,588
Stock-based compensation expense (a)
1,267
1,347
3,905
4,601
Loss on disposal of assets and adjustments to assets held for sale,
net (b)
140
7,906
697
8,790
Impairment of goodwill (c)
—
—
87,277
—
Impairment of trademarks (d)
—
—
11,900
—
Impairment of long-lived assets (e)
—
1,407
8,287
5,101
Restaurant closure charges, net (f)
413
588
1,406
1,718
Amortization of favorable and unfavorable leaseassets and
liabilities, net (g)
(70
)
(19
)
(185
)
44
Pre-opening costs (h)
63
465
359
720
Sublease income for closed restaurants (i)
(247
)
(173
)
(745
)
(554
)
Executive transition costs (j)
—
438
287
438
Other income (k)
—
—
—
(201
)
Adjusted EBITDA
$
15,321
$
14,450
$
36,120
$
43,245
(a) Includes non-cash, stock-based compensation. (b) Loss on
disposal of assets and adjustments to assets held for sale, net
includes adjustments to reduce the carrying amount for assets held
for sale to estimated fair value less cost to sell, loss or gain on
disposal of assets related to sales, retirements and replacement or
write-off of leasehold improvements or equipment in the ordinary
course of business, net gains or losses recorded associated with
the sale of company-operated restaurants to franchisees, gains from
the write-off of right-of-use assets and operating lease
liabilities related to the termination of leases and net gains or
losses recorded associated with sale-leaseback transactions. (c)
Includes non-cash charges related to impairment of goodwill. (d)
Includes non-cash charges related to impairment of trademarks. (e)
Includes non-cash charges related to impairment of long-lived
assets. (f) Restaurant closure costs include rent expense,
non-lease executory costs, other direct costs associated with
previously closed restaurants and future obligations associated
with the closure or net sublease shortfall of a restaurant. (g)
Includes amortization of favorable lease assets and unfavorable
lease liabilities. (h) Pre-opening costs consist of costs directly
associated with the opening of new restaurants and incurred prior
to opening, including restaurant labor, supplies, cash and non-cash
rent expense and other related pre-opening costs. These are
generally incurred over the three to five months prior to opening.
(i) Includes other sublease income related to closed restaurants
that have been subleased to third parties. (j) Includes costs
associated with the transition of former Company executives, such
as severance expense. (k) During 2019, other income consists of
insurance proceeds related to a fire at a company-operated
restaurant.
Del Taco Restaurants, Inc. Reconciliation of
Company Restaurant Sales to Restaurant Contribution
(Unaudited) (In thousands) 12 Weeks
Ended 36 Weeks Ended September 8, 2020
September 10, 2019 September 8, 2020 September 10,
2019 Company restaurant sales
$
109,522
$
111,059
$
305,116
$
329,142
Restaurant operating expenses
89,803
92,451
257,082
272,498
Restaurant contribution
$
19,719
$
18,608
$
48,034
$
56,644
Restaurant contribution margin
18.0
%
16.8
%
15.7
%
17.2
%
Del Taco Restaurants, Inc. Reconciliation of Income
(Loss) from Operations to Restaurant Contribution
(Unaudited) (In thousands) 12 Weeks
Ended 36 Weeks Ended September 8, 2020
September 10, 2019 September 8, 2020 September 10,
2019 Income (loss) from operations
$
7,700
$
(3,450
)
$
(95,545
)
$
4,726
Less: Franchise revenue
(5,169
)
(4,490
)
(14,080
)
(13,193
)
Franchise advertising contributions
(4,001
)
(3,458
)
(9,995
)
(10,048
)
Franchise sublease income and other
(2,090
)
(1,191
)
(5,971
)
(3,472
)
Plus: General and administrative
10,841
10,421
30,139
31,735
Franchise advertising expenses
4,001
3,458
9,995
10,048
Depreciation and amortization
6,055
5,941
18,477
17,661
Occupancy and other - franchise subleases and other
1,766
1,011
5,088
2,858
Pre-opening costs
63
465
359
720
Impairment of goodwill
—
—
87,277
—
Impairment of trademarks
—
—
11,900
—
Impairment of long-lived assets
—
1,407
8,287
5,101
Restaurant closure charges, net
413
588
1,406
1,718
Loss on disposal of assets and adjustments to assets held for sale,
net
140
7,906
697
8,790
Restaurant contribution
$
19,719
$
18,608
$
48,034
$
56,644
Company restaurant sales
$
109,522
$
111,059
$
305,116
$
329,142
Restaurant contribution margin
18.0
%
16.8
%
15.7
%
17.2
%
Del Taco Restaurants, Inc. Reconciliation of Net Income
(Loss) to Adjusted Net Income (Unaudited) (In
thousands, except per share data) 12 Weeks Ended
36 Weeks Ended September 8, 2020 September 10,
2019 September 8, 2020 September 10, 2019 Net
income (loss), as reported
$
5,797
$
(7,669
)
$
(97,247
)
$
(4,152
)
Sublease income for closed restaurants (a)
(247
)
(173
)
(745
)
(554
)
Impairment of goodwill (b)
—
—
87,277
—
Impairment of trademarks (c)
—
—
11,900
—
Impairment of long-lived assets (d)
—
1,407
8,287
5,101
Restaurant closure charges, net (e)
413
588
1,406
1,718
Loss on disposal of assets and adjustments to assets held for sale,
net (f)
140
7,906
697
8,790
Other income (g)
—
—
—
(201
)
Executive transition costs (h)
—
438
287
438
Tax impact of adjustments (i)
(82
)
1,242
(5,891
)
(180
)
Non-GAAP adjusted net income
$
6,021
$
3,739
$
5,971
$
10,960
Earnings (loss) per share (as reported): Basic
$
0.16
$
(0.21
)
$
(2.62
)
$
(0.11
)
Diluted
$
0.15
$
(0.21
)
$
(2.62
)
$
(0.11
)
Weighted average shares outstanding (as reported): Basic
37,293,390
37,023,287
37,152,419
37,000,331
Diluted
37,420,043
37,023,287
37,152,419
37,000,331
Adjusted earnings per share: Basic
$
0.16
$
0.10
$
0.16
$
0.30
Diluted
$
0.16
$
0.10
$
0.16
$
0.29
Shares used in computing adjusted earnings per share: Basic
37,293,390
37,023,287
37,152,419
37,000,331
Diluted
37,420,043
37,438,920
37,213,880
37,289,679
(a) Includes other sublease income related to closed restaurants
that have been subleased to third parties. (b) Includes non-cash
charges related to impairment of goodwill. (c) Includes non-cash
charges related to impairment of trademarks. (d) Includes non-cash
charges related to impairment of long-lived assets. (e) Restaurant
closure costs include rent expense, non-lease executory costs,
other direct costs associated with previously closed restaurants
and future obligations associated with the closure or net sublease
shortfall of a restaurant. (f) Loss on disposal of assets and
adjustments to assets held for sale, net includes adjustments to
reduce the carrying amount for assets held for sale to estimated
fair value less cost to sell, loss or gain on disposal of assets
related to sales, retirements and replacement or write-off of
leasehold improvements or equipment in the ordinary course of
business, net gains or losses recorded associated with the sale of
company-operated restaurants to franchisees, gains from the
write-off of right-of-use assets and operating lease liabilities
related to the termination of leases and net gains or losses
recorded associated with sale-leaseback transactions. (g) During
2019, other income consists of insurance proceeds related to a fire
at a company-operated restaurant. (h) Includes costs associated
with the transition of former Company executives, such as severance
expense. (i) Represents the income tax associated with the
adjustments in (a) through (h) that are deductible for income tax
purposes.
Del Taco Restaurants, Inc. Restaurant
Development 12 Weeks Ended 36 Weeks Ended
September 8, 2020 September 10, 2019 September 8,
2020 September 10, 2019 Company-operated restaurant
activity: Beginning of period
294
310
300
322
Openings
1
2
3
3
Closures
—
(1
)
(2
)
(4
)
Purchased from franchisees
—
1
—
4
Sold to franchisees
—
—
(6
)
(13
)
Restaurants at end of period
295
312
295
312
Franchise-operated restaurant activity: Beginning of period
299
273
296
258
Openings
4
2
5
8
Closures
(2
)
—
(6
)
(1
)
Purchased from Company
—
—
6
13
Sold to Company
—
(1
)
—
(4
)
Restaurants at end of period
301
274
301
274
Total restaurant activity: Beginning of period
593
583
596
580
Openings
5
4
8
11
Closures
(2
)
(1
)
(8
)
(5
)
Restaurants at end of period
596
586
596
586
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201015005955/en/
Investor Relations: Raphael Gross (203) 682-8253
investor@deltaco.com
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