Arcos Dorados Holdings Inc. (NYSE: ARCO) (“Arcos Dorados” or the “Company”), Latin America’s largest restaurant chain and the world’s largest McDonald’s franchisee, today reported unaudited results for the first quarter ended March 31, 2012.
First Quarter 2012 Highlights
- Revenues increased by 11.5% year-over-year, or by 16.6% on a constant currency basis, to US$ 921.6 million, with continued strong contribution from Company-operated and franchised locations across the region
- Systemwide comparable sales increased by 11.6% year-over-year
- 86 net additions of restaurants during the last 12 months, with an accelerated year-over-year pace in openings
- Adjusted EBITDA 1 increased by 8.0% year-over-year, or by 12.2% on a constant currency basis, to US$ 78.1 million
- Net income amounted to US$ 25.4 million, a 28.4% decrease compared to one year ago
“Arcos Dorados’ first quarter performance was in line with our expectations and is emblematic of our ability to consistently grow sales and produce solid operating profits,” said Woods Staton, Chairman and CEO of Arcos Dorados. “Our unique positioning as one of the world’s most dominant brands in relatively underserved markets provides us with significant growth opportunities, as well as important resilience to country-specific fluctuations in consumption.”
“We continue to strategically build out our regional footprint in order to take full advantage of rapid population growth and an emerging middle class in our targeted markets, while working to increase profitability through additional operating efficiencies. As a result, we are confident in our ability to continue to grow our business and expect second half 2012 performance to outpace that of the first.”First Quarter of 2012 Results Arcos Dorados’ first quarter revenues increased by 11.5% to US$ 921.6 million. On a constant currency basis, revenue growth was 16.6%. The increase was driven by systemwide comparable sales growth of 11.6% and the net addition of 86 restaurants during the last 12-month period.