Revenue and Sales Performance - Total revenue for Q3 2024 increased by 6.9% or $11.4 million to $178.3 million compared to Q3 2023[2] - Same-restaurant sales decreased by 0.9%, with a 3.5% decline in transactions partially offset by a 2.6% increase in average check[7] - Revenues for the quarter ended September 29, 2024, were $178,252,000, representing a 6.3% increase from $166,805,000 in the same quarter of the previous year[29] - Net income for the quarter ended September 29, 2024, was $8,773,000, compared to $6,546,000 for the same quarter in 2023, representing a 33.9% increase[44] - Net income attributable to Portillo's Inc. for the quarter was $7,220,000, a 65.5% increase from $4,361,000 in the same quarter last year[30] Operating Income and Expenses - Operating income rose by $0.9 million to $16.0 million, while net income increased by $2.2 million to $8.8 million[11][12] - Total restaurant operating expenses increased by 9.1% to $136.3 million, driven by new restaurant openings and a 3.6% rise in commodity prices[9] - Operating income for the quarter was $15,988,000, representing 9.0% of revenues, compared to $15,097,000 or 9.1% in the prior year[30] - General and administrative expenses for the quarter were $18,305,000, down from $18,898,000 in the previous year, showing a decrease of 3.1%[45] - Interest expense for the quarter was $6,450,000, slightly down from $6,573,000 in the same quarter last year[30] EBITDA and Margins - Restaurant-Level Adjusted EBITDA remained stable at $41.9 million, while Adjusted EBITDA increased by $0.6 million to $27.9 million, a 2.3% rise[13] - Adjusted EBITDA for the quarter was $27,911,000, up from $27,285,000 year-over-year, indicating a growth of 2.3%[44] - The Adjusted EBITDA Margin for the quarter was 15.7%, down from 16.4% in the same quarter last year[44] - Restaurant-Level Adjusted EBITDA reached $41,946,000 for the quarter, slightly increasing from $41,885,000 in the previous year, reflecting a 0.1% rise[45] - The Restaurant-Level Adjusted EBITDA Margin was 23.5% for the quarter, a decrease from 25.1% year-over-year[45] Growth and Expansion Plans - The company opened four new restaurants in 2024 and plans to open five more in December, totaling ten new locations for the fiscal year[14] - The company plans to continue its growth strategy, focusing on opening new restaurant locations in existing and new markets[29] - Long-term financial targets project unit growth of 12% - 15% and revenue growth in the mid-teens[17] Financial Position and Assets - Total assets increased to $1,471,419,000 as of September 29, 2024, compared to $1,385,541,000 on December 31, 2023, representing a growth of 6.2%[31] - Total current liabilities rose to $124,288,000 as of September 29, 2024, from $104,913,000 on December 31, 2023, marking an increase of 18.4%[31] - Total stockholders' equity attributable to Portillo's Inc. increased to $382,441,000 as of September 29, 2024, from $322,379,000 at the end of 2023, reflecting a growth of 18.6%[31] Cost and Inflation - Commodity inflation for Q3 2024 was 3.6%, slightly up from 3.5% in Q3 2023, with labor inflation expected to be approximately 3.0%[5][16] - Total food, beverage, and packaging costs were $60,136,000, which is 33.7% of revenues, compared to 33.3% in the previous year[30] - Labor costs increased to $45,945,000, representing 25.8% of revenues, compared to 25.5% in the same quarter last year[30] Quarterly Performance Overview - Net income for the three quarters ended September 29, 2024, was $22,647,000, up from $15,171,000 for the same period in the previous year, reflecting a year-over-year increase of 49.5%[32] - Adjusted EBITDA for the three quarters ended September 29, 2024, was $79,554,000, compared to $76,140,000 for the same period in 2023, indicating a growth of 3.2%[34] - Same-restaurant sales decreased by 0.9% for the three quarters ended September 29, 2024, compared to an increase of 6.1% for the same period in the previous year[34] - Restaurant-Level Adjusted EBITDA for the three quarters ended September 29, 2024, was $122,886,000, compared to $119,435,000 for the same period in 2023, showing an increase of 2.1%[34] - Net cash provided by operating activities for the three quarters ended September 29, 2024, was $71,954,000, compared to $53,570,000 for the same period in 2023, representing an increase of 34.3%[32]

CHICAGO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the third quarter ended September 29, 2024. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “While our top line results for the quarter fell short of expectations, I’m proud of how our team protected margins and drove cash flow. We’re profitable, we’re controlling the l ...

With the stock market continuing to chase new all-time highs every day, investors who want to remain exposed to equities face a tough choice: buy in at a huge valuation and hope for the best, or sit on the sidelines and wait for With combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industry today. He has been a regular contributor o ...

OAK BROOK, Ill., Oct. 08, 2024 (GLOBE NEWSWIRE) -- Portillo's Inc. ("Portillo's") (Nasdaq: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced that it will report third quarter 2024 financial results on Tuesday, November 5, 2024, before the market opens. A live audio webcast is scheduled for 10:00 AM ET that same day. Michael Osanloo, President and Chief Executive Officer, and Michelle Hook, Chief Financial Officer, will host the webcast. The webcast will ...

Joe Hendrickson Founded in 1963, Portillo's Inc. (NASDAQ:PTLO) operates restaurants that serve Chicago-style hot dogs, as well as grilled burgers, beef sandwiches, and other food items. The company has continued expanding its restaurant chain nationwide across the United States, showing constant good revenue growth. The company's post-IPO stock performance after the 2021 IPO has been poor, as the stock has lost over two thirds of the value from its initial trading. After the stock has had such a weak run am ...

OAK BROOK, Ill., Aug. 30, 2024 (GLOBE NEWSWIRE) -- Portillo's Inc. (Nasdaq: PTLO) ("Portillo's" or the "Company"), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced that CEO Michael Osanloo and CFO Michelle Hook will present and host investor meetings at the Piper Sandler Growth Frontiers Conference on September 10-11, 2024. All interested investors will be able to access a live audio webcast of the Company's presentation at 12:00pm ET on Wednesday, September ...

CHICAGO, Aug. 27, 2024 (GLOBE NEWSWIRE) -- As the summer season comes to an end, Portillo's, the fast-casual restaurant concept known for its menu of unrivaled Chicago-style street food, is ready to spice things up and elevate its dessert lineup with the launch of the Salted Caramel Spice Cake. This marks the first new cake offering from Portillo's in over 20 years, joining the brand's fan-favorite Chocolate Cake, Strawberry Shortcake and Chocolate Éclair Cake. Starting August 27, the new decadent, seasonal ...

Portillo's is an iconic midwestern fast casual chain founded more than 60 years ago. It has a differentiated menu anchored by Italian beef sandwiches, hot dogs and milkshakes. The company was acquired by private equity firm Berkshire Partners in 2014 from the founder for approximately $1 billion. Berkshire took it public in October 2021 at $20 per share, and the stock soared to $54.22 per share about a month later. Since then, Berkshire has been selling its position down from 66% to 19% while the stock has ...

Strategic Kiosk Rollout, in Partnership with Bite, Will Facilitate Faster Ordering, Shorter Lines, and Visual Menu Exploration to Enhance Guest,Team Member Experience CHICAGO, Aug. 6, 2024 /PRNewswire/ -- Portillo's Inc. (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced that it is piloting kiosks in select restaurants. This strategic test represents a step forward in Portillo's ongoing commitment to embracing technology that will enhance the gu ...

Portillo's Inc. (PTLO) came out with quarterly earnings of $0.10 per share, missing the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.09%. A quarter ago, it was expected that this company would post earnings of $0.05 per share when it actually produced earnings of $0.08, delivering a surprise of 60%. Over the last four quarters, the company h ...