UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10- Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER: 001-40951 PORTILLO'S INC. (Exact name of registrant as specified in its charter) Delaware 87-1104304 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2001 Spring Road, Suite 400, Oak Brook, Illinois 60523 (Address of principal executive offices) (630) 954-3773 (Re ...

Portillo's Inc. Announces First Quarter 2024 Financial Results Chicago, IL— May 7, 2024—Portillo's Inc. ("Portillo's" or the "Company") (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 31, 2024. Michael Osanloo, President and Chief Executive Officer of Portillo's, said "It's an exciting time at Portillo's. We're proud of how we exited the quarter and will continue to build top-line momentum th ...

Financial Data and Key Metrics Changes - In Q4 2023, total sales increased by 24.5% to approximately $188 million, with same-restaurant sales growing by 4.4% and transactions increasing by 1.3% [4][41] - For the full year 2023, total sales rose by 15.8% to approximately $680 million, with same-restaurant sales growing by 5.7% and average unit volumes reaching $9.1 million per restaurant [30][41] - Restaurant-level adjusted EBITDA grew by 42.7% to $46 million in Q4 2023, with margins expanding by 310 basis points to 24.3% [4][118] - Operating cash flow increased by 24.4% to a record level of $70.8 million for the year [12][120] Business Line Data and Key Metrics Changes - Catering currently represents about 5% of overall revenue, with expectations for growth in this channel through marketing and expansion into new markets [33][152] - The company opened 12 new restaurants in 2023, including six in Q4, marking the highest number of openings in a single year [18][21] Market Data and Key Metrics Changes - The company reported strong performance in growth markets, particularly in Fort Worth, Texas, and Claremont, Florida, which opened successfully [20][21] - The company plans to enter the Houston market in 2024, with expectations for strong performance similar to the Dallas-Fort Worth area [21][132] Company Strategy and Development Direction - The company aims for long-term mid-teens revenue growth primarily through new restaurant openings while maintaining positive same-restaurant sales growth [24][30] - The focus remains on operational excellence, enhancing guest experiences, and strategic pricing actions to drive traffic and revenue [5][47] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential challenges in the operating environment, including consumer sentiment and weather impacts, but expressed confidence in the business's health and growth trajectory [42][93] - The company is committed to leveraging operational efficiencies and menu innovation to enhance margins and drive traffic [47][162] Other Important Information - Food, beverage, and packaging costs as a percentage of revenues decreased to 34.8% in Q4 2023, down from 35% in Q4 2022, despite a 4.4% increase in commodity prices [25][44] - Labor costs as a percentage of revenues decreased to 25.4% in Q4 2023 from 26.5% in Q4 2022, driven by increased revenue [44] Q&A Session Summary Question: Pricing strategy for 2024 - Management has not yet made decisions on pricing for 2024, emphasizing the need to assess consumer sentiment and competitive landscape before making adjustments [52] Question: Kitchen efficiency and operational improvements - Management highlighted ongoing efforts to improve kitchen efficiency and service speed, which are critical for driving traffic and enhancing customer experience [62][145] Question: Performance of new restaurant openings - New units are expected to initially perform below the average margin but are anticipated to improve as they mature [112] Question: Catering growth potential - Catering is seen as a significant growth opportunity, particularly in new markets, with plans to enhance marketing efforts in this area [151][152] Question: Advertising strategy in Chicago and other markets - Management plans to use advertising selectively, focusing on markets where it can drive traffic effectively, such as Chicago and potentially Arizona and Indiana [124][126]

(2) See appendix for a reconciliation to the most directly comparable GAAP financial measure (3) A geometric comparable sales measure is used to determine the compounding effect of an earlier period's year over year comparable subsequent period's year over year comparable sales percentage. Note: We use a 52- or 53*week flscal year ending on or prior to December 31. Fourth quarter 2023 consisted of 14 weeks and fourth quarter 2022 consisted of 13 weeks. The additional week in the fourth quarter 2023 included ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-40951 PORTILLO'S INC. (Exact name of registrant as specified in its charter) Delaware 87-1104304 (State or other jurisdiction of incorporation ...

Financial Highlights for Fiscal Year 2023 (53 weeks)* vs. Prior Year (52 weeks)*: Portillo's Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results Chicago, IL— February 27, 2024—Portillo's Inc. ("Portillo's" or the "Company") (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023. Michael Osanloo, President and Chief Executive Officer of Portillo's, said " ...

Financial Data and Key Metrics Changes - In Q3 2023, revenues were $166.8 million, an increase of $15.7 million or 10.4% compared to Q3 2022, primarily driven by new restaurant openings and increased same restaurant sales [6][30] - Restaurant-level adjusted EBITDA increased 22.9% to $41.9 million in Q3 2023 from $34.1 million in Q3 2022, with adjusted EBITDA margins at 25.1% compared to 22.6% in the prior year [8][116] - Income tax expense was $2.6 million in Q3 2023, up $1.6 million from Q3 2022, with an effective tax rate of 28.6% versus 23.9% in the prior year [10][126] Business Line Data and Key Metrics Changes - Same restaurant sales grew 3.9% in Q3 2023, attributed to a 7.4% increase in average check, partially offset by a 3.5% decrease in transactions [31][122] - Labor as a percentage of revenues decreased to 25.5% in Q3 2023 from 25.9% in Q3 2022, despite higher labor utilization and investments in team members [7][123] - Other operating expenses increased by $1.7 million or 10% in Q3 2023, mainly due to new restaurant openings and higher credit card fees [34] Market Data and Key Metrics Changes - The company opened 12 new restaurants in 2023, with significant growth in the Sunbelt region, including Texas, Arizona, and Florida [5][120] - The company anticipates continued pressure on restaurant-level adjusted EBITDA margins due to planned new restaurant openings and the roll-off of pricing [35][58] Company Strategy and Development Direction - The company aims for low-single digit comp growth and revenue growth from new units, with a focus on self-funded development to drive near-term revenue growth [16][31] - The company is strategically positioning itself in growth markets with significant population increases, such as Texas and Florida, to counteract negative trends in its traditional markets [130] - The company is committed to maintaining operational efficiency and enhancing guest experiences to drive long-term shareholder value [124][141] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improvements in transaction trends going into Q4 2023, indicating a return to more normal seasonality in the restaurant industry [153] - The company is cautious about pricing strategies, having foregone any pricing increases for the remainder of the year to maintain value for customers [80][129] - Management noted that labor inflation is expected to remain in the mid-single digit range for the full year, with ongoing investments in team member compensation [123][101] Other Important Information - The company ended Q3 2023 with $12.9 million in cash and increased its CapEx range to $75 million to $80 million for future restaurant growth [37][150] - The company is facing delays in permitting and utility hookups, which are impacting restaurant opening timelines [55] Q&A Session Summary Question: What are the trends observed in October? - Management noted strong momentum in October, indicating a return to a more normal rhythm in the restaurant industry compared to previous quarters [153] Question: How does Portillo's stack up as a long-term investment given recent traffic trends? - Management acknowledged the challenges of negative transaction growth in the Midwest but emphasized growth in states with positive population trends [130][154] Question: What initiatives can the company take to maintain traffic? - Management highlighted the importance of operational excellence and guest experiences as key drivers for repeat visits, rather than discounts or promotions [141] Question: What is the outlook for labor inflation and commodity prices? - Management expects labor inflation to remain in the mid-single digit range and anticipates continued pressure on commodity prices, particularly beef [101][101] Question: How is the company managing new unit contributions? - Management expressed satisfaction with the performance of new units and their contributions to overall revenue growth, despite some initial lower average weekly sales [74][120]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10- Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 24, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-40951 PORTILLO'S INC. (Exact name of registrant as specified in its charter) Delaware 87-1104304 (State or other jurisdiction of incorpo ...

Portillo's Inc. (NASDAQ:PTLO) Q2 2023 Results Conference Call August 3, 2023 10:00 AM ET Company Participants Barbara Noverini - Director, Investor Relations Michael Osanloo - President and Chief Executive Officer Michelle Hook - Chief Financial Officer Conference Call Participants Sharon Zackfia - William Blair Andy Barish - Jefferies Brian Mullan - Piper Sandler Sara Senatore - Bank of America Gregory Francfort - Guggenheim Chris O'Cull - Stifel Dennis Geiger - UBS David Tarantino - Baird Brian Harbour - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10- Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 25, 2023 (Exact name of registrant as specified in its charter) Delaware 87-1104304 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2001 Spring Road, Suite 400, Oak Brook, Illinois 60523 (Address of principal executive offices) (630) 954-3773 (Registr ...