Core Insights - Portillo's has initiated a "strategic reset" of its growth plans, focusing on core markets, enhancing unit economics, and discontinuing its breakfast pilot in Chicago [1][5] - The company has revised its full-year same-store sales outlook to a decline of -1.5% to -1%, down from a previous forecast of 1% to 3% [1] - Portillo's plans to open eight new units this fiscal year, a reduction from the earlier target of 12 [1] Strategic Focus Areas - The company aims to drive sustainable traffic through consistent service and value, and to pursue disciplined development with a focus on strong unit economics and efficient capital deployment [2] - Key priorities include driving transactions by reinforcing value and service, simplifying operations, and optimizing capital deployment to achieve positive free cash flow by 2026 [8] Market Context - The competitive landscape remains challenging, with limited-service traffic down 1.2% in August compared to the previous year, influenced by competitors like McDonald's [3] - Portillo's has acknowledged a slow start in new markets, particularly Texas, and is increasing marketing investments to boost brand awareness [5] Leadership Changes - Denise Lauer has been appointed as the new Chief Marketing Officer, effective September 22, bringing experience from her previous roles at Marco's Pizza and other brands [6][7]