Business
Portillo’s Inc. Announces First Quarter 2022 Financial Results
CHICAGO, May 05, 2022 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the fast-casual restaurant concept known for its
About this update from Portillo's Inc.
[{"type":"text","content":"CHICAGO, May 05, 2022 (GLOBE NEWSWIRE) -- 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 27, 2022. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “Our unrivaled food and experiences sustained solid demand for our concept in the first quarter. We want to be an oasis for our guests – a place they can go to relax and enjoy a good meal at an amazing value. This commitment to the guest experience is what makes our fans ‘obsessed.’ It’s how we achieved strong first quarter results despite a challenging environment for the restaurant industry, and it’s why we can reinforce our expected growth trajectory over the long-run. Even in the face of cost pressures, Portillo’s continues to have enviable profitability that provides financial flexibility, keeps our development pipeline on track, and supports our longer-term growth strategy.” Financial Highlights for the First Quarter 2022 vs. First Quarter 2021: Total revenue increased 14.6% or $17.2 million to $134.5 million;Same restaurant sales increased 8.2%;Operating income decreased $4.0 million to $6.8 million;Net income increased $0.4 million to $0.6 million;Restaurant-Level Adjusted EBITDA* decreased $1.8 million to $28.0 million; andAdjusted EBITDA* decreased $0.9 million to $17.6 million. *Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures accompanying this release. Recent Developments and Trends As the COVID-19 Omicron variant began quickly spreading in late 2021 and into the first several weeks of January 2022, our sales and staffing levels were negatively impacted. However, we saw improvements in sales trends and staffing levels beginning in mid-January 2022. Same-restaurant sales during period one of 2022 grew 9.2% and improved to 13.6% growth in period two of 2022 and grew 2.5% in period three of 2022. During period three of 2022, we were comparing against a same-restaurant sales increase of 24.6% in period three of 2021. During the first quarter ended March 27, 2022, we also experienced unprecedented commodity inflation, with the highest impact in pork, chicken and beef prices. While we expe...