Business
Portillo’s Inc. Announces First Quarter 2023 Financial Results
CHICAGO, May 04, 2023 (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 04, 2023 (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 26, 2023. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “As we celebrate our 60th anniversary, Portillo’s is thriving. We’re up in total sales, up in same restaurant sales, up in transactions, and we’ve improved our margins. Although we’re very happy with our recent performance, it’s important to remain focused on laying a solid foundation that delivers long-term value for our Team Members, our guests, and our investors. We take care of our Team Members; who in turn serve our guests. That enables us to deliver a strong economic profile that generates value for our investors throughout the economic cycle.” Financial Highlights for the First Quarter 2023 vs. First Quarter 2022: Total revenue increased 16.0% or $21.6 million to $156.1 million;Same restaurant sales increased 9.1%;Operating income increased $1.7 million to $8.5 million;Net income decreased $1.8 million to a net loss of $1.3 million;Restaurant-Level Adjusted EBITDA* increased $6.8 million to $34.8 million; andAdjusted EBITDA* increased $2.0 million to $19.6 million. *Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures in the accompanying financial information below. Secondary Offering In the first quarter of 2023, the Company completed a secondary offering of 8,000,000 shares of the Company's Class A common stock at an offering price of $21.05 per share (\"Q1 Secondary Offering\"). Subsequent to the fiscal quarter end, on April 5, 2023, the underwriter exercised its overallotment option in part, to purchase an additional 620,493 shares of the Company's Class A common stock. All of the net proceeds from this offering were used to purchase LLC Units or shares of Class A common stock, as applicable, of the selling stockholders in a “synthetic secondary” transaction, at a price per LLC Unit or share of Class A common stock. Accordingly, the Company did not receive any proceeds from this offering. Recent Developments and Trends We continue to see revenue growth due to our new restaurant openings, ...