Business
Portillo’s Inc. Announces Fourth Quarter and Fiscal Year 2021 Financial Results
CHICAGO, March 10, 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, March 10, 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 fourth quarter and fiscal year ended December 26, 2021. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “This past year was a milestone year for Portillo’s, highlighting our ongoing commitment to greatness, even in the face of continued industry-wide challenges. Although we did feel some impact from the Omicron variant, we still delivered solid top-line growth and restaurant-level profitability in the fourth quarter. We did this by focusing on high performance across our multiple channels, and our dedication to creating memorable experiences for our guests and our own team members. Our full-year results reflect the strength of the Portillo’s brand, the resilience of our Team Members, and the impact of our accomplishments in 2021. As we look ahead, we’re excited about our future, especially our growth strategy that will bring Portillo’s unrivaled Chicago street food to even more fans across the Midwest and Sunbelt. We’re excited to continue our journey as a newly public company and we look forward to delivering excellent guest experiences any way fans want to experience Portillo’s.” Financial Highlights for the Fourth Quarter 2021 vs. Prior Year: Total revenue increased 17.2% or $20.4 million to $138.9 million;Same-restaurant sales increased 10.3%;Operating income decreased $38.1 million to an operating loss of $22.5 million;Net income decreased $38.7 million to a net loss of $33.8 million;Restaurant-Level Adjusted EBITDA* increased $0.5 million to $35.0 million; andAdjusted EBITDA* decreased $0.3 million to $23.2 million. Financial Highlights for Fiscal Year 2021 vs. Prior Year: Total revenue increased 17.5% or $79.5 million to $535.0 million;Same-restaurant sales increased 10.5%;Operating income decreased $27.3 million to $30.0 million;Net income decreased $25.7 million to a net loss of $13.4 million;Restaurant-Level Adjusted EBITDA* increased $20.1 million to $142.1 million; andAdjusted EBITDA* increased $10.7 million to $98.5 million. *Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GA...