Business
Portillo’s Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results
CHICAGO, March 02, 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, March 02, 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 fourth quarter and fiscal year ended December 25, 2022. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said “Portillo’s had a great first full year as a publicly-traded company. We focused on delivering delicious food at an unbeatable value and realizing operational improvements that enhanced the guest experience. We ended 2022 with strong momentum that we’re already using as a springboard into 2023. Looking ahead, I’m particularly excited about our near-term development pipeline. We’re building our presence in the Sunbelt where we’ve already received warm welcomes from Portillo’s fans that have been waiting for us for a long time.” Financial Highlights for the Fourth Quarter 2022 vs. Prior Year: Total revenue increased 8.6% or $12.0 million to $150.9 million;Same-restaurant sales increased 6.0%;Operating income increased $29.0 million to $6.4 million;Net income increased $36.5 million to $2.7 million;Restaurant-Level Adjusted EBITDA* decreased $3.0 million to $32.0 million; andAdjusted EBITDA* decreased $5.1 million to $18.1 million. Financial Highlights for Fiscal Year 2022 vs. Prior Year: Total revenue increased 9.7% or $52.2 million to $587.1 million;Same-restaurant sales increased 5.4%;Operating income increased $11.3 million to $41.3 million;Net income increased $30.6 million to $17.2 million;Restaurant-Level Adjusted EBITDA* decreased $9.6 million to $132.5 million; andAdjusted EBITDA* decreased $13.5 million to $85.0 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. Secondary Offering In the fourth quarter of 2022, the Company completed a secondary offering of 8,000,000 shares of the Company's Class A common stock at an offering price of $22.69 per share. All of the net proceeds from this offering were used to purchase LLC Units or shares of Class A common, 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 a...