Business
Portillo’s Inc. Announces Second Quarter 2024 Financial Results
CHICAGO, Aug. 06, 2024 (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, Aug. 06, 2024 (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 second quarter ended June 30, 2024. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “We delivered sequential improvement in both revenue and margin this quarter as we continued to prioritize sales and transaction growth. We are confident that our strategic plan is focused on the right factors, allowing us to navigate near-term challenges and seize opportunities for continuous improvement. We're now on track to open at least 10 restaurants in 2024, including three full-service locations with an optimized footprint. We continue to successfully lower our build costs as we bring these restaurants online, which will support industry-leading returns on investment.” Financial Highlights for the Second Quarter 2024 vs. Second Quarter 2023: Total revenue increased 7.5% or $12.7 million to $181.9 million;Same-restaurant sales* decreased 0.6%;Operating income increased $0.7 million to $18.1 million;Net income decreased $1.4 million to $8.5 million;Restaurant-Level Adjusted EBITDA** increased $1.8 million to $44.6 million; andAdjusted EBITDA** increased $0.6 million to $29.9 million. *For the quarter ended June 30, 2024, same-restaurant sales compares the 13 weeks from April 1, 2024 through June 30, 2024 to the 13 weeks from April 3, 2023 through July 2, 2023. **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 In the quarter, total revenue grew 7.5% or $12.7 million, primarily due to new restaurant openings in 2023 and 2024. Same-restaurant sales declined 0.6% during the quarter ended June 30, 2024, compared to 5.9% same-restaurant sales growth during the same quarter in 2023. Same-restaurant sales defined below. In June, we re-tiered some of our restaurants in higher-cost areas, contributing to an effective price increase of approximately 1%. We will keep a close eye on cost pressures, market competition, and consumer sentiment to guide our pricing decisions in the coming quarters. In the quarter ended June 30, 2024, commodity inf...