Business
Portillo’s Inc. Announces Third Quarter 2022 Financial Results
CHICAGO, Nov. 03, 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, Nov. 03, 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 third quarter ended September 25, 2022. Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “Our third-quarter results confirm that our strong value proposition resonates with our guests. Our ongoing commitment to operational excellence continues to result in unrivaled guest experiences. This can only be achieved with our dedicated team members who are consistently delivering that experience.” Financial Highlights for the Third Quarter 2022 vs. Third Quarter 2021: Total revenue increased 9.5% or $13.1 million to $151.1 million;Same restaurant sales increased 5.8%;Operating income decreased $6.6 million to $10.6 million;Net income decreased $3.3 million to $3.2 million;Restaurant-Level Adjusted EBITDA* decreased $0.2 million to $34.1 million; andAdjusted EBITDA* decreased $2.6 million to $21.6 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 third quarter of 2022, the Company completed a secondary offering of 8,066,458 shares (including 66,458 shares sold to the underwriters pursuant to their overallotment option) of the Company's Class A common stock at an offering price of $23.75 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, as applicable, equal to the public offering price per share of Class A common stock in this offering, less the underwriting discounts and commissions. 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, as well as same-restaurant sales growth. Total revenue grew 9.5% during the quarter ended September 25, 2022 and 10.1% for the three quarters ended September 25, 2022. Same-restaurant sales grew 5.8% during the quarter ended September 25, 2022, compa...