Portillo's Q3 revenue up 9.5% to $151.1M but net income down 51% to $3.2M

Portillo's Inc.

2022-Q3 EPS reported $0.17 revenue$436,226,000

Total revenue $151.1M (+9.5% YoY); same-restaurant sales +5.8% on 6.3% avg check increase, transactions down 3.3%.
Net income $3.2M vs $6.5M (-51%); operating income $10.6M vs $17.2M (-38.5%).
Adjusted EBITDA $21.6M (-10.7%); Restaurant-Level Adj. EBITDA $34.1M (flat). Commodity inflation (beef, chicken) and labor costs pressured margins.
Completed secondary offering of 8.07M shares at $23.75; company received no proceeds.
Menu price increases: ~1.5% in Q1, ~3.5% in Q2, and additional ~3% in Q4 to combat inflation.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Portillo's Inc. reported financial results for the third quarter ended September 25, 2022.

Period: the third quarter ended September 25, 2022
Result: reported results

Exact text from the filing

On November 3, 2022 , Portillo’s Inc. (NASDAQ: PTLO) issued a press release reporting results for the third quarter ended September 25, 2022.

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Portillo's Inc. filing history →

Source: SEC EDGAR

accession 0001871509-22-000064

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