secwatch.observer — SEC 8-K summary
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Issuer:     Portillo's Inc. (PTLO)
CIK:        0001871509
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0001871509-22-000064
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1871509/000187150922000064/0001871509-22-000064-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1871509/000187150922000064/ptlo-20221103.htm
  HTML page:      https://secwatch.observer/filing/0001871509-22-000064

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