Portillo's Q3 revenue up 10.4% to $166.8M; net income up 104.7%; board member retires

Portillo's Inc.

2023-Q3 EPS reported $0.19 revenue$492,047,000

Total revenue $166.8M (+10.4% YoY); same-restaurant sales +3.9% driven by 7.4% avg check increase, partially offset by 3.5% transaction decline.
Net income $6.5M (+104.7% YoY) on operating income $15.1M (+42.6%); Adjusted EBITDA $27.3M (+26.2%).
Opened 2 new restaurants in Q3, total 78; plans 5 more in Q4.
Commodity inflation moderated to 3.5% from 15.4% in prior year; menu prices increased net 5% in 2023.
Director Richard K. Lubin retired from board and compensation committee effective Oct 30, 2023; search for replacement underway.

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Richard K. Lubin

Director

PTLO · Portillo's Inc.

Effective: 2023-10-30
Filed: November 2, 2023, 7:59 PM ET

On October 30, 2023, Richard K. Lubin notified the Company’s Board of Directors (“Board”) of his intent to retire from the Board and Compensation Committee effective as of October 30, 2023.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Portillo's Inc. reported third quarter ended September 24, 2023 results: revenue $166.8 million, net income $6.5 million.

Period: third quarter ended September 24, 2023
Revenue: $166.8 million
Net income: $6.5 million
Result: reported results

Exact text from the filing

sets Portillo’s apart and keeps guests coming back.” Financial Highlights for the Third Quarter 2023 vs. Third Quarter 2022: • Total revenue increased 10.4% or $15.7 million to $166.8 million; • Same restaurant sales increased 3.9%; • Operating income increased $4.5 million to $15.1 million; • Net income increased $3.3 million to $6.5 million; • Restaurant-Level

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Executive change SEC 8-K Item 5.02 confidence 0.95

Richard K. Lubin retired as Director at Portillo's Inc..

Action: retired
Role: Director

Exact text from the filing

On October 30, 2023, Richard K. Lubin notified the Company’s Board of Directors (“Board”) of his intent to retire from the Board and Compensation Committee effective as of October 30, 2023.

View on SEC.gov

51 earnings releases filed in the last 30 days. Browse all earnings releases →

Portillo's Inc. filing history →

Source: SEC EDGAR

accession 0001871509-23-000138

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