Portillo's Q3 revenue up 6.9% but same-store sales -0.9%; cuts 2024 unit and comp guidance

Portillo's Inc.

2024-Q3 EPS reported $0.29 revenue$525,945,000

Revenue $178.3M (+6.9% YoY); same-restaurant sales -0.9% vs +3.9% in Q3 2023.
Net income $8.8M vs $6.5M; Adjusted EBITDA $27.9M vs $27.3M.
FY2024 unit growth target lowered to 10 new units; same-store sales guidance reduced to approximately (1.0%).
Opened 4 new restaurants YTD Q3, 1 post-quarter; expects 5 more in Dec to reach 10 total in 2024.
CEO Michael Osanloo noted top-line fell short of expectations but margins and cash flow were protected.

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