Portillo's cuts FY2025 outlook; same-store sales seen -1% to -1.5%, unit growth halved to 8

Portillo's Inc.

Same-restaurant sales guidance revised to (1.0%)-(1.5%) from 1%-3%; Q3 SRS estimated (2.0%)-(2.5%).
New unit openings reduced from 12 to 8 in FY2025; revenue target $730-733M.
Restaurant-level adjusted EBITDA margin lowered to 21.0%-21.5% from 22.5%-23.0%.
Adjusted EBITDA guided to $94-98M vs prior flat to low-single-digit growth; G&A cut to $72-75M.
Discontinues Chicago breakfast pilot; plans 8 new units in FY2026, including first airport location (DFW) with build cost <$5M.

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