Portillo's Inc. · Q3 2022 earnings

Briefing

Portillo's reported a revenue increase driven by new restaurant openings and same-restaurant sales growth, but experienced a decrease in operating and net income due to rising expenses.

Portillo's Inc. reported a 9.5% increase in total revenue to $151.1 million for the third quarter of 2022, driven by new restaurant openings and a 5.8% increase in same-restaurant sales. However, the company experienced a decrease in operating income to $10.6 million and net income to $3.2 million, primarily due to increased restaurant operating and general and administrative expenses.

• Total revenue increased by 9.5% to $151.1 million compared to Q3 2021.
• Same restaurant sales increased by 5.8% due to higher average check, offset by a decline in transactions.
• Operating income decreased by $6.6 million to $10.6 million.
• Net income decreased by $3.3 million to $3.2 million.

Headline financials

Revenue & EPS history

The company expects commodity pressures to continue through the fourth quarter of fiscal 2022, and combined with the expected commodity inflation, will continue to have an impact to Restaurant-Level Adjusted EBITDA Margin for the remainder of fiscal 2022.