NASDAQ$PTLO
Portillo's Inc. · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Portillo's reported a strong fourth quarter and fiscal year 2023, marked by revenue growth and positive same-restaurant sales.
Portillo's Inc. reported a 24.5% increase in total revenue for the fourth quarter of 2023, reaching $187.9 million. Same-restaurant sales increased by 4.4%. Operating income increased to $14.5 million, and net income rose to $9.6 million. The company opened six new restaurants during the quarter, bringing the total restaurant count to 84.
- Total revenue increased by 24.5% to $187.9 million compared to Q4 2022.
- Same-restaurant sales increased by 4.4%.
- Operating income increased to $14.5 million, up from $6.4 million in the prior year.
- Net income increased to $9.6 million, compared to $2.7 million in Q4 2022.
Headline financials
Revenue & EPS history
Portillo's · Revenue · Quarterly
$188M
Forward guidance
For fiscal 2024, the Company is anticipating at least nine new restaurant openings, commodity inflation ranging from 4% to 6%, general and administrative expenses ranging from $85 million - $87 million, pre-opening expenses between $8.0 million - $9.0 million and capital expenditures between $90 million - $93 million.
Tailwinds
- At least nine new restaurant openings are planned for fiscal 2024.
- Focus on leveraging the unit economic model in markets outside Chicagoland.
- Short-term growth strategy emphasizes the Sunbelt region, including Arizona, Texas, and Florida.
- Continue filling in Chicagoland and adjacent markets as opportunities arise.
- Expects commodity inflation to stay consistent with recent trends.
Headwinds
- Anticipates commodity inflation ranging from 4% to 6%.
- Expects general and administrative expenses ranging from $85 million - $87 million.
- Pre-opening expenses are projected to be between $8.0 million - $9.0 million.
- Capital expenditures are estimated to be between $90 million - $93 million.
- Anticipate additional wage investments and are currently estimating mid-single digit wage inflation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-2.6%
Avg return
Earnings day
-6.0%
Avg return
5 days after
-11.4%
Avg return
30 days after
43%
10 / 23 earnings
Positive
+11.8%
Q4 2023
Best reaction
-17.5%
Q3 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -16.5% | -25.0% | -33.7% | |
| Q4 2025 | -7.1% | -7.8% | -7.1% | |
| Q3 2025 | -7.4% | -5.7% | -5.5% | |
| Q1 2025 | +1.0% | +8.1% | +8.1% | |
| Q4 2024 | +9.8% | +2.9% | -8.3% | |
| Q3 2024 | -3.7% | -8.3% | -23.4% | |
| Q2 2024 | +11.5% | +20.6% | +34.6% | |
| Q1 2024 | -14.7% | -16.6% | -16.9% | |
| Q4 2023 | +11.8% | +3.7% | +3.1% | |
| Q3 2023 | +9.0% | +2.5% | +5.2% | |
| Q2 2023 | -13.1% | -14.5% | -18.3% | |
| Q1 2023 | -11.4% | -10.8% | -10.9% | |
| Q4 2022 | -0.5% | -2.1% | -4.4% | |
| Q3 2022 | +5.0% | +7.9% | -4.0% | |
| Q2 2022 | +10.0% | +2.5% | -9.6% | |
| Q2 2021 | +10.0% | +2.5% | -9.6% | |
| Q1 2021 | +7.7% | -4.0% | -8.0% | |
| Q1 2022 | +7.7% | -4.0% | -8.0% | |
| Q4 2021 | -7.8% | -5.2% | -10.4% | |
| Q4 2019 | -7.8% | -5.2% | -10.4% | |
| Q3 2020 | -17.5% | -26.4% | -41.5% | |
| Q4 2020 | -17.5% | -26.4% | -41.5% | |
| Q3 2021 | -17.5% | -26.4% | -41.5% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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