Tue, Feb 25, 1:06 PM (60 days ago)
Portillo’s Inc. (Ticker: PTLO) reported fiscal 2024 total revenue of $710.6 million—a 4.5% increase—and net income of $35.1 million, despite a 0.6% decline in same-restaurant sales versus fiscal 2023. Operating income rose to $58.0 million, with improvements reflected in both Adjusted EBITDA and Restaurant-Level EBITDA. Growth was driven by opening 10 new restaurants and strategic menu price increases to mitigate commodity (4.2%) and labor inflation. The report details expense trends across food, labor, and occupancy, and outlines targets for fiscal 2025 of 11–12% revenue growth with modest same-restaurant sales gain. Comprehensive disclosures include debt arrangements, lease obligations, equity compensation, and a Tax Receivable Agreement liability. Management emphasized robust internal controls, validated by an unqualified auditor’s opinion.