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Sep 29, 2024
Portillo's Q3 2024 Earnings Report
Reported financial results for the third quarter ended September 29, 2024.
Key Takeaways
Portillo's Inc. reported a 6.9% increase in total revenue, reaching $178.3 million, while same-restaurant sales decreased by 0.9%. The company maintained profitability and focused on strategic pillars for long-term growth.
Total revenue increased by 6.9% to $178.3 million.
Same-restaurant sales decreased by 0.9%.
Operating income increased to $16.0 million.
Net income increased to $8.8 million.
Forward Guidance
Portillo's provided updated financial targets for 2024, anticipating 10 new units, approximately (1.0%) same-restaurant sales, mid-single digits commodity inflation, approximately 3.0% labor inflation, 23% - 24% restaurant-level adjusted EBITDA margin, $78 - $80 million in general and administrative expenses, $10.0 - $10.5 million in pre-opening expenses, and $85 - $88 million in capital expenditures.
Positive Outlook
- Unit growth target maintained at 10 new units.
- Restaurant-level adjusted EBITDA margin target remains at 23% - 24%.
- General and administrative expenses are projected to be $78 - $80 million.
- Pre-opening expenses are projected to be $10.0 - $10.5 million.
- Capital expenditures are projected to be $85 - $88 million.
Challenges Ahead
- Same-restaurant sales are expected to be approximately (1.0%).
- Commodity inflation is expected to be in the mid-single digits.
- Labor inflation is expected to be approximately 3.0%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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