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Dec 25, 2022
Portillo's Q4 2022 Earnings Report
Reported financial results for the fourth quarter and fiscal year ended December 25, 2022.
Key Takeaways
Portillo's Inc. reported an 8.6% increase in total revenue for the fourth quarter of 2022, reaching $150.9 million. Same-restaurant sales increased by 6.0%, and the company saw a significant increase in operating income and net income. However, Restaurant-Level Adjusted EBITDA and Adjusted EBITDA both decreased compared to the prior year.
Total revenue increased by 8.6% to $150.9 million.
Same-restaurant sales increased by 6.0%.
Operating income increased $29.0 million to $6.4 million.
Net income increased $36.5 million to $2.7 million.
Portillo's
Portillo's
Forward Guidance
For fiscal 2023, the Company is anticipating commodity inflation in the mid single digits and general and administrative expenses ranging from $72 million - $77 million.
Positive Outlook
- Four new restaurants openings in the “Class of 2022”
- Nine new restaurant openings in the “Class of 2023”
- Commodity inflation in the mid single digits
Challenges Ahead
- General and administrative expenses ranging from $72 million - $77 million
- Pre-opening expenses between $7.5 million - $8.0 million
- Capital expenditures between $70 million - $75 million