Welcome to our dedicated page for Portillo's news (Ticker: PTLO), a resource for investors and traders seeking the latest updates and insights on Portillo's stock.
Portillo's Inc. Class A Common Stock (symbol: PTLO) is a renowned name in the fast-casual restaurant industry, celebrated for its Chicago-style menu offerings. Established in 1963 by Dick Portillo in Villa Park, Illinois, the company has grown from a single hot dog stand named 'The Dog House' into a nationally recognized chain.
Portillo’s restaurants are known for their high-energy ambiance and nostalgic theme, serving fresh, homemade food. The core menu includes classic Chicago-style hot dogs, Italian beef sandwiches, char-grilled burgers, and fresh salads. Their delicious desserts, like the famous chocolate cake and chocolate cake shake, have also garnered a loyal following.
As of recent developments, Portillo’s operates over 80 restaurants across ten states, with significant expansions in markets such as Arizona, Florida, and Texas. In 2023, the company achieved remarkable financial milestones, including a 15.8% revenue growth, driven by same-restaurant sales growth and the opening of 12 new locations. The company's strategic focus on operational excellence and impeccable service has resulted in a record operating cash flow and increased guest satisfaction.
Portillo's also operates two food production commissaries in Illinois, ensuring consistent quality and supply across their outlets. Their multi-channel approach, including dine-in, drive-thru, takeout, online ordering, and catering services, caters to a broad customer base.
Looking ahead, Portillo’s aims to sustain its growth trajectory, planning to open at least nine new restaurants in 2024 and targeting a long-term annual growth rate of 12-15%. The company's focus remains on enhancing guest experiences, strategic pricing, and maintaining operational efficiencies.
Portillo's commitment to delivering value to shareholders is evident through its disciplined development strategy and continuous efforts in operational excellence. For more information and the latest updates, visit their website.
Portillo’s Inc. (Nasdaq: PTLO) will report its first quarter 2023 financial results on May 4, 2023, before the market opens. A live webcast will take place at 10:00 AM ET, featuring President and CEO Michael Osanloo and CFO Michelle Hook. Investors can access the webcast on the company's investor relations website or via telephone at 1 (877)-407-3982 for U.S. callers or 1 (201)-493-6780 internationally. A replay of the call will also be available. Founded in 1963, Portillo’s has expanded to over 70 locations across 10 states, known for its Chicago-style hot dogs, Italian beef sandwiches, burgers, salads, and desserts. The company also offers food shipping nationwide through its website, enhancing its reach beyond local restaurant visits.
BARK, Inc. (NYSE: BARK) has announced the immediate addition of Paulette Dodson and Michele Meyer to its Board of Directors. Ms. Dodson brings extensive legal and corporate governance experience, having served in senior roles at Alight, PetSmart, and Sara Lee. Meanwhile, Ms. Meyer has over 30 years of experience in the CPG industry, notably as President at General Mills, where she led significant market growth. Both executives aim to leverage their backgrounds to enhance BARK's strategic initiatives and foster long-term growth. CEO Matt Meeker emphasized their potential to drive value for customers and shareholders.
Portillo’s Inc. (Nasdaq: PTLO) announced a public offering of 8,000,000 shares of its Class A common stock, with an underwriter's option for an additional 1,200,000 shares. The offering is deemed non-dilutive as the proceeds will be used to purchase limited liability company units from existing holders and repurchase Class A shares in a synthetic secondary transaction. The total share count will remain unchanged post-transaction, although Class A shares will increase with a corresponding decrease in Class B shares. Morgan Stanley is the sole underwriter.
Portillo’s Inc. (NASDAQ: PTLO), known for its Chicago-style restaurant offerings, will participate in key investor events this March. On March 14, CEO Michael Osanloo and CFO Michelle Hook will lead a fireside chat at the BofA Securities 2023 Consumer and Retail Conference at 8:50 a.m. ET. The event will be accessible via audio webcast. This will be followed by another chat at the UBS 2023 Global Consumer and Retail Conference on March 16 at 1:00 p.m. ET, also available for live streaming. Portillo’s has expanded to over 70 locations across ten states since its inception in 1963.
Portillo's Inc. (NASDAQ: PTLO) reported strong financial performance for Q4 and fiscal year 2022, with total revenue increasing 8.6% to $150.9 million in Q4 and 9.7% to $587.1 million for the year. Same-restaurant sales rose 6.0% in Q4 and 5.4% for the full year. Operating income improved significantly, reaching $6.4 million in Q4 and $41.3 million for the year. Despite these gains, Restaurant-Level Adjusted EBITDA declined by 8.5% in Q4 and 6.7% for the year, attributed to higher commodity and labor costs. The company targets nine new restaurant openings in fiscal 2023 and anticipates revenue growth of 8-10% in Q1 2023.
Portillo's Inc. (NASDAQ: PTLO) announced a successful refinancing of its credit facility, securing a new 5-year $300 million Term A Loan. This refinancing reduces the all-in interest rate by approximately 270 basis points, enhancing financial flexibility for expansion efforts. The new loan relies on the Secured Overnight Financing Rate (SOFR), paired with a margin of 275 basis points. Additionally, Portillo's has increased its short-term borrowing capacity through a new 5-year Revolving Credit Facility, expanding from $50 million to $100 million. The company has borrowed $15 million under this facility, maintaining over $80 million in available borrowing capacity.
Portillo’s Inc. (Nasdaq: PTLO) announced it will report its fourth quarter and full year 2022 financial results on March 2, 2023, before market open.
A live webcast will take place at 10:00 AM ET, featuring President and CEO Michael Osanloo and CFO Michelle Hook. Investors can access the webcast on the company’s investor relations website.
Portillo’s, renowned for its Chicago-style hot dogs and Italian beef sandwiches, operates over 70 restaurants across 10 states, continuing to grow since its founding in 1963.
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