Portillo'S Inc. - PTLO STOCK NEWS

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.

Portillo's plans to expand in Texas with the opening of two new restaurants in Allen and Arlington by the end of 2023. Following the success of its first Texas location, which opened on January 18, 2023, Portillo's served over 80,000 customers in just 15 days. The new locations will feature retro automotive garage themes and accommodate over 170 and 180 guests, respectively. Each will include double drive-thru lanes, catering to off-premise diners. Hiring for management positions will begin soon, with competitive pay and flexible schedules offered.

Portillo’s (NASDAQ: PTLO) has clinched Silver awards in both the ‘Company of the Year’ and ‘Best Place to Work’ categories at the Best in Biz Awards 2022. This recognition reflects the company’s leadership and solid workplace culture, resulting from nearly 60 years of growth since its inception in 1963. Today, Portillo’s operates 72 locations and is renowned for Chicago-style cuisine. This accolade aligns with previous honors, suggesting a strong commitment to employee engagement and satisfaction, thereby helping mitigate turnover and promote internal advancement.

Portillo’s (NASDAQ: PTLO) announced its participation in several upcoming investor conferences. On December 5, 2022, CFO Michelle Hook will lead virtual meetings, while Dino Northway joins a panel at the Wolfe Research Consumer Growth Conference. A fireside chat featuring CEO Michael Osanloo and CFO Hook is scheduled for December 7 at Morgan Stanley’s Global Consumer and Retail Conference, with a live audio webcast available. Another fireside chat will occur on January 10, 2023, at ICR’s 25th Anniversary Conference. Portillo’s offers Chicago-style favorites and has over 70 locations across nine states.