By Jarrett Banks
Chicago fast-casual favorite Portillo’s Inc. (Nasdaq: PTLO) said 2022 revenue increased increased 9.7% to $587.1 million, and net income increased $30.6 million to $17.2 million.
The chain swung to a profit in the fourth quarter as higher menu prices and the opening of new restaurants lifted sales.
Portillo’s posted a profit of $3.95 million, compared with a loss of $18.6 million, in the same quarter a year ago. Revenue jumped to $150.9 million in the quarter from $138.9 million a year earlier, it said.
“I’m particularly excited about our near-term development pipeline,” President and CEO Michael Osanloo said. “We’re building our presence in the Sunbelt where we’ve already received warm welcomes from Portillo’s fans that have been waiting for us for a long time.”