By Exec Edge Editorial Staff
Chicago-style fast-casual chain Portillo’s (Nasdaq: PTLO) said revenue rose 16% to $156.1 million in the first quarter.
Portillo’s will open nine new restaurants in 2023, with an emphasis on the Sun Belt, it said. The chain opened three new locations in the first quarter, including its first Texas store in The Colony (north of Dallas) and two locations in Arizona. Last week, it announced plans for three new Chicago-area locations, including a second smaller-format, pickup-only location in Rosemont, Illinois.
Same restaurant sales climbed 9.1% in the first quarter, while operating income increased $1.7 million to $8.5 million, it said.
Net income fell $1.8 million to a net loss of $1.3 million for the quarter, it said.