By Karen E. Roman
Portillo’s Inc. (NASDAQ: PTLO), the casual restaurant known for its Chicago-style favorites menu, reported a 24.5% increase in total revenue for the last quarter of 2023 and a rise of 4.4% on same-restaurant sales.
Operating income grew $8 million to $14.5 million, while net income increased $7 million to $9.6 million and adjusted EBITDA rose $8.1 million to $26.1 million, the company stated.
For 2023, Portillo’s reported 15.8% increase in total revenue, or $92.8 million to $679.9 million. Same-restaurants sales also grew 5.7% and operating income rose $14.2 million to $55.4 million, it stated. Adjusted EBITDA increased $17.3 million to $102.3 million and net income rose $7.7 million to $24.8 million, it said.
The company said it opened six restaurants in the fourth quarter and 12 during 2023, raising the total number to 84 locations. It also expanded its presence in markets like Arizona, Florida, Illinois and Texas. Portillo’s expects to open nine new restaurants in 2024, it stated.
“In 2023, we grew revenue and adjusted EBITDA by double-digits. We generated record operating cash flow. We ended the year with positive traffic and multi-year highs in guest satisfaction,” said Michael Osanloo, Portillo’s President and CEO. “We do this by building on what makes us great — impeccable operations and an excellent value proposition.”
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