By Exec Edge Editorial Staff
Shares of Chicago-based restaurant operator Portillo’s Inc. (Nasdaq: PTLO) jumped as much as 7% in early trade Thursday after it reported a strong revenue increase, driven primarily by same-store sales.
Portillo’s, which serves hot dogs, Italian sandwiches and other Chicago-inspired treats, said revenue rose 9.5% or $13.1 million to $151.1 million. Same restaurant sales increased 5.8%.
Restaurant-level adjusted EBITDA decreased $0.2 million to $34.1 million and overall adjusted EBITDA decreased $2.6 million to $21.6 million.
“Our third-quarter results confirm that our strong value proposition resonates with our guests,” said Michael Osanloo, President and Chief Executive Officer of Portillo’s. “Our ongoing commitment to operational excellence continues to result in unrivaled guest experiences. This can only be achieved with our dedicated team members who are consistently delivering that experience.”
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