Portillo'S Inc. Stock Price, News & Analysis

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.

Portillo's has launched a new festive merchandise line, responding to high demand from its fans after the success of the 'Rockin’ Crocs Giveaway.' The lineup includes custom Crocs with themed Jibbitz charms and holiday pajamas, among other items. Available for purchase on Portillo’s website, these gifts cater to Chicago-style food enthusiasts. Furthermore, Portillo's offers convenient 'Holiday Take and Make' meal options for families, allowing easy pre-ordering and nationwide shipping of its signature menu items. This initiative aims to enhance holiday dining experiences.

Portillo’s Inc. (Nasdaq: PTLO) announced the pricing of a public offering of 8,000,000 shares of Class A common stock, aiming for gross proceeds of $183.2 million before expenses. The offering is expected to close on November 17, 2022, pending customary conditions. The underwriters also hold a 30-day option to buy an additional 1,200,000 shares at the public price. The net proceeds will be used for purchasing LLC units and repurchasing shares in a "synthetic secondary" transaction, with no direct proceeds to Portillo’s.

Portillo's has initiated a public offering of 8 million shares of Class A common stock, with an option for underwriters to purchase an additional 1.2 million shares. The proceeds will fund a synthetic secondary transaction, repurchasing units of PHD Group Holdings and Class A shares from existing holders. Importantly, Portillo's will not receive proceeds from this offering, as the transaction aims to maintain the total number of Class A and Class B shares. BofA Securities and Jefferies are the offering’s underwriters.

Portillo’s Inc. (NASDAQ: PTLO) reported a 9.5% increase in total revenue for Q3 2022, totaling $151.1 million, compared to the previous year. However, operating income fell by 38.5% to $10.6 million, and net income decreased 51.0% to $3.2 million. Same-restaurant sales saw a 5.8% growth, supported by price increases and new restaurant openings. Despite commodity inflation and rising labor costs impacting margins, management remains optimistic about long-term growth. The company also completed a secondary offering of 8.1 million shares at $23.75 each.

Portillo’s Inc. (Nasdaq: PTLO) has announced it will report its third quarter 2022 financial results on November 3, 2022, before market opens.

A live webcast featuring CEO Michael Osanloo and CFO Michelle Hook will take place at 10:00 AM ET the same day. Investors can access the webcast on the company’s investor relations website and via telephone. Portillo’s operates over 70 restaurants across nine states, specializing in Chicago-style hot dogs and Italian beef sandwiches.