American fast-casual restaurant chain Portillo’s has reported a net income of $5.3m for the first quarter (Q1) of 2024 as against a net loss of $1.3m a year previously.
For the quarter ended 31 March 2024, the company’s total revenue saw a 6.3% increase year-on-year, reaching $165.8m.
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Despite a 1.2% decline in same-restaurant sales, Portillo’s operating income rose to $10.1m from $8.5m in Q1 2023.
This increase was attributed to higher revenues, partially offset by a rise in operating expenses.
Restaurant-level adjusted EBITDA [earnings before interest, taxation, depreciation and amortisation] also grew by 4.5% to $36.4m, while adjusted EBITDA experienced a 10.9% increase to $21.8m.
The company’s expansion continued with the opening of one new restaurant in the Texas market during the quarter.
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By GlobalDataAt the quarter’s end another establishment was launched, expanding the total count to 86, including a joint venture where Portillo’s holds a 50% equity stake.
Total restaurant operating expenses for Q1 2024 amounted to $129.5m, an increase of 6.8% compared to $121.2m in Q1 2023.
Portillo’s president and CEO Michael Osanloo said: “It’s an exciting time at Portillo’s. We’re proud of how we exited the quarter and will continue to build top-line momentum through disciplined sales-driving initiatives and new unit development.
“Today we revealed Portillo’s four strategic pillars, which will guide our 2024 goals and serve as the foundation for quality growth.
“Running world-class operations, innovating and amplifying the Portillo’s experience, building restaurants with industry-leading returns and taking great care of our teams are the primary drivers of value creation at Portillo’s.”
