Why Portillo's (PTLO) Shares are Down 18% Today
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Portillo’s Inc Announces Third Quarter 2021 Financial Results
November 18, 2021 8:01 AM ESTCHICAGO, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Portillos Inc. (Portillos or the Company) (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the third quarter ended September 26, 2021.
Financial Highlights for the third quarter ended September 26, 2021 vs. Prior Year period:
Total revenue increased 15.3% to $138.0 millionSame-restaurant sales increased 6.8%Operating income decreased 8.8% to $17.2 millionNet income decreased 19.4% to $6.5 millionAdjusted EBITDA* decreased 8.4% to $24.2 millionRestaurant-Level Adjusted EBITDA* decreased 1.1% to $34.2 millionCash and cash equivalents on hand were $49.4 million... More