Yahoo Finance Portillo’s Posts Jump in Second Quarter Revenue on New Locations, Same-Store Sales
By Daniella Parra
Chicago-style restaurant chain Portillo’s Inc. reported a 7% rise in second-quarter revenue, driven by both new location additions and higher same-store sales.
Same-store sales grew 1.9% during the quarter ended June, compared to 25.0% same-restaurant sales growth during the same quarter in 2021.
The company said it experienced sharp increases in prices of pork, chicken and beef, which are expected to continue throughout the year. However, the company doesn’t expect commodity inflation to have a material impact on long-term growth and profitability.
Portillo’s partially offset rising costs through menu price increases and operational efficiencies. During the first and second quarters of 2022, it increased menu prices on certain items by approximately 1.5% and 3.5%, respectively.
Net income decreased $3.0 million to $10.8 million in the second quarter.
Michael Osanloo, President and Chief Executive Officer of Portillo’s, said, “Our second quarter results demonstrated the consistency and durability of our brand. We remain hyperfocused on team member engagement, our value proposition and our overall guest experience. This, in turn, drove solid top line and bottom-line results that are in-line with our long-term targets.”
The company went public via IPO last year.
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