- Portillos Inc PTLO reported third-quarter FY21 revenue growth of 15.3% year-on-year, to $138 million, versus the analyst consensus of $138.05 million.
- Same-restaurant sales increased 6.8%, attributable to an increase in average check of 7.9%, partially offset by a decline in traffic.
- Total operating expenses rose 21.9% Y/Y to $103.7 million.
- The operating margin contracted 330 basis points to 12.5%, while operating income for the quarter rose 8.8% to $17.2 million.
- Adjusted EBITDA declined 8.4% to $24.2 million, and the adjusted EBITDA margin of 17.5% fell 460 basis points.
- EPS of $0.01 missed the analyst consensus of $0.08.
- The company held $49.4 million in cash and equivalents as of September 26, 2021. Cash provided by operating activities for the nine months totaled $39.8 million.
- Price Action: PTLO shares are trading lower by 8.78% at $49.46 on the last check Thursday.
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