Portillo’s Q1 Revenue Up 3.5% to $182.6M; Net Loss Hits $0.5M
Portillo’s first-quarter revenue climbed 3.5% year-over-year to $182.6 million, driven by openings of four restaurants, while same-restaurant sales dipped 0.1%. Operating income plunged 56.7% to $4.5 million and net loss reached $0.5 million versus prior-year $4.0 million profit.
1. Q1 Financial Performance
Portillo’s reported quarterly revenue of $182.6 million, a 3.5% increase from prior year, while operating income fell 56.7% to $4.5 million and net loss totaled $0.5 million compared with $4.0 million net income. Restaurant-level adjusted EBITDA decreased 4.9% to $34.8 million and adjusted EBITDA declined 13.0% to $18.5 million.
2. Same-restaurant Sales and Cost Drivers
Same-restaurant sales edged down 0.1%, reflecting a 0.9% decline in average check partially offset by a 0.8% rise in transactions. Total restaurant operating expenses rose 5.7% to $147.8 million due to new unit openings, a 1.8% increase in commodity prices and higher labor investments.
3. Development and Fiscal Outlook
Portillo’s opened four restaurants in Q1 and one additional unit after period end, reaching 107 locations, and plans three more openings in fiscal 2026, including its first airport site. Fiscal targets include eight new units, mid-single-digit commodity inflation, a 20.5%–21% restaurant-level EBITDA margin, $80–$82 million in G&A and $55–$60 million in capital expenditures.