By Emon Reiser
Shares of Portillo's fell after the Chicago-style food chain reported a decline in same-restaurant sales and announced the latest change in its leadership ranks.
The stock fell 17%, to $4.74, ahead of the market close. Shares are up nearly 4% year to date despite the intraday declines.
Portillo's on Tuesday swung to a loss of $402,000, or one cent a share, for the quarter ended March 29, from a profit of $3.31 million, or 5 cents a share in the year-ago quarter.
First-quarter revenue increased 3.5% to $182.6 million. Analysts polled by Factset expected $183.3 million.
Same-restaurant sales declined by 0.1%, compared with a 1.8% increase last year.
The restaurant chain also said Tuesday that Chief Financial Officer Michelle Hook would leave the company, effective immediately, to pursue another opportunity. Hook's departure marks the latest leadership change in the company's C-suite after Jennifer Pecoraro-Striepling was named chief development officer in March and Brett Patterson was appointed chief executive officer in February.
Portillo's grew its restaurant footprint to 106 total locations from 94 a year ago. The company will decelerate its openings in the second half to two openings, compared with six openings slated for the first half of the year.
Write to Emon Reiser at emon.reiser@wsj.com
(END) Dow Jones Newswires
May 05, 2026 15:57 ET (19:57 GMT)
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