By Ben Glickman
Portillo's posted a drop in comparable restaurant sales in the third quarter as the number of transactions fell, despite a boost from higher prices.
The Oak Brook, Ill.-based fast-casual restaurant chain reported a profit of $7.2 million, or 11 cents a share, in the quarter ended Sept. 29, compared with a profit of $4.4 million, or 7 cents a share, a year earlier. Analysts polled by FactSet expected 6 cents.
Revenue rose 6.9% from a year ago to $178.3 million, missing the $182.1 million expected by analysts.
Same-restaurant sales fell 0.9%, driven by a 3.5% drop in transactions, which was offset by a 2.6% increase in the average check. Analysts polled by FactSet had expected 0.7% comparable growth.
Chief Executive Michael Osanloo said the company's top-line results fell short of expectations, but noted he was proud of how the company protected margins and cash flow.
Portillo's said it now expects same-restaurant sales to decline about 1%, compared with its previous outlook for flat to slightly positive same-restaurant sales. Analysts polled by FactSet are expecting a 0.1% decline.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 05, 2024 08:20 ET (13:20 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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