By Sabela Ojea
Shares of Portillo's on Tuesday jumped after the restaurant chain guided for higher-than-expected quarterly revenue and raised its outlook for full-year same-restaurant sales during the ICR consumer conference.
The stock was up 13% to $11.48 in afternoon trading. Shares remain down 17% over the past 12 months.
The Oak Brook, Ill., seller of Chicago-style hot dogs and sandwiches preleased its financial expectations and said it forecasts revenue for the fourth quarter to fall to $184.6 million from $187.9 million a year ago.
Wall Street had forecast slightly lower quarterly revenue of $184.5 million, according to FactSet.
The fast-casual-restaurant company also expects a 0.3% increase in same-restaurant sales for the period, representing a sequential improvement from the 0.9% drop seen in the third quarter following a 3.5% decline in transactions.
Regarding its outlook for 2024, Portillo's said it now expects same-restaurant sales to fall 0.6% and revenue to rise to $710.6 million from $679.9 million last year. The company had most recently guided for a 1% drop in same-restaurant sales.
For 2025, the company said it predicts revenue growth of 11% to 12% and same-restaurant sales to range from flat to a rise of 2%. It also said it plans to open 12 new restaurants.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 14, 2025 13:58 ET (18:58 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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