By Dean Seal
Portillo's recorded a fatter profit in the fourth quarter after comparable sales turned positive for the first time in the fiscal year from higher menu prices.
The fast-casual restaurant chain posted a profit of $11.3 million for the quarter ended Dec. 29, compared with $7.8 million in the same quarter a year ago.
Earnings were 17 cents a share, topping analyst estimates for 5 cents a share, according to FactSet.
Sales slid 1.7% to $184.6 million. Analysts polled by FactSet had been projecting $185.2 million. The year-earlier quarter included an additional week of operations.
Same-restaurant sales turned positive after three consecutive quarters of declines, coming in at a 0.4% gain that was slightly bigger than analysts had been expecting. Higher menu prices led to higher average spending per visit, which more than offset a decline in total transactions.
The Oak Brook, Ill. company said it expects same-restaurant sales to be at least flat and rise up to 2% year-over-year in 2025. New restaurant openings should boost total revenue by 11% to 12% from $710.6 million in 2024, which would be about $788.8 million to $795.9 million. Analysts had been targeting $791 million in revenue with 1.3% comparable sales.
Shares rose 5.2% to $14.27 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 25, 2025 08:25 ET (13:25 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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