Portillo's Comparable Sales Slump Despite Price Increases

Dow Jones11-05

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2481094545?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-05 21:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2481094545","market":"nz","top_or_hot":-1,"title":"Portillo's Comparable Sales Slump Despite Price Increases","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Ben Glickman \n</p>\n<pre>\n \n</pre>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  Revenue rose 6.9% from a year ago to $178.3 million, missing the $182.1 million expected by analysts. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<p>\n  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. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Ben Glickman at ben.glickman@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 05, 2024 08:20 ET (13:20 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Portillo's Comparable Sales Slump Despite Price Increases</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPortillo's Comparable Sales Slump Despite Price Increases\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 21:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Ben Glickman \n\n\n \n\n\n  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. \n\n\n  The Oak Brook, Ill.-...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"PTLO","symbol_name":"Portillo’s Inc.","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2481094545","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481094545","pubTimestamp":1730812800,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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 sligh","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"PTLO":"Portillo’s Inc."},"translate_title":"尽管价格上涨，波蒂略的可比销售额仍大幅下滑","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PTLO":0.9},"content_text":"By Ben Glickman \n\n\n \n\n\n  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. \n\n\n  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. \n\n\n  Revenue rose 6.9% from a year ago to $178.3 million, missing the $182.1 million expected by analysts. \n\n\n  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. \n\n\n  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. \n\n\n  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. \n\n\n \n\n\n  Write to Ben Glickman at ben.glickman@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 05, 2024 08:20 ET (13:20 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481094545"}