By Connor Hart
Portillo's cut its outlook for the year after notching a decrease in same-restaurant sales in the third quarter.
The fast-casual restaurant chain said Tuesday it now expects same-restaurant sales, or those from stores in operation for at least 12 months, to decline 1% to 1.5% for the year. It had previously guided for same-restaurant sales to increase 1% to 3%.
The company additionally forecast full-year revenue between $730 million and $733 million, marking an increase of 2.3% to 3.2% from last year. The company had previously guided for revenue growth between 5% to 7%.
Wall Street modeled revenue of $736.4 million, and for same-restaurant sales to decline 1.2%, according to FactSet.
Shares fell 1.7% to $5.15 in premarket trading.
The new outlooks came as Portillo's posted a profit of $1.21 million for its three months ended Sept. 28, compared with $7.22 million in last year's comparable period. Quarterly earnings of 2 cents a share missed analyst estimates for 4 cents a share.
Net revenues rose 1.8% to $181.4 million, boosted by new restaurant openings, compared with Wall Street models for $182.1 million.
Same-restaurant sales slipped 0.8%. The company attributed the decline to a 2.2% decrease in transactions, partially offset by a 1.4% increase in average check as prices rose. Analysts had expected same-restaurant sales to decline 2.4%.
Interim Chief Executive Mike Miles said the company is taking steps to reset its growth model, opening in new markets at a more measured pace while pursuing better unit economics.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 04, 2025 08:36 ET (13:36 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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