Portillo's finally having a moment

Wiping the dust off the ol’ primal scream/Vincero thread, in honor of PTLO (finally) being up for once. Thanks to dumpster-diving at lows last week, I am immensely enjoying today.

Of course, this probably jinxes it…but shush you! Just enjoy the moment.

Imagine “Vincero” as “Portillo”

C’mon…do it with me now. Let out that primal scream.
You know you want to.


Or go old school:
https://youtu.be/6R5-FXVHruQ (I like Paul Potts, starting around 8:04 mark)
https://youtu.be/Kg3aiEiK_PU (Double dose of Pavarotti near the end of this one)

Dreamer ← enjoying some green at moment.


Of course…PTLO has to lay a bit of an egg the following day.
Que sera sera.

In other news - am sure glad I exited AEHR before Team Saul set fire to it and dropped it out of a high-altitude plane into freezing and shark-infested waters. Nothing quite like a former Saul stock after-thought. Sometimes they come back though…like Pet Semetary.

maybe we finish day strong. will see.


Market down?

That’s ok…PTLO up!

POMO + PTLO = pure awesomeness!


PTLO ER day.
Guessing it plummets, but will see.

There is not a lot that will/should surprise me with their ER’s.
Need to hear that:
New restaurants openings planned / expansion continues on track
Those newer restaurants perform well at open and continue/sustain success at the level that their average restaurant produces.
Existing restaurants simply need to hold their ground. I am not looking for growth from existing, but rather from expansion over time.
Are they keeping costs controlled as much as they can, without driving away client base with increased prices.
Their PE parent, Berkshire Partners, should continue to divest their Class B shares over time and get out of the picture completely. This is fine, but don’t want to see shenanigans that shouldn’t be happening.

So on a real meaningful dip back to any new ATL’s, would look to add and ride back up. Rinse/repeat.

Idea is that eventually the expansion gets more newsworthy to investing community, as their brand recognition grows, and stock price and market cap, along with increased rev/profits, should all be up and to the right.

This is a long-term play, and not a get-rich-quick approach, although any oversold reactions and overbought reactions could be useful in a trading-around-the-edges motion around any core shares that I just truly LTBH.

Financial Highlights for the Third Quarter 2023 vs. Third Quarter 2022:

  • Total revenue increased 10.4% or $15.7 million to $166.8 million;
  • Same restaurant sales increased 3.9%;
  • Operating income increased $4.5 million to $15.1 million;
  • Net income increased $3.3 million to $6.5 million;
  • Restaurant-Level Adjusted EBITDA* increased $7.8 million to $41.9 million; and
  • Adjusted EBITDA* increased $5.7 million to $27.3 million.

They have ER conf call at 9am CST


from same press release:

We believe unit growth is a key driver of shareholder value creation. During the quarter ended September 24, 2023, we opened two new restaurants, one restaurant in Arizona and our second location in Texas for a total of 78 restaurants, including a restaurant owned by C&O, of which Portillo’s owns 50% of the equity. The one restaurant opened in the fourth quarter of 2022 and six restaurants opened during the three quarters ended September 24, 2023 positively impacted revenues by approximately $11.0 million and $31.5 million in the quarter and three quarters ended September 24, 2023, respectively. We opened one restaurant subsequent to September 24, 2023 and plan to open five additional restaurants in the fourth quarter of 2023.

The $0.5 million decrease in interest expense was primarily driven by the improved lending terms associated with our 2023 Term Loan and 2023 Revolver Facility.

Restaurant-Level Adjusted EBITDA* for the third quarter ended September 24, 2023 was $41.9 million compared to $34.1 million for the third quarter ended September 25, 2022, an increase of $7.8 million or 22.9%.

Adjusted EBITDA* for the third quarter ended September 24, 2023 was $27.3 million compared to $21.6 million for the third quarter ended September 25, 2022, an increase of $5.7 million or 26.2%.

Below are the restaurants opened since the beginning of fiscal 2023:

Location Opening Date
Kissimmee, Florida December 2022
The Colony, Texas January 2023
Tucson, Arizona February 2023
Gilbert, Arizona March 2023
Queen Creek, Arizona August 2023
Allen, Texas August 2023
Cicero, Illinois October 2023

one analyst on Q&A seemed to be trying to draw out a negative answer from CEO, but he wasn’t biting.

Basically it was “hey…is traffic slowing, and why?”

Answer seems to be Chicago is a shrinking population (I could see that in the city, but not suburbs, where most Portillos locations are) and that they purposely are choosing states/locations with population growth trends that are positive (TX, FL, AZ, etc)

Related to my socialist rant in another thread about restaurants always raising prices to satisfy wall street. I always like that PTLO CEO states they want to remain consumer-friendly as much as possible. So they “could” raise prices more but purposely are trying not to.

The growth will come from new locations/expansion of new store openings.


Might just be the fact that it seems to be an irrational “UP” day, but the dip in PTLO didn’t last long, as already slightly up.

Oh well. I missed buying more, as my limit order was too low.
The day is young though.

CEO and CFO are confident and saying all the right things, from my perspective.


yes crazy day! PTLO misses in revenue and jumped as high as $16 a share.

Elf beats and raises and is down 4%. looks like the Saul board didn’t like the report