Hot-dog brand amends IPO prospectus, says revenues rose 18.8% in first two quarters
Portillo’s Inc on Monday amended its preliminary prospectus, part of its earlier-announced plan to go public, saying its revenues in the first half of 2021 were nearly 18.8% higher than in the same period of 2020.
The Oak Brook, Ill.-based fast-casual brand said sales were $258 million in the two quarters ended June 27, up from $217.3 million in the first two quarters of 2020, which were impacted by the COVID-19 pandemic. The figures were included Monday in a Securities and Exchange Commission amended filing.
Portillo’s, which submitted a draft initial public offering prospectus in July, said its net income in the first half of 2021 was $13.9 million compared to a loss of $733,000 in same period last year.
For the 2020 fiscal year, Portillo’s posted net income of $12.3 million compared to $5.6 million for the 2019 fiscal year. Revenues in 2020 were $455.5 million, down from $479.4 million in 2019.
The preliminary prospectus said each Portillo’s location on average served about 800,000 guests in 2020 and about 825,000 guests in the 12 months ended June 27. The average per-guest spend was $9.60.
Average unit volumes were about $7.7 million in 2020 and $7.9 million in the 12 months ended June 27.
“Our restaurants have attracted a growing cult-like following that has enabled us to thrive across a variety of suburban and urban trade areas around the country,” the company said in its S-1 filing.
“All of our restaurants are profitable, and we are proud to have never closed a restaurant in our 58-year history,” the company said.
As of June 27, Portillo’s owned and operated 67 restaurants in nine states.
The Berkshire Partners LLC private-equity firm acquired Portillo’s in 2014 for a reported $1 billion.
Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are among the underwriters for the public offering. Portillo’s said it will list on Nasdaq market under the symbol “PTLO.”
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