Portillo’s Restaurant Chain Reveals Revenue Increase in IPO Filing

Adds net income, subscribers

September 27 (Reuters)Portillo’s Inc, a restaurant chain known for its Chicago-style hot dogs, made public its listing on the U.S. stock exchange on Monday, revealing an almost 19% increase in revenue for the two quarters ended June 27.

Restaurant chains have seen sales rebound strongly in recent months as the rollout of vaccines and the lifting of COVID-19 restrictions gave people more confidence to start dining again after a year of ordering.

Portillo’s revenue for the two quarters was $ 258 million, up from $ 217.3 million a year earlier, according to the filing. It posted a net profit of $ 13.9 million in the same period versus a loss of $ 733,000, Portillo’s said.

Sales last year were hit by the COVID-19 pandemic, the Oak Brook, Illinois-based company said, with the largest drop in sales occurring from late March through April 2020.

Portillo’s first hot dog stand, “The Dog House,” was set up in Villa Park, Ill., In 1963, after founder Dick Portillo invested $ 1,100 in a trailer without running water. Four years later it was renamed “Portillo’s”.

The company, backed by private equity firm Berkshire Partners, had confidentially filed for its initial public offering in July.

Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are among the underwriters of the offer. Portillo’s will be listed on Nasdaq under the symbol “PTLO”.

(Reporting by Niket Nishant in Bangalore; Editing by Shinjini Ganguli)

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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