PTLO - Portillo's slides after earnings miss inflation warning

Portillo's (NASDAQ:PTLO) fell in early trading on Thursday after the company missed consensus marks with its Q4 earnings report and warned on inflation pressures. Same-restaurant sales increased by 10.3% during the quarter. Restaurant-Level adjusted EBITDA increased $0.5M to $35.0M. The restaurant operator said the omicron COVID variant impacted sales in Q4, particularly seasonal catering sales. Impacts also included staffing shortages that carried into the first several weeks of FY22. Portillo's (PTLO) said it saw improvements in sales trends and staffing levels beginning in mid-January. Same-restaurant sales during period one of 2022 were 9.2% and improved to 13.6% in period two of 2022. The company estimates same-restaurant sales for Q1 to be in the range of 7.5% to 8.5%. Portillo's increased certain menu prices during Q4 by approximately 3.0% and during the Q1 of 2022 increased prices again by 1.5%. Prtillo's (PTLO) said it remains confident in the strength of the

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Portillo's slides after earnings miss, inflation warning