PTLO - Portillo's stock pops after strong than expected Q3 sales

Portillo’s ( NASDAQ: PTLO ) stock rose sharply on Thursday after the company notched better than anticipated Q3 sales results.

Alongside the 9.5% year over year rise in revenue to exceed estimates , the Illinois-based restaurant operator managed to meet EPS expectations despite significant inflation impacts. Same-restaurant sales increased 5.8% during the quarter, aided by a 6.3% increase in the average check. Menu prices were increased by 8.2%, according to management, helping to mitigate a hefty 15.4% increase in commodity prices and increased labor expenses.

“Our third-quarter results confirm that our strong value proposition resonates with our guests,” CEO Michael Osanloo said. “Our ongoing commitment to operational excellence continues to result in unrivaled guest experiences.”

Portillo’s ( PTLO ) stock rose over 7% on Thursday, rising to an intraday high of $22.82. It is worth noting that Portillo’s courts elevated short interest, standing at 17.09% according to SeekingAlpha data.

Read more on recent restaurant traffic trends .

For further details see: