American fast-casual restaurant chain Portillo's has reported a net income of $5.3m for the first quarter (Q1) of 2024 as against a net loss of $1.3m a year previously.

For the quarter ended 31 March 2024, the company's total revenue saw a 6.3% increase year-on-year, reaching $165.8m.

Despite a 1.2% decline in same-restaurant sales, Portillo's operating income rose to $10.1m from $8.5m in Q1 2023.

This increase was attributed to higher revenues, partially offset by a rise in operating expenses.

Restaurant-level adjusted EBITDA [earnings before interest, taxation, depreciation and amortisation] also grew by 4.5% to $36.4m, while adjusted EBITDA experienced a 10.9% increase to $21.8m.

The company's expansion continued with the opening of one new restaurant in the Texas market during the quarter.

At the quarter's end another establishment was launched, expanding the total count to 86, including a joint venture where Portillo's holds a 50% equity stake.

Total restaurant operating expenses for Q1 2024 amounted to $129.5m, an increase of 6.8% compared to $121.2m in Q1 2023.

Portillo’s president and CEO Michael Osanloo said: “It’s an exciting time at Portillo’s. We’re proud of how we exited the quarter and will continue to build top-line momentum through disciplined sales-driving initiatives and new unit development.

“Today we revealed Portillo’s four strategic pillars, which will guide our 2024 goals and serve as the foundation for quality growth.

“Running world-class operations, innovating and amplifying the Portillo’s experience, building restaurants with industry-leading returns and taking great care of our teams are the primary drivers of value creation at Portillo’s.”

"Portillo’s swings to profit in Q1 2024" was originally created and published by Verdict Food Service, a GlobalData owned brand.

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