Q2 2024 Portillos Inc Earnings Call Transcript
Key Points
- Portillos Inc (PTLO) achieved a 7.5% increase in total sales for Q2 2024.
- Restaurant-level margins were maintained at a healthy 24.5%.
- The company plans to open at least 10 new restaurants in fiscal 2024, boosting unit growth to nearly 12%.
- Drive-through speed improved by 15 seconds year-to-date compared to the same period last year.
- Portillos Inc (PTLO) launched its first kiosk prototype to enhance the guest experience and plans further installations.
- Comparable restaurant sales decreased by 0.6% in Q2 2024.
- Food, beverage, and packaging costs increased to 33.9% of revenues due to a 6.9% rise in commodity prices.
- Labor costs remained flat at 25.5% of revenues, with hourly labor rates up 3.1% year-over-year.
- Restaurant-level adjusted EBITDA margins declined by 80 basis points year-over-year, driven by softer sales.
- Pre-opening expenses increased significantly, reflecting the number and timing of new restaurant openings.
Hello, and thank you for standing by. Welcome to the fiscal second-quarter 2024 conference call and webcast. I would now like to turn the call over to Barbara Noverini, Director of Investor Relations at Portillo's to begin.
Thank you, operator. Good morning, everyone, and welcome to our fiscal second-quarter 2024 earnings call. You can find our 10-Q, earnings press release, and supplemental presentation on investors.portillos.com. With me on the call today is Michael Osanloo, President and Chief Executive Officer; and Michelle Hook, Chief Financial Officer.
Any commentary made here about our future results and business conditions are forward-looking statements, which are based on management's current expectations and are not guarantees of future performance. We do not update these forward-looking statements unless required by law.
Our 10-K identifies the risk factors that may cause our actual results to vary materially from these forward-looking statements. Today's earnings call will make
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