Portillo's Slashes 18% of HQ Staff, Guides EBITDA Below 2025
PTLO sits 22% above its 52-week low of $3.775.
Summary
Portillo's cut 18% of its corporate workforce on July 31, signaling deeper cost pressures than previously known. The layoffs accompany Q2 results: profit fell to $6.9M from $8.7M a year ago, and same-restaurant sales dropped 1.2%. Full-year adjusted EBITDA is now guided to $92M-$96M, down from the prior flat-to-2025 expectation of $97.3M. G&A expense guidance was trimmed to $78M-$82M, reflecting the headcount reduction. Shares slipped 1.5% after hours. This follows the CFO appointment earlier this week and a director's open-market purchase in May, but the operational deterioration is accelerating.
At the time of this announcement, PTLO was trading at $4.62 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $354M. The 52-week trading range was $3.78 to $8.40. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.