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Portillo’s Inc on Monday amended its preliminary prospectus, as part of its earlier announced plan to go public, saying its revenues in the first half of 2021 were nearly 18.8% higher than in the same period of 2020.
The Oak Brook, Ill.-Based fast food brand said sales were $ 258 million in the two quarters ended June 27, up from $ 217.3 million in the first two. quarters of 2020, which were impacted by the COVID-19 pandemic. The figures were included on Monday in a record amended by the Securities and Exchange Commission.
Portillo’s, who submitted a draft IPO prospectus in July, said its net profit for the first half of 2021 was $ 13.9 million, compared to a loss of $ 733,000 for the same period last year.
For fiscal 2020, Portillo’s net profit reached $ 12.3 million compared to $ 5.6 million for fiscal 2019. Revenues in 2020 were $ 455.5 million, compared to $ 479.4 million. dollars in 2019.
The preliminary prospectus indicates that each Portillo location served an average of around 800,000 guests in 2020 and around 825,000 guests in the 12 months ended June 27. The average spend per guest was $ 9.60.
Average unit volumes were approximately $ 7.7 million in 2020 and $ 7.9 million in the 12 months ended June 27.
“Our restaurants have attracted an increasingly cult following which has allowed us to thrive in a variety of suburban and urban business areas across the country,” the company said in its S-1 filing.
“All of our restaurants are profitable and we are proud to have never closed a restaurant in our 58 year history,” the company said.
As of June 27, Portillo’s owned and operated 67 restaurants in nine states.
Private equity firm Berkshire Partners LLC acquired Portillo’s in 2014 for $ 1 billion.
Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are among the underwriters of the public offering. Portillo’s said it would be listed on the Nasdaq market under the symbol “PTLO”.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
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