Portillo’s stock slides after earnings miss

Portillo’s Inc.
PTLO,
-11.97%

shares fell 6.2% in Thursday premarket trading after the Chicago-style restaurant chain reported a fourth-quarter earnings miss. Net loss totaled $18.6 million, or 52 cents per share, after a loss of $392,000, or a penny per share, last year. Revenue of $138.9 million was up from $118.5 million the previous year. The FactSet consensus was for a loss of 44 cents and revenue of $139.5 million. Same-restaurant sales rose 10.3% just below the FactSet 10.4% growth. Operating costs were driven higher by labor investments, commodity pricing and the opening of seven new restaurants. Portillo’s stock began trading on Oct. 21, 2021. Shares are down 27.2% over the past three months while the S&P 500 index
SPX,
-1.50%

is down 9.2% for the period.