• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    SEC Form SC 13D filed by Portillo's Inc.

    8/15/24 6:39:22 PM ET
    $PTLO
    Restaurants
    Consumer Discretionary
    Get the next $PTLO alert in real time by email
    SC 13D 1 sc13d09455058_08152024.htm SCHEDULE 13D

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

    SCHEDULE 13D

    (Rule 13d-101)

    INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

    TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

    § 240.13d-2(a)

    (Amendment No. )1

    Portillo’s Inc.

    (Name of Issuer)

    Class A Common Stock, $0.01 par value per share

    (Title of Class of Securities)

    73642K106

    (CUSIP Number)

    GLENN W. WELLING

    ENGAGED CAPITAL, LLC

    610 Newport Center Drive, Suite 950

    Newport Beach, California 92660

    (949) 734-7900

     

    RYAN NEBEL

    OLSHAN FROME WOLOSKY LLP

    1325 Avenue of the Americas

    New York, New York 10019

    (212) 451-2300

    (Name, Address and Telephone Number of Person

    Authorized to Receive Notices and Communications)

     

    August 8, 2024

    (Date of Event Which Requires Filing of This Statement)

     

    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

    Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

     

     

     

    1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

     

    CUSIP No. 73642K106

      1   NAME OF REPORTING PERSON  
             
            Engaged Capital Flagship Master Fund, LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            CAYMAN ISLANDS  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         4,421,364  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              4,421,364  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            4,421,364  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            7.2%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    2

    CUSIP No. 73642K106

      1   NAME OF REPORTING PERSON  
             
            Engaged Capital Co-Invest XVII, LP  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            WC  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         1,693,592  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              1,693,592  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            1,693,592  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            2.7%  
      14   TYPE OF REPORTING PERSON  
             
            PN  

      

    3

    CUSIP No. 73642K106

     

      1   NAME OF REPORTING PERSON  
             
            Engaged Capital, LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         6,114,956  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              6,114,956  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,114,956  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.9%  
      14   TYPE OF REPORTING PERSON  
             
            OO, IA  

      

    4

    CUSIP No. 73642K106

     

      1   NAME OF REPORTING PERSON  
             
            Engaged Capital Holdings, LLC  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            DELAWARE  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         6,114,956  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              6,114,956  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,114,956  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.9%  
      14   TYPE OF REPORTING PERSON  
             
            OO  

      

    5

    CUSIP No. 73642K106

     

      1   NAME OF REPORTING PERSON  
             
            Glenn W. Welling  
      2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
            (b) ☐
               
      3   SEC USE ONLY    
               
               
      4   SOURCE OF FUNDS  
             
            OO  
      5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
           
               
      6   CITIZENSHIP OR PLACE OF ORGANIZATION  
             
            USA  
    NUMBER OF   7   SOLE VOTING POWER  
    SHARES          
    BENEFICIALLY         - 0 -  
    OWNED BY   8   SHARED VOTING POWER  
    EACH          
    REPORTING         6,114,956  
    PERSON WITH   9   SOLE DISPOSITIVE POWER  
             
              - 0 -  
        10   SHARED DISPOSITIVE POWER  
               
              6,114,956  
      11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
             
            6,114,956  
      12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
           
               
      13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
             
            9.9%  
      14   TYPE OF REPORTING PERSON  
             
            IN  

      

    6

    CUSIP No. 73642K106

     

    The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

    Item 1.Security and Issuer.

    This statement relates to the Class A Common Stock, $0.01 par value per share (the “Shares”), of Portillo's Inc., a Delaware corporation (the “Issuer”). The address of the principal executive offices of the Issuer is 2001 Spring Road, Suite 400, Oak Brook, Illinois 60523.

    Item 2.Identity and Background.

    (a)       This statement is filed by:

    (i)Engaged Capital Flagship Master Fund, LP, a Cayman Islands exempted limited partnership (“Engaged Capital Flagship Master”), with respect to the Shares directly and beneficially owned by it;
    (ii)Engaged Capital Co-Invest XVII, LP, a Delaware limited partnership (“Engaged Capital Co-Invest XVII”), with respect to the Shares directly and beneficially owned by it;
    (iii)Engaged Capital, LLC, a Delaware limited liability company (“Engaged Capital”), as the general partner and investment adviser of each of Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII;
    (iv)Engaged Capital Holdings, LLC, a Delaware limited liability company (“Engaged Holdings”), as the managing member of Engaged Capital; and
    (v)Glenn W. Welling, as the Founder and Chief Investment Officer (“CIO”) of Engaged Capital and the sole member of Engaged Holdings.

    Each of the foregoing is referred to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons is party to that certain Joint Filing Agreement, as further described in Item 6. Accordingly, the Reporting Persons are hereby filing a joint Schedule 13D.

    (b)       The address of the principal office of Engaged Capital Flagship Master is c/o Conyers Trust Company (Cayman) Limited, Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The address of the principal office of each of Engaged Capital Co-Invest XVII, Engaged Capital, Engaged Holdings and Mr. Welling is 610 Newport Center Drive, Suite 950, Newport Beach, California 92660.

    (c)       The principal business of each of Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII is investing in securities. Engaged Capital is a registered investment advisor and serves as the investment adviser and general partner of each of Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII. Engaged Holdings serves as the managing member of Engaged Capital. Mr. Welling is the Founder and CIO of Engaged Capital and the sole member of Engaged Holdings.

    (d)       No Reporting Person has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).

    (e)       No Reporting Person has, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

    7

    CUSIP No. 73642K106

    (f)       Engaged Capital Flagship Master is organized under the laws of the Cayman Islands. Engaged Capital Co-Invest XVII, Engaged Capital and Engaged Holdings are organized under the laws of the State of Delaware. Mr. Welling is a citizen of the United States of America.

    Item 3.Source and Amount of Funds or Other Consideration.

    The Shares purchased by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 4,421,364 Shares beneficially owned by Engaged Capital Flagship Master is approximately $51,974,080, including brokerage commissions. The aggregate purchase price of the 1,693,592 Shares beneficially owned by Engaged Capital Co-Invest XVII is approximately $18,349,708, including brokerage commissions.

    Item 4.Purpose of Transaction.

    The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions including through a trading plan created under Rule 10b5-1(c) or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

    The Reporting Persons have engaged, and intend to continue to engage, in communications with the Issuer’s Board of Directors (the “Board”) and management team regarding potential steps to unlock the intrinsic value of the Issuer’s business, including, but not limited to, optimizing restaurant performance, improving restaurant-level cash on cash returns, enhancing corporate governance (including through potential changes to the composition of the Board) and/or exploring a sale of the Issuer.

    No Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, engaging in additional communications with management and the Board of the Issuer, engaging in discussions with stockholders of the Issuer or third parties, including potential acquirers and service providers about the Issuer and the Reporting Persons’ investment, making proposals to the Issuer concerning changes to the capital allocation strategy, capitalization, ownership structure, including a sale of the Issuer as a whole or in parts, Board structure (including Board composition) or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, or changing their intention with respect to any and all matters referred to in Item 4.

    8

    CUSIP No. 73642K106

    Item 5.Interest in Securities of the Issuer.

    (a)       The aggregate percentage of Shares reported owned by each person named herein is based upon 61,794,622 Shares outstanding as of July 30, 2024, which is the total number of Shares outstanding as reported in the Issuer’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 6, 2024.

    As of the date hereof, Engaged Capital Flagship Master directly beneficially owned 4,421,364 Shares, constituting approximately 7.2% of the Shares outstanding.

    As of the date hereof, Engaged Capital Co-Invest XVII directly beneficially owned 1,693,592 Shares, constituting approximately 2.7% of the Shares outstanding.

    Engaged Capital, as the general partner and investment adviser of each of Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, may be deemed to beneficially own the 6,114,956 Shares owned in the aggregate by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, constituting approximately 9.9% of the Shares outstanding. Engaged Holdings, as the managing member of Engaged Capital, may be deemed to beneficially own the 6,114,956 Shares owned in the aggregate by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, constituting approximately 9.9% of the Shares outstanding. Mr. Welling, as the Founder and CIO of Engaged Capital and sole member of Engaged Holdings, may be deemed to beneficially own the 6,114,956 Shares owned in the aggregate by Engaged Capital Flagship Master and Engaged Capital Co-Invest XVII, constituting approximately 9.9% of the Shares outstanding.

    The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

    (b)       Each of Engaged Capital Flagship Master, Engaged Capital, Engaged Holdings and Mr. Welling may be deemed to share the power to vote and dispose of the Shares owned by Engaged Capital Flagship Master. Each of Engaged Capital Co-Invest XVII, Engaged Capital, Engaged Holdings and Mr. Welling may be deemed to share the power to vote and dispose of the Shares owned by Engaged Capital Co-Invest XVII.

    (c)       Schedule A annexed hereto sets forth all transactions in securities of the Issuer by the Reporting Persons during the past 60 days. Except for the swap transaction set forth therein, the counterparty of which is UBS AG London Branch (“UBS”), all of such transactions were effected in the open market.

    (d)       No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Shares.

    (e)Not applicable.
    9

    CUSIP No. 73642K106

    Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

    Engaged Capital Flagship Master has entered into a certain cash-settled total return swap agreement with UBS as the counterparty (the “Swap Agreement”). Engaged Capital Flagship Master’s swap with UBS constitutes economic exposure to an aggregate of 903,452 notional Shares, representing approximately 1.5% of the outstanding Shares, which has a maturity date of August 16, 2027 and a reference price of $11.7658. The Swap Agreement provides Engaged Capital Flagship Master with economic results that are comparable to the economic results of ownership but does not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Swap Agreement (such shares, the “Subject Shares”). Taking into account the Subject Shares, Engaged Capital Flagship Master has economic exposure to an aggregate of 5,324,816 Shares, representing approximately 8.6% of the outstanding Shares. The Reporting Persons disclaim beneficial ownership of the Subject Shares. The Reporting Persons collectively have economic exposure to an aggregate of 7,018,408 Shares, representing approximately 11.4% of the outstanding Shares.

    On August 15, 2024, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

    Other than as described herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer.

    Item 7.Material to be Filed as Exhibits.
    99.1Joint Filing Agreement, dated August 15, 2024.
    10

    CUSIP No. 73642K106

    SIGNATURES

    After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

    Dated: August 15, 2024

      Engaged Capital Flagship Master Fund, LP
       
      By: Engaged Capital, LLC
    General Partner
       
      By:

    /s/ Glenn W. Welling

        Name: Glenn W. Welling
        Title: Founder and Chief Investment Officer

     

     

      Engaged Capital Co-Invest XVII, LP
       
      By: Engaged Capital, LLC
    General Partner
       
      By:

    /s/ Glenn W. Welling

        Name: Glenn W. Welling
        Title: Founder and Chief Investment Officer

     

     

      Engaged Capital, LLC
       
      By:

    /s/ Glenn W. Welling

        Name: Glenn W. Welling
        Title: Founder and Chief Investment Officer

     

     

      Engaged Capital Holdings, LLC
       
      By:

    /s/ Glenn W. Welling

        Name: Glenn W. Welling
        Title: Sole Member

     

     

     

    /s/ Glenn W. Welling

      Glenn W. Welling

    11

    CUSIP No. 73642K106

    SCHEDULE A

    Transactions in Securities of the Issuer During the Past 60 Days

    Nature of the Transaction

    Securities

    Purchased/(Sold)

    Price Per

    Security($)

    Date of

    Purchase/Sale

     

    ENGAGED CAPITAL FLAGSHIP MASTER FUND, LP

     

    Purchase of Class A Common Stock 265,000 9.8166 08/07/2024
    Purchase of Class A Common Stock 300,659 10.2233 08/08/2024
    Purchase of Class A Common Stock 300,000 10.5616 08/09/2024
    Purchase of Class A Common Stock 308,000 10.8311 08/12/2024
    Purchase of Class A Common Stock 288,750 11.0044 08/13/2024
    Purchase of Class A Common Stock 198,512 10.9424 08/14/2024
    Purchase of Cash-Settled Total Return Swap 903,452 11.7658 08/15/2024

     

    ENGAGED CAPITAL CO-INVEST XVII, LP

     

    Purchase of Class A Common Stock 128,854 10.2233 08/08/2024
    Purchase of Class A Common Stock 300,000 10.5616 08/09/2024
    Purchase of Class A Common Stock 492,000 10.8311 08/12/2024
    Purchase of Class A Common Stock 461,250 11.0044 08/13/2024
    Purchase of Class A Common Stock 311,488 10.9424 08/14/2024

     

    Get the next $PTLO alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $PTLO

    DatePrice TargetRatingAnalyst
    4/7/2025$12.00Outperform → Neutral
    Robert W. Baird
    1/27/2025$13.00 → $16.00Hold → Buy
    Stifel
    11/6/2024$13.00Buy → Hold
    Stifel
    10/7/2024$13.00Overweight → Equal-Weight
    Stephens
    4/12/2024$20.00Overweight
    Stephens
    11/10/2023$20.00Overweight
    Stephens
    10/11/2023$26.00 → $19.00Overweight → Equal-Weight
    Morgan Stanley
    7/17/2023$27.00 → $28.00Overweight
    Morgan Stanley
    More analyst ratings

    $PTLO
    Leadership Updates

    Live Leadership Updates

    See more
    • Portillo's Unveils First-Ever Loyalty Program: Direct to Digital Wallets, No App Required

      CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) -- Portillo's, the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the launch of Portillo's Perks, an app-less loyalty program that rewards guests for their love of Portillo's. Portillo's Perks reimagines the traditional loyalty program by offering a fully digital experience that adapts to guest behaviors. Unlike standard point-based apps, Portillo's Perks lives in guests' digital wallets and delivers personalized rewards based on visit frequency and ordering habits. Guests simply check in with their digital Perks card during visits to collect engaging badges and earn targeted rewards—from a welcome off

      3/3/25 9:00:00 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's Adds Industry Veteran Jack Hartung to Board of Directors

      CHICAGO, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Portillo's (NASDAQ:PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the appointment of Jack Hartung, President and Chief Strategy Officer at Chipotle, to Portillo's Board of Directors, effective immediately. "Jack Hartung has been a pioneer of the fast casual restaurant sector and an architect behind one of its greatest success stories. His experience driving operating excellence and developing restaurants with best-in-class cash-on-cash returns with Chipotle will be invaluable to Portillo's as we accelerate our growth in new markets across the country," said Mike Miles, Portillo's Chair

      1/10/25 8:00:00 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's Appoints Tony Darden as Chief Operating Officer

      Restaurant industry veteran brings three decades of operational expertise to support Portillo's national growth CHICAGO, Dec. 2, 2024 /PRNewswire/ -- Portillo's (NASDAQ:PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced the appointment of Tony Darden as Chief Operating Officer (COO). A seasoned industry leader with more than 30 years of experience with multi-unit restaurant concepts, Mr. Darden will play a pivotal role in enhancing operations as Portillo's accelerates its strategic nationwide expansion. He will begin work with the brand on December 9, 2024.

      12/2/24 4:05:00 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary

    $PTLO
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by Portillo's Inc.

      SC 13G/A - Portillo's Inc. (0001871509) (Subject)

      11/14/24 1:29:35 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Amendment: SEC Form SC 13G/A filed by Portillo's Inc.

      SC 13G/A - Portillo's Inc. (0001871509) (Subject)

      11/13/24 4:34:27 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • SEC Form SC 13D filed by Portillo's Inc.

      SC 13D - Portillo's Inc. (0001871509) (Subject)

      8/15/24 6:39:22 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary

    $PTLO
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Portillo's Inc. Announces First Quarter Financial Results

      CHICAGO, May 06, 2025 (GLOBE NEWSWIRE) -- Portillo's Inc. ("Portillo's" or the "Company") (NASDAQ:PTLO), the restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 30, 2025. Financial Highlights for the First Quarter 2025 vs. First Quarter 2024: Total revenue increased 6.4% or $10.6 million to $176.4 million;Same-restaurant sales increased 1.8%;Operating income increased $0.3 million to $10.4 million;Net income decreased $1.4 million to $4.0 million;Restaurant-Level Adjusted EBITDA(1) increased $0.3 million to $36.7 million; andAdjusted EBITDA(1) decreased $0.6 millio

      5/6/25 8:00:00 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's Celebrates Italian Beef Day Throughout May with Free Sandwiches, Citywide Surprises and a Meaty Makeover with the Chicago Transit Authority

      CHICAGO, May 01, 2025 (GLOBE NEWSWIRE) -- This May, Portillo's – the famed and fast-growing purveyor of unrivaled Chicago-style street food – is celebrating its most iconic sandwich, the Italian Beef, in a big way. In honor of Italian Beef Day (May 24), Portillo's will give the holiday the star treatment with a month-long celebration featuring exclusive offers, citywide stunts, and much more – giving fans nationwide a meaty myriad of ways to savor its beloved Italian Beef sandwich. "Italian Beef Day has always been special, but this year, we're taking it to the next level for the month of May," said Vallory McCormack, Director of Marketing at Portillo's. "We've got a BOGO deal on our sign

      5/1/25 7:30:00 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's Announces Plan to Further Strengthen Board Through Cooperation Agreement with Engaged Capital

      CHICAGO, April 28, 2025 (GLOBE NEWSWIRE) -- Portillo's Inc. ("Portillo's" or the "Company") (NASDAQ:PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced that it has entered into a cooperation agreement with Engaged Capital, LLC ("Engaged Capital"). As part of the cooperation agreement, Portillo's and Engaged Capital will cooperate to identify a new director with recent and relevant restaurant operating experience to be appointed to the Portillo's Board of Directors. "We are pleased to have reached this agreement with Engaged Capital," said Michael A. Miles, Jr., Portillo's Chair of the Board. "The Board is committed to overseeing decisiv

      4/28/25 4:21:28 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary

    $PTLO
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more

    $PTLO
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more

    $PTLO
    SEC Filings

    See more

    $PTLO
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Portillo's downgraded by Robert W. Baird with a new price target

      Robert W. Baird downgraded Portillo's from Outperform to Neutral and set a new price target of $12.00

      4/7/25 11:57:25 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's upgraded by Stifel with a new price target

      Stifel upgraded Portillo's from Hold to Buy and set a new price target of $16.00 from $13.00 previously

      1/27/25 7:48:02 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's downgraded by Stifel with a new price target

      Stifel downgraded Portillo's from Buy to Hold and set a new price target of $13.00

      11/6/24 6:20:46 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Chief Development Officer Ellis Michael K covered exercise/tax liability with 1,529 shares, decreasing direct ownership by 3% to 49,087 units (SEC Form 4)

      4 - Portillo's Inc. (0001871509) (Issuer)

      5/5/25 5:15:26 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • CFO & Treasurer Hook Michelle Greig covered exercise/tax liability with 6,085 shares, decreasing direct ownership by 4% to 131,783 units (SEC Form 4)

      4 - Portillo's Inc. (0001871509) (Issuer)

      5/5/25 5:15:16 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • General Counsel and Secretary Kaiser Kelly M covered exercise/tax liability with 1,840 shares, decreasing direct ownership by 4% to 40,076 units (SEC Form 4)

      4 - Portillo's Inc. (0001871509) (Issuer)

      5/5/25 5:15:06 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • SEC Form 10-Q filed by Portillo's Inc.

      10-Q - Portillo's Inc. (0001871509) (Filer)

      5/6/25 8:05:01 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Portillo's Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Portillo's Inc. (0001871509) (Filer)

      5/6/25 8:03:46 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • SEC Form DEFA14A filed by Portillo's Inc.

      DEFA14A - Portillo's Inc. (0001871509) (Filer)

      5/1/25 4:40:35 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Director Hartung Jack bought $929,450 worth of shares (72,500 units at $12.82) (SEC Form 4)

      4 - Portillo's Inc. (0001871509) (Issuer)

      3/14/25 4:28:08 PM ET
      $PTLO
      Restaurants
      Consumer Discretionary

    $PTLO
    Financials

    Live finance-specific insights

    See more
    • Portillo's Inc. Announces First Quarter Financial Results

      CHICAGO, May 06, 2025 (GLOBE NEWSWIRE) -- Portillo's Inc. ("Portillo's" or the "Company") (NASDAQ:PTLO), the restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 30, 2025. Financial Highlights for the First Quarter 2025 vs. First Quarter 2024: Total revenue increased 6.4% or $10.6 million to $176.4 million;Same-restaurant sales increased 1.8%;Operating income increased $0.3 million to $10.4 million;Net income decreased $1.4 million to $4.0 million;Restaurant-Level Adjusted EBITDA(1) increased $0.3 million to $36.7 million; andAdjusted EBITDA(1) decreased $0.6 millio

      5/6/25 8:00:00 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary
    • Engaged Capital Nominates Two Highly Qualified, Independent Candidates for Election to Portillo's Board of Directors

      Nominates Charlie Morrison, Who Delivered Total Shareholder Returns of ~760% During His Tenure as CEO of Wingstop, and Nicole Portwood, an Experienced Marketing Executive and Former CMO of Tito's Handmade Vodka, to Company's Board Nominees Possess Necessary Restaurant Operations and Marketing Experience to Drive Greater Urgency on Enhancing Company Performance Engaged Capital, LLC (together with certain of its affiliates, "Engaged" or "we"), which beneficially owns approximately 8.6% of the outstanding Class A common stock of Portillo's Inc. (NASDAQ:PTLO) ("Portillo's" or the "Company"), today announced that it has nominated two highly qualified, independent candidates for election to t

      3/3/25 9:00:00 AM ET
      $LYV
      $PEP
      $PTLO
      $RAVE
      Services-Misc. Amusement & Recreation
      Consumer Discretionary
      Beverages (Production/Distribution)
      Consumer Staples
    • Portillo's Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

      CHICAGO, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Portillo's Inc. ("Portillo's" or the "Company") (NASDAQ:PTLO), the restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the fourth quarter and fiscal year ended December 29, 2024. "We ended the year with solid momentum, supported by key initiatives that will drive our long-term growth," said Michael Osanloo, President and Chief Executive Officer of Portillo's. "As we head into 2025, we're focused on accelerating traffic, enhancing operational excellence, and expanding our geographic footprint to deliver value to our team members, guests and shareholders." Finan

      2/25/25 8:00:00 AM ET
      $PTLO
      Restaurants
      Consumer Discretionary