Portillo's

Operations

Portillo’s dining room-less restaurant is a big hit

The fast-casual Italian beef and hot dog chain’s CEO said the newest prototype just might be “something very, very special.”

Financing

How Portillo’s is handling life as a public company

A Deeper Dive: Michael Osanloo, CEO of the hot dog and Italian beef chain, joins the podcast to discuss labor, the chain’s drive-thru-only plans and keeping the focus on the long term.

The first Portillo’s Pick Up location, with a triple drive-thru, is slated to open Feb. 1 in Joliet, at a time in which the newly public fast casual is looking for ways to trim its labor usage and its geographic footprint.

Known for its big, bustling on-premise seating, the newly public Italian beef brand said changing consumer demand is forcing it to consider new store designs.

The fast-casual chain’s margins dropped more than four percentage points over last year due to higher labor and commodity costs. But the company said its new restaurants are far exceeding expectations.

The 67-unit fast casual, known for its Italian Beef sandwiches, ended its first day on the market with its share price at $29.10, up 45.5% from its starting price. It raised more than $405 million from the IPO.

The 67-unit fast casual, with a menu of regional Chicago fare like hot dogs and Italian Beef sandwiches, will offer more than 20 million shares for sale starting Thursday.

The fast casual revealed Tuesday it intends to sell more than 20 million shares at between $17 and $20 each when it goes public October 21.

In its IPO filing, the 67-unit fast casual known for hot dogs and Italian beef sandwiches, said it was “well-positioned for global growth.”

But it also lost more than half of its dine-in sales. Its numbers are a microcosm of the fast-food business that likely is different for good, says RB’s The Bottom Line.

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