Why Portillo's Stock Was Sizzling Hot Tuesday Morning
The fast-casual chain announced results that weren't as bad as some investors feared.
Shares of Portillo's (NASDAQ: PTLO) charged out of the gate Tuesday morning, jumping as much as 12.7%. As of 11:32 a.m. ET, the stock was still up 9.6%.
The catalyst that sent the fast-casual restaurant stock higher was the company's financial results, which were better than expected.
For the fourth quarter, Portillo's generated revenue of $184.6 million. While that represented a year-over-year decrease of 1.7%, it wasn't an apples-to-apples comparison. Because of the way the calendar fell, the prior-year quarter had 14 weeks, compared to 13 weeks in the just-reported Q4.
