Management ChangeMay 5, 2026, 08:08 AM
Portillo's CFO Michelle Hook Departs; Q1 Net Loss $0.5M
AI Summary
Michelle Hook, Chief Financial Officer of Portillo's, announced her departure effective May 5, 2026, with the company initiating a search for her successor. This news accompanies the release of Q1 2026 financial results, which reported a net loss of $0.5 million, a significant decrease from a net income of $4.0 million in the prior year. Despite a 3.5% increase in total revenue to $182.6 million, operating income fell by 56.7% to $4.5 million, and same-restaurant sales decreased by 0.1%.
Key Highlights
- Michelle Hook, Chief Financial Officer, departed Portillo's effective May 5, 2026.
- Portillo's reported a Q1 2026 net loss of $0.5 million, down from $4.0 million net income in Q1 2025.
- Total revenue for Q1 2026 increased 3.5% to $182.6 million.
- Operating income for Q1 2026 decreased 56.7% to $4.5 million.
- Same-restaurant sales for Q1 2026 decreased 0.1%.
- Restaurant-Level Adjusted EBITDA decreased 4.9% to $34.8 million in Q1 2026.
- The company opened 4 new restaurants in Q1 2026 and targets 8 new units for fiscal 2026.
- Fiscal 2026 Adjusted EBITDA outlook is flat compared to 2025.