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Tuesday, Nov. 4, 2025, at 10 a.m. ET
Interim Chief Executive Officer — Mike Miles
Chief Financial Officer — Michelle Hook
Need a quote from a Motley Fool analyst? Email pr@fool.com
Mike Miles: Although I’ve had the opportunity to meet many of you over the years at different venues, this is my first time speaking with you as Interim CEO of Portillo’s. I was also in this role back in 2014-2015 after our founder Dick Portillo retired, so it’s not my first time. And as most of you know, I have been chairman of the board for the past ten years. I’ve been back in the seat for a little over a month, and everything I have seen only reinforces my confidence that Portillo’s has a long runway for growth ahead.
Each time we enter a new market,…
Image source: The Motley Fool.
Tuesday, Nov. 4, 2025, at 10 a.m. ET
Interim Chief Executive Officer — Mike Miles
Chief Financial Officer — Michelle Hook
Need a quote from a Motley Fool analyst? Email pr@fool.com
Mike Miles: Although I’ve had the opportunity to meet many of you over the years at different venues, this is my first time speaking with you as Interim CEO of Portillo’s. I was also in this role back in 2014-2015 after our founder Dick Portillo retired, so it’s not my first time. And as most of you know, I have been chairman of the board for the past ten years. I’ve been back in the seat for a little over a month, and everything I have seen only reinforces my confidence that Portillo’s has a long runway for growth ahead.
Each time we enter a new market, our first restaurant is overrun with passionate fans who have been waiting for years for Portillo’s to come to town. And the first restaurants opened outside Chicago in California and Arizona have matured well over the years. We’ll do over $10 million in our Buena Park location this year. I’m also impressed with the capability of the company today compared to ten years ago, from the talent and training we have in our restaurants, to the energy and commitment at the restaurant support center, to the experience and perspective we have on the board of directors.
Although I’ve had the privilege of seeing all that develop gradually from the Board level over the past decade, it’s that much more pronounced being back in the RSE in Oak Brook every day after a ten-year gap. What hasn’t changed is the Portillo’s experience. Our unique craveable menu, outstanding value, genuine hospitality, and lines that move quickly. Those were the ingredients for the success of Portillo’s a decade ago, and they are the foundation of our success today. And the reason that our 98 restaurants average $8.6 million in annual sales and contributed $163 million of restaurant-level EBITDA over the last twelve months.
Although we have a leadership transition at Portillo’s, our first priority remains with our customers and restaurant-level teams. Our operators have rededicated themselves to CUSAC, our timeless focus on quality, service, attitude, and cleanliness. And we approach every guest visit with a commitment to make their day. As you know, in the third quarter, Portillo’s announced a strategic reset. Slowing development in 2025 and 2026, and refocusing our operations on delivering an outstanding guest experience.