Portillo's reports strong 3rd Quarter financials
Portillo's reports strong 3rd Quarter financials
Oak Brook-based Portillo's Inc., the fast-casual restaurant concept known for its menu of Chicago-style favorites, on Thursday reported financial results for the third quarter that ended Sept. 24, 2023.
"We delivered another quarter of profitable growth, highlighting the strength of our brand," said Michael Osanloo, president and chief executive officer of Portillo's. "Our new restaurants continue to perform well, and we're delivering solid results. With our consistent restaurant operations and ongoing execution of a disciplined development strategy, we feel great about our future."
Highlights for Third Quarter 2023 vs. Third Quarter 2022:
•Total revenue increased 10.4% or $15.7 million to $166.8 million;
•Same restaurant sales increased 3.9%;
•Operating income increased $4.5 million to $15.1 million;
•Net income increased $3.3 million to $6.5 million;
•Restaurant-Level Adjusted EBITDA* increased $7.8 million to $41.9 million;
•Adjusted EBITDA* increased $5.7 million to $27.3 million.
*Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures.
CD Peacock to sell certified pre-owned Rolex watches
Chicago-based CD Peacock is launching the Rolex Certified Pre-Owned program, providing new and existing clients the opportunity to buy official pre-owned Rolex watches.
The Rolex Certified Pre-Owned program vouches for the authenticity of secondhand Rolex watches at their time of sale in-store and online.
CD Peacock locations will display the Rolex Certified Pre-Owned plaque and provide a two-year international guarantee, assuring the watches they provide uphold the quality criteria inherent to all Rolex products.
"CD Peacock is proud to be among the early group of authorized retailers entrusted to participate in the Rolex Certified Pre-Owned program," said Steven Holtzman, company vice chairman. "We are privileged to offer our clients new and pre-owned Rolex watches and to continue perpetuating the Rolex experience."
"With the introduction of a manufacturer-certified pre-owned program - available only through Official Rolex Jewelers - Rolex has enhanced the way in which clients acquire Rolex timepieces while upholding the standards for which Rolex is renowned," he added.
The Rolex Certified Pre-Owned seal and two-year international guarantee card, both delivered at the time of the sale, guarantee its proper functioning. This card bears the words "Certified Pre-Owned" as an official certificate of authenticity.
Lee & Associates sells office building near Woodfield Mall
Lee & Associates, one of the largest national commercial real estate providers, sold a 106,380-square-foot, five-story office building at 930 National Parkway in Schaumburg for $3.52 million.
The class A office property is located adjacent to Woodfield Mall and originally was built in 1989 for Cellular One and later occupied by Cingular and AT&T.
Tony Russo, senior vice president, and Ryan Freed, vice president of Lee & Associates represented the seller, Somoha, LLC. The buyer, National India Hub Foundation (a national Indian-American organization focused on local community outreach and volunteering), was self-represented.
National India Hub Foundation is planning to convert the property to a multipurpose community center to help unite and celebrate its culture. The facility will include a charity clinic, conference rooms, indoor sports center, auditorium, donation center, event space and other amenities.
"In today's unprecedented commercial office market, out-of-the-box thinking is required to re-purpose some of the existing office buildings," Russo said. "National India HUB Foundation is a perfect example of this strategy. Bringing unique tenants to traditional office spaces will also help the overall office market to recover from all-time high vacancy rates."