I would add that restaurant level customer ratings suggest that the Florida and Arizona stores are just as loved as the Chicago ones. Ratings are a bit lower for the Texas ones those.
Visited Orlando store Sunday afternoon, it was not very busy with a cross section of various demographic groups. Store was clean, people seemed happy and food was good. A store staffer told me restaurant usually has 25-minute waits starting at 4pm till late and does $50K/night. He lamented the computerized ordering kiosks, preferred by younger folks, at the front, which he said were installed about a 1.5-years ago and let me know that I can have human interaction at one end of the restaurant if that was my choice. The inside had a cool diner feel. Hopefully the former Miller alehouse CEO is a great performer and we will see results. This felt like a lower price pointpoint, more casual, Cheesecake Factory type of experience. I hope to visit at least one more PTLO during my winter sojourn here escaping the cold of the 416. Kudos to its loyalty membership focus which was evident on the ordering kiosks and every tabie inducing enrolment participation in return for an order of fries.
Hello Brett, Can you please do a discussion regarding the LLC B Shares for Portillo’s. I have been watching the B Share reduction which is found in Note 12 of the annual report. None of the institutional analysts ask about it on the conference calls but Michelle Hook did say in the last call that it was down to 5.2% from the 60% at the IOP. My question is how is Portillo’s reducing this Class B Share ownership. I don’t think it is all done with A share replacement there have not been enough A shares created to replace 60% of the company. Is Portillo’s making cash payments to Class B holders for their shares or is it 100% dilution of the A shares? And if Portillo's is paying cash will this help the cash flow statement once the B Shares are eliminated? The two main points holding PTLO back are comp sales and cashflow. Is there a future positive cashflow position once the B Share are eliminated? Just trying to understand this strange B share process.
I would add that restaurant level customer ratings suggest that the Florida and Arizona stores are just as loved as the Chicago ones. Ratings are a bit lower for the Texas ones those.
Great point. Are you looking at Google Reviews?
Visited Orlando store Sunday afternoon, it was not very busy with a cross section of various demographic groups. Store was clean, people seemed happy and food was good. A store staffer told me restaurant usually has 25-minute waits starting at 4pm till late and does $50K/night. He lamented the computerized ordering kiosks, preferred by younger folks, at the front, which he said were installed about a 1.5-years ago and let me know that I can have human interaction at one end of the restaurant if that was my choice. The inside had a cool diner feel. Hopefully the former Miller alehouse CEO is a great performer and we will see results. This felt like a lower price pointpoint, more casual, Cheesecake Factory type of experience. I hope to visit at least one more PTLO during my winter sojourn here escaping the cold of the 416. Kudos to its loyalty membership focus which was evident on the ordering kiosks and every tabie inducing enrolment participation in return for an order of fries.
I used google reviews yes. Was just easiest
Hello Brett, Can you please do a discussion regarding the LLC B Shares for Portillo’s. I have been watching the B Share reduction which is found in Note 12 of the annual report. None of the institutional analysts ask about it on the conference calls but Michelle Hook did say in the last call that it was down to 5.2% from the 60% at the IOP. My question is how is Portillo’s reducing this Class B Share ownership. I don’t think it is all done with A share replacement there have not been enough A shares created to replace 60% of the company. Is Portillo’s making cash payments to Class B holders for their shares or is it 100% dilution of the A shares? And if Portillo's is paying cash will this help the cash flow statement once the B Shares are eliminated? The two main points holding PTLO back are comp sales and cashflow. Is there a future positive cashflow position once the B Share are eliminated? Just trying to understand this strange B share process.
Good update, thanks Brett.
Nice summary, thanks.