Portillo’s Hikes Menu Prices on Surging Labor, Commodity Costs
(Bloomberg) -- Portillo’s Inc. raised menu prices by about 3% in its current quarter as higher wage and commodity costs weigh on results.
The hot-dog chain says it doesn’t see inflation abating anytime soon, and that more price hikes may be in store next year. At the same time, the dine-in business continues to be pressured by Covid-19 and mask mandates.
See also: Portillo’s falls as debut results after October IPO disappoint
“I don’t think we see an end in sight in terms of commodity inflation,” Chief Financial Officer Michelle Hook said during a conference call Thursday. She said the company “will continue to evaluate” more price increases into 2022.
Portillo’s, based in Oak Brook, Illinois, went public earlier this year.
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