Do you think (now prior) management was running unit count a bit too hot? With all the brand loyalists, it seems they could/should run this down the fairway a bit more with ~half the unit count growth + solid FCF.
Activist + pending CEO change are perhaps the most interesting part of this (for me).
I think the real problem was a year without the CMO. Old CMO got poached to be tge CEO of Giordano's pizza in November 2024. The 2023 Dallas Portillo's did $17 million of revenue. Maybe it was launched a little too hard. The 2024 Texas locations did $4 million of revenue. For me the only explanation is no CMO to do the grand openings. Every other mistake was probably forgivable, but not having solid grand openings makes the expansion look bad. I can't think of another reason why volumes for new Texas stores fell from 17 million to 4 million
I’m going to Dallas in a couple weeks just to see those PTLO locations in person! I’m going to try to hit several of them in a day and see what they’re like, and of course eat as much as possible
I am outrageously bullish PTLO
Do you think (now prior) management was running unit count a bit too hot? With all the brand loyalists, it seems they could/should run this down the fairway a bit more with ~half the unit count growth + solid FCF.
Activist + pending CEO change are perhaps the most interesting part of this (for me).
I think the real problem was a year without the CMO. Old CMO got poached to be tge CEO of Giordano's pizza in November 2024. The 2023 Dallas Portillo's did $17 million of revenue. Maybe it was launched a little too hard. The 2024 Texas locations did $4 million of revenue. For me the only explanation is no CMO to do the grand openings. Every other mistake was probably forgivable, but not having solid grand openings makes the expansion look bad. I can't think of another reason why volumes for new Texas stores fell from 17 million to 4 million
I’m going to Dallas in a couple weeks just to see those PTLO locations in person! I’m going to try to hit several of them in a day and see what they’re like, and of course eat as much as possible
Let us know how it goes! I have investigated the Tampa location. Hot Italian Beef is delicious
Will do! Italian Beef is my first priority!
My hats off to this level of shareholder dedication - now it gets me interested, where shall I start (who has the best/comprehensive writeup)?