Fast-casual stocks fall after Q1 revenue misses; PTLO, SHAK, WING lead declines

Fast-casual restaurant stocks weakened after first-quarter results showed the five tracked companies missed consensus revenue estimates by an average 1.1%, with shares down 18.7% on average since reporting. Portillo’s (NASDAQ:PTLO) posted revenue of $182.6 million, up 3.5% from a year earlier and in line with estimates, while beating EPS and same-store sales expectations. Its shares have fallen 28.3% since the report to $4.10. Chipotle (NYSE:CMG) reported revenue of $3.09 billion, up 7.4%, beating estimates by 0.5%; its stock is down 3% to $31.99. Shake Shack (NYSE:SHAK) revenue rose 14.3% to $366.7 million but missed estimates by 1.4%, with EBITDA and EPS below expectations. Shares are down 32.9% to $64.75. Wingstop (NASDAQ:WING) revenue rose 7.4% to $183.7 million, missing estimates by 2.4%, while Sweetgreen (NYSE:SG) revenue fell 2.9% to $161.5 million and missed by 1.6%.