Portillo’s, the iconic restaurant chain known for Chicago-style hot dogs and Italian beef sandwiches, on Tuesday said economic headwinds dampened business last year but hoped a new strategy and CEO would change its outlook."Portillo's took a number of steps in the fourth quarter to change the traj ectory of the business by implementing a reset of our new restaurant growth strategy," Mike Miles, chairman of the board and interim CEO, said in a news release. "We are encouraged by the early results of these initiatives and look forward to further improvement in 2026 under the leadership of new CEO Brett Patterson.”Patterson started his role as CEO and president on Monday, succeeding former CEO Michael Osanloo, who resigned last year amid flagging business. Patterson was previously CEO of Miller’s Ale House. Related Portillo’s names Brett Patterson as CEO Oak Brook-based Portillo’s reiterated it will slow down new restaurant openings nationwide, after announcing strategic changes last fall.Portillo’s has a strong and loyal following in the Chicago area and Illinois. But it’s still trying to “crack the code” outside of its home market with people unfamiliar with the brand, Miles said during its Tuesday earnings call.The company underscored smaller-format new restaurants to help lower costs. In fiscal year 2025, food, beverage and packaging costs rose 4.1% due to inflation, including higher commodity prices for beef and pork.Revenue for fiscal year 2025, ended Dec. 28, rose 3% year-over-year to $732.1 million, due primarily to recent restaurant openings. But same-restaurant sales, or those open for at least 24 months, fell 0.5%. Net income was $21.1 million, compared to more than $35 million in 2024.In fourth quarter 2025, revenue was $185.7 million, compared to $184.6 million the previous year. Net income fell more than 49% to nearly $6.3 million, compared to $12.4 million in fourth quarter 2024.Dick Portillo founded Portillo’s in 1963 in Villa Park. It has since grown from a small hot dog trailer to more than 100 restaurants across 11 states. Last year, the company launched eight restaurants in Texas, Georgia, Florida, Arizona and Plainfield. ...read more read less