Chipotle earnings boosted by brisket, online sales and returning customers

Binance
Chipotle earnings boosted by brisket, online sales and returning customers
Chipotle earnings boosted by brisket online sales and returning customers


Chipotle Mexican Grill Inc. said Thursday that continued strong online sales, customers returning to its restaurants and the success of new menu items like brisket contributed to a strong quarter that beat expectations. The fast-food restaurant chain reported third-quarter net income of $204.4 million, or $7.18 a share, compared with $80.2 million, or $2.82 a share, in the year-ago period. Adjusted for costs related to stock compensation, corporate restructuring, restaurant asset impairment and closures and more, earnings were $7.02 a share. Revenue rose to $1.95 billion from $1.6 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast earnings of $6.32 a share on revenue of $1.94 billion. Chipotle
CMG,
+1.14%
said its same-store sales increased 15.1%, beating analysts’ expectations of 14%. The Newport Beach, Calif.-based company also said its online sales grew 8.6%, accounting for 42.8% of sales. Chipotle shares climbed as much as 2% in after-hours trading Thursday, after rising 1.1% in the regular session to close at $1843.83.  Shares of Chipotle have risen 33% year to date and nearly 42% for the past 52 weeks. By comparison, the S&P 500 Index
SPX,
+0.30%
is up 21% so far this year and nearly 32% over the past year.



Source link

Be the first to comment

Leave a Reply

Your email address will not be published.


*