NEW YORK: Chipotle Mexican Grill on Wednesday posted an 18.6 per cent drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses.
Shares of the company, one of the best performers in the restaurant sector following a 60 per cent rise this year, were down about 4 per cent after the closing bell.The burrito chain reported a three-fold jump in online sales, as consumers stuck at home ordered more healthy meals and salads, although it came at a higher cost for the company.
Net income fell to US$80.2 million, or US$2.82 per share, for the third quarter from US$98.6 million or US$3.47 per share, a year earlier. Comparable sales rose 8.3 per cent, compared with Wall Street expectations of 7.59 per cent rise, according to IBES data from Refinitiv.
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