Chipotle earnings boosted by brisket, online sales and returning customers

Chipotle is seeing momentum in online sales, which grew 8.6% to $840 million, accounting for 42.8% of revenue.

10/22/2021 2:00:00 AM

Chipotle is seeing momentum in online sales, which grew 8.6% to $840 million, accounting for 42.8% of revenue.

Chipotle Mexican Grill Inc. said Thursday that continued strong online sales, customers returning to its restaurants and the success of new menu items like...

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.

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Analysts surveyed by FactSet had forecast earnings of $6.32 a share on revenue of $1.94 billion.Newport Beach, Calif.-based Chipotle CMG, +1.14% said its same-store sales increased 15.1%, beating analysts’ expectations of 14%.The company is seeing momentum in online sales, which grew 8.6% to $840 million, accounting for 42.8% of revenue. Chief Executive Brian Niccol said on the company’s earnings call that digital sales are up to nearly $2.7 billion so far this year, nearly catching up with $2.8 billion in online sales last year.

The company said that for the fourth quarter, it expects comparable restaurant sales growth in the low to mid double-digits, but warned about continuing uncertainty because of inflationary pressures and labor — like other industries, the food-service industry is struggling with not having enough workers. headtopics.com

“I wish all our restaurants were fully staffed, and I know we’re missing sales because not all of them are fully staffed,” Niccol said.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, but were in the red as of 6:20 p.m. ET.

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