Chipotle Mexican Grill easily tops earnings estimates, as price hikes help offset higher food prices

The burrito chain recently raised prices for the first time in over a year, citing inflation.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:The burrito chain reported third-quarter net income of $313.2 million, or $11.32 per share, up from $257.1 million, or $9.20 per share, a year earlier. Excluding corporate restructuring costs, Chipotle earned $11.36 per share.

Beef and queso costs rose this quarter, largely offsetting last year's menu price hikes. Earlier this month, Chipotle raised menu prices for the first time in more than a year, citing inflation.The company had paused its aggressive price hikes earlier this year as consumers pulled back their restaurant spending. Still, CEO Brian Niccol has maintained that Chipotle has pricing power and more room to run.

Net sales climbed 11.3% to $2.47 billion. Same-store sales rose 5%, beating StreetAccount estimates of 4.6%. The company credited higher transactions and menu prices for the quarter's same-store sales growth. Chipotle opened 62 new restaurants during the quarter. All but eight of those locations featured a"Chipotlane," a drive-thru lane reserved for picking up digital orders.Beef prices are at record highs — how much pricier will your steak get?David Dombrowski

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mesquite Fresh Mexican Grill raising money to support those with breast cancerA Valley grandfather never earned his high school diploma when he was younger. Now at 79, he's showing us it's never too late to get an education.
Source: 12News - 🏆 586. / 51 Read more »

Chipotle Mexican Grill is about to report earnings. Here's what to expectThe burrito chain Chipotle recently raised prices for the first time in over a year, citing inflation.
Source: nbcsandiego - 🏆 524. / 51 Read more »

Chipotle Mexican Grill is about to report earnings. Here's what to expectThe burrito chain Chipotle recently raised prices for the first time in over a year, citing inflation.
Source: CNBC - 🏆 12. / 72 Read more »

Chipotle earnings: What to expectChipotle reports third-quarter results amid concerns about consumer spending
Source: MarketWatch - 🏆 3. / 97 Read more »

Lewiston, Maine mass shooting: Schemengees Bar and Grill says ‘heart is crushed,’ ‘great people’ lostThe restaurant targeted in a mass shooting last night in Lewiston, Maine, has posted a message to Facebook saying that its 'heart is crushed.'
Source: FoxNews - 🏆 9. / 87 Read more »

J Balvin 'Proud' of Britney Spears for Telling Her Story in Her MemoirThe superstar also addressed his rumored beef with Bad Bunny.
Source: billboard - 🏆 112. / 63 Read more »