Chipotle Mexican Grill earnings beat estimates as revenue climbs 17%

Chipotle Mexican Grill earnings beat estimates as revenue climbs 17%


Pedestrians wearing protective masks walk in front of a Chipotle restaurant in San Francisco, California, April 19, 2021.

David Paul Morris | Bloomberg | Getty Images

Chipotle Mexican Grill on Tuesday reported quarterly earnings and revenue that topped analysts’ expectations, fueled by better than expected same-store sales growth.

Shares of the company rose more than 3% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $10.50 vs. $8.92 expected
  • Revenue: $2.37 billion vs. $2.34 billion expected

Chipotle reported first-quarter net income of $291.6 million, or $10.50 per share, up from $158.3 million, or $5.59 per share, a year earlier. The company’s menu price hikes and lower avocado prices helped improve profit margins compared with the year-ago period.

Net sales climbed 17.2% to $2.37 billion. Same-store sales rose 10.9%, topping StreetAccount estimates of 8.6%.  

In February, executives said that January’s same-store sales grew by double digits. A year earlier, the company saw sluggish sales as the omicron Covid outbreak put pressure on staffing and caused some temporary store closures.

Digital orders accounted for nearly 40% of sales during the quarter. Chipotle customers have been ordering their burritos and tacos more in person compared with the year-ago period.

The company opened 41 new locations during the quarter, 34 of which included its drive-thru lanes reserved for digital order pickup.

Looking to the rest of the year, Chipotle is anticipating same-store sales growth in the mid-to-high single digits. It’s expecting the same range for its second-quarter same-store sales growth, roughly in line with StreetAccount estimates of 5.8%.

The company reiterated its plans to open between 255 to 285 new restaurants during 2023.



Source

High Noon recalls some 12-packs, saying they may contain Celsius energy drink cans filled with vodka seltzer
Business

High Noon recalls some 12-packs, saying they may contain Celsius energy drink cans filled with vodka seltzer

High Noon vodka seltzer and Celsius energy drinks. Kevin Carter | David Paul Morris | Bloomberg | Getty Images High Noon has issued a nationwide recall of one of its popular vodka seltzer drinks, saying some packages may contain Celsius energy drink cans filled with the alcoholic beverage. The cans, labeled as Celsius Astro Vibe […]

Read More
Apartment rents drop in July as vacancies move to multiyear high
Business

Apartment rents drop in July as vacancies move to multiyear high

A sign on the side of a building in Hell’s Kitchen, New York City, advertising an apartment is available for rent through a real estate broker.  Deb Cohn-Orbach | UCG | Universal Images Group | Getty Images The massive surge of new apartment supply in the last few years is still being absorbed, and that […]

Read More
Ford Motor is set to report earnings after the bell. Here’s what Wall Street expects
Business

Ford Motor is set to report earnings after the bell. Here’s what Wall Street expects

The Ford display is seen at the New York International Auto Show on April 16, 2025. Danielle DeVries | CNBC Ford Motor is set to report its second-quarter earnings after the markets close Wednesday as investors watch for any changes to its full-year guidance, which the automaker suspended in May due to President Donald Trump’s […]

Read More