Pedestrians carrying protecting masks stroll in entrance of a Chipotle restaurant in San Francisco, California, April 19, 2021.
David Paul Morris | Bloomberg | Getty Photos
Chipotle Mexican Grill on Tuesday reported quarterly earnings and income that topped analysts’ expectations, fueled by higher than anticipated same-store gross sales progress.
Here is what the corporate reported in contrast with what Wall Road was anticipating, primarily based on a survey of analysts by Refinitiv:
Earnings per share: $10.50 vs. $8.92 expectedRevenue: $2.37 billion vs. $2.34 billion anticipated
Chipotle reported first-quarter internet earnings of $291.6 million, or $10.50 per share, up from $158.3 million, or $5.59 per share, a 12 months earlier. The corporate’s menu value hikes and decrease avocado costs helped enhance revenue margins in contrast with the year-ago interval.
Internet gross sales climbed 17.2% to $2.37 billion. Similar-store gross sales rose 10.9%, topping StreetAccount estimates of 8.6%.
In February, executives stated that January’s same-store gross sales grew by double digits. A 12 months earlier, the corporate noticed sluggish gross sales because the omicron Covid outbreak put strain on staffing and brought about some momentary retailer closures.
Digital orders accounted for practically 40% of gross sales through the quarter. Chipotle prospects have been ordering their burritos and tacos extra in particular person in contrast with the year-ago interval.
The corporate opened 41 new areas through the quarter, 34 of which included its drive-thru lanes reserved for digital order pickup.
Trying to the remainder of the 12 months, Chipotle is anticipating same-store gross sales progress within the mid-to-high single digits. It is anticipating the identical vary for its second-quarter same-store gross sales progress, roughly consistent with StreetAccount estimates of 5.8%.
The corporate reiterated its plans to open between 255 to 285 new eating places throughout 2023.