A person wearing a protective mask and gloves leaves a Chipotle restaurant in San Francisco, California on April 19, 2021.
David Paul Morris | Bloomberg | Getty Images
Chipotle Mexican Grill reported quarterly sales in excess of pre-pandemic levels as customers returned to its restaurants for dinner on Tuesday.
The company also released a third quarter revenue forecast.
Shares rose nearly 5% in extended trading.
Here’s what the company said, relative to Wall Street expectations, based on an analyst survey by Refinitiv:
- Earnings per share: $ 7.46 adjusted versus $ 6.52 expected
- Revenue: $ 1.89 billion versus an expected $ 1.88 billion
Chipotle reported net income of $ 188 million, or $ 6.60 per share, for the second quarter, compared to $ 8.2 million, or 29 cents per share, last year. Food and beverage costs were down almost 3% year over year due to menu price increases and lower beef prices.
With no disruption to restaurant facilities, shutdown costs, and other items, the burrito chain earned $ 7.46 per share, beating the $ 6.52 per share analysts surveyed by Refinitiv had expected.
Net sales rose 38.7 percent to $ 1.89 billion, beating expectations of $ 1.88 billion. Sales in the same store increased by 31.2%. A year ago, the company’s sales in the same store fell more than 9% after the lockdown hurt demand.
After online orders skyrocketed last year, Chipotle saw slow growth for this part of its business. Digital sales grew 10.5%, accounting for 48.5% of the company’s quarterly sales. In the first quarter, Chipotle’s online orders overtook in-person sales for the first time.
Chipotle opened 56 new locations and closed five restaurants in the quarter.
Looking to the third quarter, assuming current trends continue, the company forecasts low to mid double-digit sales growth in the same business. In the third quarter of 2020, sales in the same store rose 8.3%.
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