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(Reuters) – Chipotle Mexican Grill Inc. has surpassed Wall Street's forecast for quarterly comparable store sales, while the focus by the restaurant chain on cooler menus and on investments in orders and online delivery boosted customer transactions.
The burrito chain has stepped up its investments in online ordering and delivery capabilities, launched a loyalty program and launched special online menus solely as managing director, Brian Niccol, rebuilding the company's reputation after a series from foodborne illness.
Sales at restaurants that have been open for at least 13 months rose 9.9% in the first quarter ended March 31, well above the analysts' average estimate of 7.29%, according to the data. IBES of Refinitiv.
Digital sales more than doubled in the quarter, accounting for 15.7% of total sales.
Net income was $ 88.1 million, or $ 3.13 per share, in the quarter, compared with $ 59.5 million or $ 2.13 per share a year ago.
Excluding items, the company realized $ 3.40 per share, exceeding estimates of $ 3.01.
Revenues rose nearly 14% to $ 1.31 billion, exceeding estimates of $ 1.26 billion.
The company's shares, which have more than doubled in the past year and increased 63% this year, were slightly above $ 712 in prolonged trading.
(Report by Aishwarya Venugopal in Bengaluru, edited by Sriraj Kalluvila and Arun Koyyur)
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