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Chipotle Mexican Grill announced Tuesday that its digital sales had almost doubled in its second quarter, fueling results that exceeded badysts' expectations.
The Mexican chain also raised its outlook for the full year in terms of same-store sales growth.
The company's shares jumped 4% in prolonged trading. The company's shares have recently hit a record high, surpbading a record precedent before the start of the chain's food-borne illnesses in 2015. Stocks have risen 71% since the beginning of the year. ;year.
"We are pleased with our financial performance, which marks the sixth consecutive quarter of accelerated economic growth and reflects the continued progress of our key strategic initiatives," said CEO Brian Niccol in a statement.
Here's what the company reported about what Wall Street was waiting for, according to an badyst poll by Refinitiv:
- Earnings per share: $ 3.99, adjusted, versus $ 3.76 expected
- Turnover: $ 1.43 billion against $ 1.41 billion
- Same store sales growth: 10% vs. 8.33% expected
The burrito maker reported net income for the second fiscal quarter of $ 91.0 million, or $ 3.22 per share, compared with $ 46.9 million, or $ 1.68 per share, a year earlier .
Excluding badet impairment charges, corporate restructuring and other costs, Chipotle realized a profit of 3.99 USD per share, exceeding 3.76 USD per share. USD per share expected by badysts surveyed by Refinitiv.
The cost of food, beverages and packaging rose by 1.1% over last year, mainly due to the rising cost of the lawyer. Lawyer prices have skyrocketed, as supply from Mexico and California has not kept up with the surge in consumer demand.
Net sales rose 13.2% to $ 1.43 billion, exceeding expectations by $ 1.41 billion. Digital sales increased 99.1% and accounted for 18.2% of sales for the quarter. In March, Chipotle launched a loyalty program as part of a broader strategy to strengthen digital engagement. This marks the first full quarter of the program since its inception.
The company posted same-store sales growth of 10%, exceeding badysts' estimates by 8.33%. Transactions in stores opened at least one year ago increased by almost 7%. The average check jumped 3.5%, thanks to the price increases for menus set up last year.
Chipotle has once again raised its year-over-year growth outlook. It expects that sales in restaurants open for at least a year will increase at a rate above 10%, up from a previous estimate of average to high single-digit growth.
Chipotle opened 20 new stores during the quarter and closed one, bringing the total number of restaurants to 2,523.
The company also announced Tuesday that its board of directors had approved a $ 100 million stock repurchase.
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