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Chipotle Mexican Grill Inc topped estimates for comparable quarterly sales and restaurant margins on Tuesday, as menu price hikes offset rising wages as the U.S. economy reopened to a labor squeeze.
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The burrito and bowl chain, which had already seen sales rebound during the COVID-19 pandemic, has grown even stronger as restrictions were lifted, the weather warmed and Americans started going back to the office and having dinner with friends and families.
| Teleprinter | security | Last | Switch | Switch % |
|---|---|---|---|---|
| GCM | CHIPOTLE MEXICAN GRILL, INC. | 1,574.35 | +23.19 | + 1.50% |
Chipotle said it expects third-quarter comparable restaurant sales growth in the low to mid double-digit range, from estimates of 9.7%.
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Comparable sales for the second quarter ended June 30 were up 31.2%, compared to Wall Street expectations of 29.4%, according to IBES data from Refinitiv.
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Net income was about $ 188 million, or $ 6.60 per share, for the quarter, compared to $ 8.2 million, or 29 cents per share, a year earlier.
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