[ad_1]
NEW YORK (AP) – Chipotle said Thursday that a key sales figure rose beyond market expectations in the second quarter.
The burrito chain is still trying to recover from a series of food scares that devastated its sales. Earlier this year, he hired Taco Bell CEO Brian Niccol and its chief executive, then brought in another Taco Bell executive, Chris Brandt, as its chief marketing officer.
The new management trying to bring in customers with new menu items , including the type of fast food limited-time offers Chipotle had shied away from the past.
A Chipotle Mexican Grill Restaurant is seen in Washington, DC, December 22, 2015 . (credit: SAUL LOEB / AFP / Getty Images)
Chipotle said sales rose 3.3 percent, surpassing the 2.7 percent that analysts expected, according to FactSet. The increase was mostly due to a 4 percent increase in the number of customers and customers ordering. Average customer review [% s]
Overall revenue rose 8.3 percent to $ 1.3 billion, driven mostly by new restaurant openings.
Shares in Denver-based Chipotle Mexican Grill Inc. jumped 6 percent to $ 475 in after -hour trading.
Niccol said the company was encouraged by a 33 percent increase in online sales, which now accounts for 10 percent of sales. The company said delivery quadrupled during the quarter. Delivery at 1,700 of Chipotle's stores, and that will expand to 2,000 by the year end.
Customers were spending an average of about $ 16 to $ 17 per restaurant, compared to $ 12 at restaurants, the company said. 19659002] Net income fell 30 percent to $ 46.9 million due to corporate restructuring other costs.
Earnings per share fell 27 percent to $ 1.68. Excluding those costs, net income was $ 2.87 per share. That topped the $ 2.81 a share expected by analysts, according to FactSet.
(© Copyright 2018 The Associated Press .. This material may not be published, broadcast, rewritten or redistributed.)
Source link
