A person wearing a protective mask and gloves will leave the Chipotle Restaurant in San Francisco, California on April 19, 2021.
David Paul Morris | Bloomberg | Getty Images
Chipotle Mexican Grill On Tuesday, diners returned to the restaurant, reporting quarterly earnings above pre-pandemic levels.
The company also released third-quarter same-store sales forecasts.
Stocks rose 4% in after-hours trading.
Based on an analyst survey by Refinitiv, the company reported:
- Earnings per share: Adjusted $ 7.46 vs. Expected $ 6.52
- Revenue: Forecast of $ 1.89 billion vs. $ 1.88 billion
Chipotle reported second-quarter net earnings of $ 188 million ($ 6.60 per share), up from $ 8.2 million (29 cents per share) in the year-ago quarter. Food and beverage costs fell by nearly 3% year-on-year due to soaring menu prices and lower beef prices.
Excluding restaurant asset impairment, closure costs and other items, Brito Chain earned $ 7.46 per share, above the $ 6.52 per share predicted by analysts surveyed by Refinitiv.
Net sales were $ 1.89 billion, up 38.7%, above expectations of $ 1.88 billion. Same-store sales increased 31.2%. A year ago, after the blockade was hit by demand, the company’s same-store sales fell by more than 9%.
After a surge in online orders last year, Chipotle slowed growth in that part of its business. Digital sales surged 10.5%, accounting for 48.5% of the company’s quarterly sales. In the first quarter, Chipotle’s online orders surpassed face-to-face sales for the first time.
“I’m completely expecting the percentage to drop a bit when the dining room comes back,” said CEO Brian Niccol of CNBC. “Closing Bell” on Tuesday. “What I’m paying attention to is the absolute amount of money we’re doing in our digital business.”
The popularity of Chipotle’s digital quesadillas, launched in March, has helped boost online sales. According to Nicole, one in ten transactions includes an order for quesadillas.
According to Niccol, dining room sales are around 70% of 2019 levels, but the company holds about 80% of the increase in digital orders. He also said lunch customers are back.
Chipotle opened 56 new locations and closed 5 restaurants during the quarter. 45 of the new restaurants have “Chipot lanes”. This is what the company calls a drive-through lane dedicated to receiving digital orders. According to executives, restaurants with tipo trains have 20% higher sales at opening than places without drive-through lanes.
According to the company, same-store sales are expected to grow in the low to mid-double digits, given that the current trend will continue toward the third quarter. Same-store sales increased 8.3% in the third quarter of 2020. According to Nicole, the Deltacovid variant has not yet affected consumer behavior.
CFO Jack Hartung told analysts that rising beef and freight prices and a shortage of suppliers are forecasting higher food costs next quarter.
“Over the next few quarters, we will have greater visibility into how much of this inflation is permanent or temporary, and we will be able to take appropriate steps as necessary to offset the permanent impact. “I will.”
Chipotle Mexican Grill (CMG) Second Quarter 2021 Revenue
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