See what clicks on FoxBusiness.com.
Chipotle’s business is booming as the digital sales of the burrito chain rose by 133.9%, surpassing the first-ever online orders placed in restaurants.
The company attributed its growth to stimulus surveys by the government spending extra money on consumers and an increase in orders placed ahead of time by the ‘Chipotlane’ transit service. The chain opened 40 new locations during the quarter, more than half of which include driveways to pick up digital orders.
SMASHBURGER CLOSES TO CHICKEN SANDWICH WAR WITH A LIMITED TIME OFFER
Digital sales accounted for just over half of Chipotle’s total revenue of $ 1.7 billion during the quarter, up 24% from the same period a year ago. Meanwhile, the company had a 17.2% increase in comparable restaurant sales, complemented by several new menu additions, including squares and cauliflower rice.
Overall, Chipotle earned $ 127.1 million or $ 4.45 per share, compared to $ 76.4 million, or $ 2.70 per share, a year ago. Excluding closing costs, restructuring costs and other items, the company earned an adjusted net income of $ 153.1 million or $ 5.36 per share.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
With a view to the second quarter, Chipotle expects comparable restaurant sales to be between 20 and 30%. Given continued uncertainty due to COVID-19, Chipotle did not provide fiscal 2021 comparisons for restaurant sales.
While other chains were forced to close dozens of locations due to the pandemic, Chipotle said it closed only five stores during the quarter, bringing its total to 2,803 locations. Chipotle expects about 200 new restaurant openings in 2021, with the acceptance of minimal construction and permit delays associated with COVID-19.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 1,510.98 | -24.06 | -1.57% |
Chipotle also repurchased its $ 61.2 million ordinary shares during the quarter at an average price of $ 1,425. The company’s shares rose 0.4% after trading the hour.