A person wearing a protective mask and gloves leaves a Chipotle restaurant in San Francisco, California, on April 19, 2021.
David Paul Morris | Bloomberg | Getty Images
Chipotle Mexican Grill reached revenue estimates on Wednesday as the company’s digital sales surpassed personal orders for the first time.
Next quarter, Chipotle will face the weakest quarter of last year. This means that sales growth in the same store is expected to rise to as much as 30%.
This is what the company reported compared to what Wall Street expected, based on a survey of analysts by Refinitiv:
- Earnings per share: $ 5.36 adjusted to $ 4.89 expected
- Revenue: $ 1.74 billion versus $ 1.74 billion expected
Chipotle posted first-quarter fiscal net income of $ 127.1 million or $ 4.45 per share, compared to $ 76.4 million, or $ 2.70 per share, a year earlier.
Excluding closing costs, restructuring costs and other items, the company earned $ 5.36 per share, above the $ 4.89 per share expected by analysts surveyed by Refinitiv.
Net sales rose 23.4% to $ 1.74 billion, meeting expectations. Sales in the same store increased 17.2% during the quarter, fueled by new menu items, digital sales and stimulus payments. Digital orders more than doubled during the quarter, accounting for 50.1% of total sales.