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 beat earnings estimates on Wednesday when the company’s digital revenue surpassed personal orders for the first time.
In the next quarter, Chipotle meets the weakest quarter of the previous year. That means sales growth in the same store is expected to increase by up to 30%.
The company reported, relative to Wall Street expectations based on an analyst survey by Refinitiv:
- Earnings per share: $ 5.36 adjusted versus $ 4.89 expected
- Revenue: $ 1.74 billion versus $ 1.74 billion expected
Chipotle reported net income of $ 127.1 million, or $ 4.45 per share, for the first quarter compared to $ 76.4 million, or $ 2.70 per share, last year.
Excluding closing charges, restructuring charges, and other items, the company earned $ 5.36 per share, beating the analysts surveyed by Refinitiv at $ 4.89 per share.
Net sales increased 23.4% to $ 1.74 billion and were in line with expectations. Revenue in the same store increased 17.2% for the quarter, driven by new menu items, digital sales, and stimulus payments. Digital orders more than doubled in the quarter, accounting for 50.1% of total sales.