A person wearing a protective mask and gloves leaves a Chipotle restaurant in San Francisco, California, April 19, 2021.
David Paul Morris | Bloomberg | Getty Images
Chipotle Mexican Grill on Wednesday exceeded earnings expectations when the company’s digital sales overtook in-person orders for the first time.
Next quarter, Chipotle will compete against last year’s weakest quarter. That means that sales growth in the same store is expected to increase by as much as 30%.
Here’s what the company reported compared to what Wall Street expected, based on an analyst survey by Refinitiv:
- Earnings per share: adjusted at $ 5.36 vs. expected at $ 4.89
- Revenue: $ 1.74 billion vs. $ 1.74 billion expected
Chipotle reported first-quarter 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 charges and other items, the company earned $ 5.36 per share, above the $ 4.89 per share expected by analysts polled by Refinitiv.
Net sales increased 23.4% to $ 1.74 billion, which was in line with expectations. Same-store sales were up 17.2% in the quarter, fueled by new menu items, digital sales and incentive payments. Digital orders more than doubled during the quarter, accounting for 50.1% of total sales.