Chipotle delivered impressive earnings results on Wednesday, surpassing expectations once again.
In the first quarter, revenue surged by 14.1% to reach $2.7 billion, while same-store sales experienced a significant 7% increase, outperforming the anticipated 5.13%. The company also exceeded projections on the earnings front, with adjusted earnings per share hitting $13.37, compared to the estimated $11.66.
Following this positive news, shares climbed by 3% in after-market trading.
The success was attributed to limited-time offerings like the premium-priced Chicken al Pastor, which helped drive results despite a challenging consumer environment. Despite a modest 1.6% increase in the average check, foot traffic rose by 5.4%, slightly below the expected 2.0%.
CEO Brian Niccol praised the quarter as ”outstanding,” highlighting improvements in store service speed that attracted more customers. Marketing strategies such as rebranding barbacoa to braised beef barbacoa to emphasize the cooking method and quality of meat also contributed to the sales boost.
Niccol emphasized that the chain is experiencing positive results across all income groups…
2024-04-24 16:30:43
Read more on finance.yahoo.com