Chipotle Mexican Grill Inc beat estimates for quarterly comparable sales and restaurant margins on Tuesday, with menu price hikes offsetting higher wages as the U.S. economy reopened to a labor crunch.
The burrito-and-bowl chain, which had already seen sales recover during the COVID-19 pandemic, grew even stronger as restrictions lifted, weather warmed and Americans began trickling back to offices and dining with friends and families.
|CMG||CHIPOTLE MEXICAN GRILL, INC.||1,806.87||-24.05||-1.31%|
Chipotle said it expects third-quarter comparable restaurant sales growth in the low to mid double-digits range, compared with estimates of 9.7%.
Comparable sales for the second quarter ended June 30 rose 31.2%, compared with Wall Street expectations of 29.4% growth, according to IBES data from Refinitiv.
Net income was about $188 million, or $6.60 per share, for the quarter, compared with $8.2 million, or 29 cents per share, a year earlier.