Chipotle higher menu prices help it beat quarterly comparable sales estimates

Menu price hikes are offsetting higher wages as the US economy reopened to a labor crunch

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.

DOW CLIMBS 550 POINTS AS STOCK MARKET BOUNCES BACK

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.

Ticker Security Last Change Change %
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%.

CHIPOTLE USING TIKTOK TO START ACCEPTING RESUMES

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.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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.