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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.
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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. | 2,851.55 | -52.20 | -1.80% |
Chipotle said it expects third-quarter comparable restaurant sales growth in the low to mid double-digits range, compared with estimates of 9.7%.
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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.
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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.