Investors are feasting on Chipotle Mexican Grill this afternoon after the restaurant chain reported its third-quarter earnings, beating estimates on earnings per share and same-store sales and falling about in line with revenue forecasts. Here are the key numbers from the release:
- Revenue: up 14.6% to $1.4 billion
- Comparable restaurant sales: up 11%
- Digital sales: up 87.9%, accounting for 18.3% of sales
- Diluted EPS: $3.47
- Openings: 25 new restaurants
Analysts had expected earnings per share of $3.16 on revenue of $1.38 billion, according to a consensus estimate cited by Investor’s Business Daily. Same-store sales were expected to rise 9.3%.
Chipotle’s stock jumped 2.3% in after-hours trading to $845. Some analysts predicted that shares could top the $1,000 mark after today’s earnings, as CNBC reported. Alas, that won’t be the case for now.
Still, Chipotle has generally been on an upswing over the last few years thanks to upgrades in its digital ordering technology, new menu items, and a brand refresh aimed at leaving its much-publicized food-safety crisis in the rearview mirror. Shares were already trading at around $826 earlier today, more than double what they were in the rock-bottom days of early 2018.
You can check out the full earnings release here. Or, if you’re hungry (for some reason), skip it and grab yourself a burrito.