Chipotle tops quarterly sales expectations as it continues to attract diners
CMG•Chipotle’s third-quarter comparable restaurant sales rose 2.1%, topping analysts’ 1.4% estimate, while revenue increased 9.6% to $3.29 billion. Adjusted profit was 27 cents per share, below the 29-cent estimate, and the company reaffirmed its forecast for low-single-digit comparable sales growth this year.
1. Sales beat estimates
Chipotle Mexican Grill reported third-quarter comparable restaurant sales growth of 2.1%, above analysts’ average estimate of 1.4%. Revenue rose 9.6% to $3.29 billion, in line with expectations, while adjusted profit of 27 cents per share was below the 29-cent estimate.
2. Promotions draw diners
Value deals, marketing and limited-time offerings helped attract customers, including younger diners, analyst Rachel Wolff said. CEO Scott Boatwright said the company’s growth initiatives were building tools to compete despite broader consumer and industry headwinds. Chipotle reaffirmed its annual forecast for comparable restaurant sales to rise in the low-single-digit range.
