A person wearing a protective mask and gloves exits a Chipotle restaurant in San Francisco, California, April 19, 2021.
David Paul Morris | Bloomberg | Getty Images
Chipotle Mexican Grill on Wednesday topped earnings estimates as the company’s digital sales overtook in-person orders for the first time.
Next quarter, Chipotle will face off against last year’s weakest quarter. That means same-store sales growth are expected to surge as much as 30%.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $5.36 adjusted vs. $4.89 expected
- Revenue: $1.74 billion vs. $1.74 billion expected
Chipotle reported fiscal first-quarter net income of $127.1 million, or $4.45 per share, up from $76.4 million, or $2.70 per share, a year earlier.
Excluding closure costs, restructuring expenses and other items, the company earned $5.36 per share, topping the $4.89 per share expected by analysts surveyed by Refinitiv.
Net sales rose 23.4% to $1.74 billion, meeting expectations. Same-store sales climbed 17.2% in the quarter, fueled by new menu items, digital sales and stimulus payments. Digital orders more than doubled during the quarter and accounted for 50.1% of total sales.