Chipotle Mexican Grill is hanging on to recent gains in digital sales as its online orders surpass what is made inside the restaurant for the first time.
First-quarter earnings, released Wednesday, topped Wall Street’s earnings estimates. Next quarter, Chipotle will face the poorest quarter of last year. That means same-store sales growth is expected to grow as much as 30%.
Shares of the company were down less than 1% in extended trading.
Here’s what the company said compared to what Wall Street expected based on a survey of refinance analysts:
Earnings per share: $ 5.36 adjusted vs. $ 4.89 expected
Revenue: vs 1.74 billion vs. $ 1.74 billion expected
A year earlier 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.
Excluding these items, the company earned 5. 5.36 per share, on top of the $ 4.89 per share expected by analysts surveyed by Refinitive.
Net sales rose 23.4% to 1.74 billion to meet expectations. Driven by new menu items and online orders, same-store sales rose 17.2% in the quarter. During the quarter, Chipotle drops cauliflower rice, for which an extra $ 2 dollars, and digital exclusive cascadillas. The March launch of Cupadillas could be one of the reasons for the increase in digital sales of Chipotle. Online orders more than doubled quarterly and accounted for 50.1% of total sales.
The company also submitted government incentive checks, which cost consumers more money.
The company opened 40 new locations in the quarter, including drive-through lanes to take more than half of its digital orders. It has closed five restaurants.
Citing the uncertainty caused by the epidemic, the company declined to provide a sales growth outlook for the rest of 2021. Assuming no significant delays related to the crisis, it expects to open about 200 new locations this year.