Home Stock Chipotle's Q1 revenue grew 20%, driven by online orders

Chipotle’s Q1 revenue grew 20%, driven by online orders


Chipotle Mexican Grill Inc. late on Wednesday surpassed Wall Street’s expectations for its first quarter, said new dishes, the constant power to their online orders and a breeze from raid tests. likes pushed their sales 20% higher.

Chipotle
CMG,
-1.60%

said they made $ 127.1 million, or $ 4.45 a share, in the first quarter, compared with $ 76.4 million, or $ 2.70 a share, in the quarter. first of 2020. Adjusted for one-time items, the company earned $ 153.1 million, or $ 5.36 per share.

Sales rose 23% to $ 1.7 billion, with comparable restaurants up a little more than 17%. Digital sales rose 134% and accounted for half of all sales, the company said.

Analysts polled by FactSet expect the budget restaurant chain to report adjusted earnings of $ 4.92 a share on $ 1.75 billion in revenue for the quarter. Analysts expect sales at the same store to grow 18%.

“We believe that some of the new menu items, effective marketing and the continued power of digital sales, as well as the gust of consumer stimulus payments, have contributed to first quarter revenue growth, ”said Chipotle.

For the second quarter, the company said it expected sales at the same restaurant to range from “twenties” to 30%.

Stocks jumped 1.2% in pre-market trading on Thursday, after the end of Wednesday’s regular session, down 1.6%.

Chipotle shares have risen 8.5% from the beginning of this year to Wednesday and have nearly doubled in the past 12 months, outperforming the S&P 500 index.
SPX,
+ 0.93%

up 11% this year but outpaced the 52% increase in the index over the past 12 months.

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