Chipotle crushes earnings estimates, says accelerated drive-thru plans may delay some store openings

on Tuesday reported quarterly earnings that topped analysts' expectations and announced plans to accelerate its introduction of drive-thru lanes, which could slow down its store openings.

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $1.4 billion vs. $1.4 billion expectedChipotle reported fiscal third-quarter net income of $98.6 million, or $3.47 per share, up from $38.2 million, or $1.36 per share a year earlier.

During the quarter, the average check size rose 3.5%, helped by menu price increases that were put in place in 2018. In addition to higher costs for several ingredients, Chipotle said that wage inflation and increased delivery costs weighed on profits. The company has been testing special drive-thrus for digital order pick-up. As a result of successful tests in 20 restaurants, the chain is now planning on putting Chipotlanes in half of its restaurants currently under construction. The longer time period associated with adding the drive-thru lanes to more than 40 restaurants means that some openings are expected to be delayed into 2020.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Here's what to expect from Chipotle earningsChipotle's stock price has nearly doubled so far this year. “Guac is extra” = huge margin bump I think they’ll be o-queso
Source: CNBC - 🏆 12. / 72 Read more »

Are high-profile earnings misses a problem for the markets?Caterpillar missed Wall Street's estimates on earnings, even though the Street has been well aware of Caterpillar's problems, said Nick Raich of the Earnings Scout.
Source: CNBC - 🏆 12. / 72 Read more »

Ford's shares slide on lower year-end guidance despite earnings beatThe quarterly earnings are the first since Moody's Investors Service downgraded Ford's credit rating to junk status in September.
Source: CNBC - 🏆 12. / 72 Read more »

McDonald's pulls back on promotions and earnings fall short, shares down 4%McDonald's promotions struggled to lure U.S. customers away from the competition. dustinmai65 fitzerr30 not enough McMuffs I wonder if people have more money to eat in better restaurants 🎵 Duh duh duh duh duh I'm shorting it. 🎵
Source: CNBC - 🏆 12. / 72 Read more »

Chipotle Stock Is Up Over 90% This Year, And Could Go Higher After Beating EarningsThe once under-fire burrito chain delivered yet another quarter of solid growth. I don't need to pay for irritable bowels cj_816 gsmith_14 __CNote
Source: Forbes - 🏆 394. / 53 Read more »

Chipotle Stock Is Up Over 90% This Year, And Could Go Higher After Beating EarningsChipotle stock is up over 90% this year and could increase after beating 3rd-quarter earnings expectations by skleb1234 skleb1234 angeljimenez good news skleb1234 Time to sell the stock and run then skleb1234 Best Food in town
Source: Forbes - 🏆 394. / 53 Read more »