A customer carries a Chipotle Mexican Grill Inc. bag outside a restaurant in San Francisco, California, U.S., on Monday, July 20, 2020.on Thursday reported quarterly earnings that crushed Wall Street's estimates as its menu price increases helped the chain weather higher costs.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Revenue: $1.95 billion vs. $1.
The company reported fiscal third-quarter net income of $204.4 million, or $7.18 per share, up from $80.2 million, or $2.82 per share a year earlier. Beef and freight costs were higher, but menu price hikes offset the impact of those increased expenses. In June,to cover the cost of hiking restuarant workers' wages to an average of $15 an hour.
Excluding a tax benefit, restructing costs and other items, Chipotle earned $7.02 per share, topping the $6.32 per share expected by analysts surveyed by Refinitiv. Net sales rose 21.9% to $1.95 billion, beating expectations of $1.94 billion. Same-store sales climbed 15.1%, topping StreetAccount estimates of 14%.At the tail end of the quarter, the chain
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