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.
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