The restaurant company beat Wall Street's estimates for its quarterly earnings and revenue.on Wednesday reported quarterly earnings and revenue that topped analysts' expectations as it saw higher traffic at its restaurants, bucking an industry slowdown.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Revenue: $2.97 billion vs. $2.
The burrito chain reported second-quarter net income of $455.7 million, or 33 cents per share, up from $341.8 million, or 25 cents per share, a year earlier. Chipotle's profits rose from the year-ago period due to price hikes that helped offset higher avocado prices and greater usage of oil to fry tortilla chips this quarter.The company's same-store sales rose 11.1% in the quarter, topping StreetAccount estimates of 9.2%. Traffic to its restaurants increased 8.
The chain brought back its chicken al pastor in March as a limited-time menu item. More customers have also been ordering its barbacoa, which underwent a name change earlier this year that added "braised beef" to improve customer awareness of the option. Chipotle opened 52 new company-owned locations and one new international licensed restaurant during the quarter.
The company reiterated its full-year outlook that same-store sales will grow by a mid- to high-single digit percentage. Chipotle also anticipates that it will open between 285 to 315 new restaurants this year.Morgan Stanley is pounding the table for these stocks, including Apple, ahead of earnings
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