{"id":77457,"date":"2023-10-27T10:03:37","date_gmt":"2023-10-27T14:03:37","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/chipotle-shares-climb-on-q3-earnings-beat-strong-comparable-sales\/"},"modified":"2023-10-27T10:03:40","modified_gmt":"2023-10-27T14:03:40","slug":"chipotle-shares-climb-on-q3-earnings-beat-strong-comparable-sales","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77457","title":{"rendered":"Chipotle shares climb on Q3 earnings beat, strong comparable sales"},"content":{"rendered":"
\n

Shares of Chipotle Mexican Grill Inc. rose 2.7% in extended trades Thursday after the company reported better-than-expected third-quarter earnings.\u00a0<\/p>\n

The restaurant chain reported net income of $313.2 million, or\u00a0$11.32\u00a0a share, compared to\u00a0$257.1 million, or\u00a0$9.20 a share, in the prior year\u2019s quarter. Excluding a 4-cent after-tax impact from expenses related to corporate restructuring, adjusted earnings were $11.36 a share, up from $9.51 a share in the same period last year, Analysts surveyed by FactSet were looking for adjusted earnings of $10.55 a share.<\/p>\n

\n

Chipotle\u2019s
\n CMG,
\n +5.73%<\/bg-quote>
\n comparable restaurant sales increased by 5%, better than the 4.5% increase forecast by analysts surveyed by FactSet.<\/p>\n

Related:<\/strong>\u00a0McDonald\u2019s and Chipotle set to continue dominance amid consumer-spending worries, research shows<\/p>\n

Third-quarter revenue was $2.472 billion, up from $2.22 billion in the same period last year, and in line with analysts\u2019 forecast. Food and beverage revenue was $2.456 billion and delivery revenue was $15.9 million. Analysts surveyed by FactSet were looking for restaurant revenue of $2.465 billion and delivery revenue of $16 million.<\/p>\n

For the fourth quarter and full year, Chipotle gave a comparable restaurant sales outlook of growth in the mid to high-single-digit range. Analysts surveyed by FactSet had forecast fourth-quarter comparable restaurant sales of 5.3% and full-year growth of 7.1%.<\/p>\n

Chipotle\u2019s results will be seen as a positive for the dining sector amid concerns about consumer spending. Speaking during a conference call to discuss the results, Chipotle CEO Brian Niccol said that the company\u2019s transaction throughput showed improvement every month during the third quarter.<\/p>\n

Also See:<\/strong> These two commentators who have been warning of a market crash say it\u2019s now here<\/p>\n

\u201cWe do love the fact that our growth is being driven by transactions,\u201d he said. The CEO also highlighted the recent return of Carne Asada to Chipotle\u2019s menu as a growth driver. <\/p>\n

Chipotle is on track to open 255 to 285 new restaurants this year, according to the CEO. \u201cWe have a lot of opportunities ahead of us,\u201d he said.<\/p>\n

During the call, Niccol was also asked about the potential impact that anti-obesity drugs could have on Chipotle\u2019s business. \u201cWe have not seem any material impact from it,\u201d he said. \u201cOur food is a good solution, because it\u2019s clean, it\u2019s not fried.\u201d<\/p>\n

See Now:<\/strong> These money and investing tips give your portfolio some needed muscle<\/p>\n

\u201cWhether they are on GLP-1 drugs, or whether they are on a keto diet, or a Whole30 diet,\u201d he added. \u201cInsert the lifestyle diet that they\u2019re on, or the lifestyle drug that they might be on \u2013 the good news is we\u2019re positioned to be able to customize that diet for you with clean food, done in a very healthy way.\u201d<\/p>\n

Shares of Chipotle have risen 30.2% in 2023, outpacing the S&P 500 index\u2019s
\n SPX
\n gain of 7.8%.<\/p>\n

<\/h2>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Chipotle Mexican Grill Inc. rose 2.7% in extended trades Thursday after the company reported better-than-expected third-quarter earnings.\u00a0 The restaurant chain reported net income of $313.2 million, or\u00a0$11.32\u00a0a share, compared to\u00a0$257.1 million, or\u00a0$9.20 a share, in the prior year\u2019s quarter. Excluding a 4-cent after-tax impact from expenses related to corporate restructuring, adjusted earnings were […]<\/p>\n","protected":false},"author":1,"featured_media":77458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-77457","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nChipotle shares climb on Q3 earnings beat, strong comparable sales | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Shares of Chipotle Mexican Grill Inc. rose 2.7% in extended trades Thursday after the company reported better-than-expected third-quarter earnings.\u00a0 The\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=77457\" 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