Economy

Chipotle beats quarterly sales estimates on steady demand By Stocksak

3/3

© Stocksak. FILE PHOTO – The logo of Chipotle can be seen at one of their restaurants in Manhattan (New York City), U.S.A, February 7, 2022. REUTERS/Andrew Kelly

2/3

(Stocksak). On Tuesday, Chipotle Mexican Grill Inc exceeded Wall Street’s expectations for quarterly revenue. However, higher prices did not deter the restaurant’s more affluent customers who enjoyed its burritos or rice bowls.

Although concerns about U.S. restaurant demand have been growing due to decades-high inflation over the past decade, analysts noted that sales rebounded in the third quarter following a slowdown in June. This was because gas prices fell from their peak and grocery costs rose at a faster rate.

Chipotle (NYSE 🙂 also introduced garlic-guajillo steak in a limited time promotion during the quarter in an attempt to retain its customers in a difficult consumer spending environment.

According to Refinitiv IIBES, sales comparables at the chain with California headquarters jumped 7.6% in third quarter ended September 30, while analysts had on average expected a 7.3% rise.

The company’s shares rose by 1% during extended trading.

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button