Chipotle's comparable sales beat on online ordering

Chipotle's comparable sales beat on online ordering

The logo of Chipotle Mexican Grill is seen at the Chipotle Next Kitchen in Manhattan
FILE PHOTO: The logo of Chipotle Mexican Grill is seen at the Chipotle Next Kitchen in Manhattan, New York, U.S., June 28, 2018. REUTERS/Shannon Stapleton

NEW YORK: Chipotle Mexican Grill on Wednesday (Oct 21) posted an 18.6 per cent drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses.

Shares of the company, one of the best performers in the restaurant sector following a 60 per cent rise this year, were down about 4 per cent after the closing bell.

The burrito chain reported a three-fold jump in online sales, as consumers stuck at home ordered more healthy meals and salads, although it came at a higher cost for the company.

Net income fell to US$80.2 million, or US$2.82 per share, for the third quarter from US$98.6 million or US$3.47 per share, a year earlier.

Comparable sales rose 8.3 per cent, compared with Wall Street expectations of 7.59 per cent rise, according to IBES data from Refinitiv.

Source: Reuters

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