Chipotle’s sales jumped 14% to £1.22 billion in the third quarter.
The US chain of fast casual restaurants reported £61.28 million in net revenues.
Chipotle Mexican Grill’s digital sales jumped 202.5% to £593.20 million in the third quarter.
Chipotle Mexican Grill Inc. (NYSE: CMG) said Wednesday that its third quarter sales returned to growth despite the ongoing coronavirus pandemic.
Chipotle slipped by nearly 3.5% in Wednesday’s expanded trading. Including the price action, the company’s shares are now trading at £1,005 per share, a recovery of about 200% since March, when the share reached its lowest level so far this year of £355 per share due to the COVID 19 crisis.
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Chipottle’s financial results for the 3rd quarter compared to analysts’ estimates
Chipotle said its third quarter net profit was £61.28 million, up £2.15 per share from £2.65 per share in the same period last year. The company attributed the decline to additional costs associated with restaurant closures, restructuring and litigation.
In separate news from the U.S., Abbott Laboratories also released its earnings report on Wednesday, highlighting 9.6% sales growth in the third quarter of the fiscal year.
On an adjusted basis, Chipotle earned £2.87 per share in the third quarter compared to £2.92 per share in the same quarter last year. In terms of revenue, the fast-food casual restaurant chain recorded annualized growth of 14% to £1.22 billion in the third quarter. Its sales in the same businesses increased by 8.3% in the final quarter.
According to FactSet, experts had predicted sales of 1.21 billion pounds sterling, earnings per share of 2.65 pounds sterling and a 7.3% growth in sales of comparable businesses in the third quarter.
Chipotle’s digital sales jumped 202.5% in the third quarter of the fiscal year.
At £593.20 million, the Newport Beach-based company said its digital sales in the third quarter were up 202.5% and accounted for 48.8% of its total quarterly sales. Chipotle benefited strongly from its online ordering and delivery service in the last quarter. Its digital sales had also tripled in the previous quarter (Q2).
However, the American chain refrained from making a forecast for the future on Wednesday, citing the uncertainty of the coronavirus. COVID-19 has so far infected more than 8.5 million people in the United States and caused over 225 thousand deaths.
At the time of writing, Chipotle Mexican Grill Inc. has a market capitalization of 29 billion pounds and a price-to-earnings ratio of 151.68.