Chipotle expects gross sales surge this quarter, builds on 17.2% first-quarter progress By Reuters
© Reuters. FILE PHOTO: Clients order from a Chipotle restaurant on the King of Prussia Mall in King of Prussia
By Nivedita Balu and Hilary Russ
(Reuters) -Chipotle Mexican Grill Inc on Wednesday mentioned its comparable gross sales this quarter might develop by as a lot as 30% as speedy COVID-19 vaccinations encourage customers to return to its eating places that supply fast service in an informal eating area.
Shares rose barely in after hours buying and selling after the burrito chain reported comparable gross sales rose 17.2% within the first quarter, helped by new menu objects like quesadillas and customers’ utilizing federal pandemic aid funds to order tacos and salads on-line.
Digital gross sales surged practically 134% within the first quarter and accounted for half of total gross sales, the corporate mentioned on Wednesday.
The corporate’s digital gross sales have grown quickly in the course of the pandemic, encouraging it to broaden order-ahead lanes known as “Chipotlanes” to a majority of its eating places in the USA.
Income rose 23.4% to $1.74 billion, matching analyst estimates, in line with IBES knowledge from Refinitiv.
Whereas the corporate reiterated that it expects to open about 200 new eating places in 2021, it continued to draw back from issuing full-year income and gross sales forecasts.
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