Chipotle Mexican Grill Shares Rise On Earnings Beat, Raised Lengthy-Time period Unit Objectives By


© Reuters.

By Daniel Shvartsman – Chipotle Mexican Grill (NYSE:) shares rose 8.2% in post-earnings buying and selling after the corporate met income expectations and earnings got here in properly forward of .

The restaurant operator reported $1.96B in income, according to analyst estimates and 24% progress on final yr. Adjusted earnings had been $5.58/share, forward of $5.29 estimates. Diluted earnings had been $4.69/share.

The corporate additionally posted a powerful 15.2% comparable restaurant gross sales improve. Digital gross sales solely grew 3.8%, whereas working margins grew to eight.1% from a previous 7.3%. Chipotle opened 78 new eating places within the quarter.

“2021 was an excellent yr for Chipotle, highlighting the energy and resiliency of our model.” stated Brian Niccol, Chairman and Chief Govt Officer, Chipotle. “Transferring ahead, we consider increasing entry and comfort by way of our digital ecosystem, accelerating unit progress, and persevering with to develop and assist our restaurant workers, will put us in a a lot stronger aggressive place.”

The corporate’s 2022 outlook requires 235-250 new eating places opening (vs. 215 in 2021). They anticipate mid to excessive single digits comparable restaurant gross sales progress in Q1, and cited Omicron as weighing on comps in each December and in an “intensifying” method in January.

Shares could also be getting a cost from Chipotle’s longer-term steering, which incorporates elevating the objective of potential Chipotle eating places in North America to 7,000 from a previous objective of 6,000. Chipotle is aiming for 8-10% annual unit progress as a part of this new steering. The corporate at present has 2,966 eating places globally. 

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