- Chipotle (NYSE:CMG) reports comparable sales increased 17.2% in Q1 vs. +17.0% consensus. The restaurant chains says several new menu items, effective marketing and on-going strength in digital sales, as well as a tailwind from government stimulus payments to consumers contributed to revenue growth.
- Digital sales increased 133.9% during the quarter to account for 50.1% of all sales.
- Restaurant-level margin was up 470 bps Y/Y to 22.3 % of sales during the quarter vs. 21.3% consensus. The improvement was driven primarily by leverage from the comparable restaurant sales increase and menu price increases, partially offset by increased delivery expense and wage inflation.
- Guidance: "For Q2, we expect our comparable restaurant sales to be in the range of high twenties to 30% with quesadilla incidence normalizing, and lower marketing investment."
- Shares of Chipotle are up 0.82% in AH trading to $1,522.75 after shedding 1.60% during the regular session.
- Chipotle has seen a wave of favorable ratings actions over the last few weeks on Wall Street, including a bullish look from Raymond James.
Chipotle tops estimates as digital ordering accounts for half of all sales
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Symbol | Last Price | % Chg |
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CMG | - | - |
Chipotle Mexican Grill, Inc. |