Chipotle achieves record sales after price hike
Chipotle Mexican Grill had record third quarter sales with increased online and in-store sales, despite their menu prices rising.
The fast food chain saw its revenue jump 21.9% year-on-year to $ 2 billion, which it said was due to a 15.1% increase in comparable restaurant sales. The company’s earnings per share reached $ 7.18, an increase of 154.6% from the third quarter of 2020.
|GCM||CHIPOTLE MEXICAN GRILL, INC.||1789.84||-56.38||-3.05%|
CHIPOTLE FACING A “DIFFICULT WORKING ENVIRONMENT”, INVITES “A GREAT ACTION”: CFO
Chipotle said increasing their prices helped offset higher costs, including beef and freight.
“Chipotle’s third quarter results demonstrate strong momentum in our business, fueled by a multi-pronged strategy and a passionate team that is excited to welcome more customers to our restaurants,” said Chipotle President and CEO , Brian Niccol, in a statement.
“Our team has proven its ability to be resilient and successfully execute macro-complexities,” Niccol continued. “As a result, I believe we are in a better position than ever to generate long-term, sustainable growth, which makes me excited about what we can accomplish in the years to come. “
SMOKED CHIPOTLE’S BRISKET MAKES TWITTER – AND CRITICAL – TALK
Chipotle said he attributed much of his third quarter success to new menu items as well. The company introduced the optional cauliflower rice earlier in the year and made a lot of noise with favorable reviews for its recent limited-time offering of smoked brisket as a protein.
But the chest won’t be there for long. Chipotle said the cut of beef “will be for a partial quarter this year compared to carne asada’s full quarter last year.”
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Chipotle also announced that its board of directors has approved the repurchase of an additional $ 100 million of common stock.