Chipotle soars 13% to an all-time high as digital ordering and return of dine-in customers push revenue to pre-pandemic levels
- Shares of
Chipotlesoared 12.95% to reach new highs on Wednesday.
earningsshowed revenue came in at $1.89 billion, above the analyst consensus of $1.88 billion.
- Almost half of all sales at the fast-casual chain were digital.
Shares in Chipotle soared as much as 12.95% to reach new highs on Wednesday as a bumper second-quarter earnings call showed the fast-casual chain returning to pre-pandemic activity.
Revenue came in at $1.89 billion, up 39% year-over-year and a hair above the analyst consensus of $1.88 billion. Chipotle opened up 56 new locations and closed five, capitalizing on a surge of digital sales, which grew nearly 11%, as well as a recovery in in-person dining. Almost half of all sales were digital.
The company also saw same-store sales, which excludes sales from new stores, jump 31% year-over-year. Same-store sales had tumbled at the start of the pandemic. Likewise, margins rebounded to 24.5%, driven by price increases and falling
Chipotle made headlines in June for raising
"We have had to move pricing in the delivery channel and on our menu," CEO Brian Niccol told CNBC. "We're very fortunate to have such a strong value proposition and to have this pricing power."
Chipotle closed at $1,755.91 on Wednesday, up 11.5% on the day.
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