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.
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"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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