Chipotle expects sales surge this quarter, builds on 17.2% first-quarter growth
Reuters
Published Apr 21, 2021 04:18PM ET
Updated Apr 21, 2021 05:05PM ET
By Nivedita Balu and Hilary Russ
(Reuters) -Chipotle Mexican Grill Inc on Wednesday said its comparable sales this quarter could grow by as much as 30% as rapid COVID-19 vaccinations encourage consumers to return to its restaurants that offer quick service in a casual dining space.
Shares rose slightly in after hours trading after the burrito chain reported comparable sales rose 17.2% in the first quarter, helped by new menu items like quesadillas and consumers' using federal pandemic relief funds to order tacos and salads online.
Digital sales surged nearly 134% in the first quarter and accounted for half of overall sales, the company said on Wednesday.
The company's digital sales have grown rapidly during the pandemic, encouraging it to expand order-ahead lanes called "Chipotlanes" to a majority of its restaurants in the United States.
Revenue rose 23.4% to $1.74 billion, matching analyst estimates, according to IBES data from Refinitiv.
While the company reiterated that it expects to open about 200 new restaurants in 2021, it continued to shy away from issuing full-year revenue and sales forecasts.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.