Chipotle's Earnings Soar with Price Hikes and Strong Performance
TL;DR
Chipotle's stock rose 3.8% in pre-market trading after the company reported better-than-expected earnings and same-store sales. Revenue grew 11% to $2.47 billion, with same-store sales increasing 5%. The quarter was boosted by the return of the Carne Asada, a fan favorite in 2019. The company offset higher food costs with price hikes and plans to raise menu prices again in the future. Chipotle expects restaurant sales growth in the mid- to high-single-digit range for Q4 and plans to open 285 to 315 new locations by 2024.
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