Chipotle posted impressive Q4 earnings that largely topped market expectations, with growth attributable to a digital boom, according to a news release by Chipotle on Tuesday.
- The California-based company reported revenue of $2 billion in the fourth quarter against a Bloomberg consensus estimate of $1.96 billion.
- The company’s adjusted earnings per share were $5.58 in Q4 compared to an estimate of $5.28. US same-store sales were 15.2% compared to expect 14.78% in Q4.
- In the full year of 2021, Chipotle’s total revenue grew 26.1% to $7.5 billion. Same-store sales expanded 19.3%, digital sales rose 24.7%, and accounted for 45.6% of total sales.
- The pandemic era trend of app-based ordering gave the chain to expand its outlook for new restaurants, stating that there cannot be fewer than 7,000 restaurants in North America.
Chipotle anticipate unit growth to be in the range of 8% to 10% per year, with more than 80% of new restaurants comprising of drive-through orders. CMG up +7.65%, pre-market trading