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Investors Eat Up Chipotle's Big Q4 Earnings Beat

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Investors Eat Up Chipotle's Big Q4 Earnings Beat
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Chipotle Mexican Grill, Inc. (NYSE: CMG) passed a new 52-week high in the after-hours session after posting a fourth-quarter earnings beat.

The fast food chain reported fourth-quarter earnings of $1.72, beating estimates by 39 cents. Sales came in at $1.2 billion, beating estimates by $10 million.

Chipotle sees FY2019 comps growth in the mid-single digit range and estimates 140-155 new restaurant openings. The company added $100 million to its buyback plan.

"I'm very pleased to report strong fourth quarter results with 6.1% comparable restaurant sales growth that included 2% transaction growth. For the full year, Chipotle's average unit volumes exceeded $2 million with digital sales surpassing half a billion dollars," said CEO Brian Niccol.

"The growth acceleration this quarter gives us confidence that our strategy is working. When we connect with guests through great operations, relevant marketing focused on Chipotle's great taste and real ingredients, and provide more convenient access, they respond enthusiastically."

Other Highlights

  • Revenue increased 10.4 percent year-over-year
  • Comparable restaurant sales increased 6.1 percent
  • Digital sales grew 65.6 percent

Chipotle shares were up 6 percent at $557.70 at time of publication.

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Photo credit: Mike Mozart, Flickr

Posted-In: Brian NiccolEarnings News Retail Sales Restaurants Top Stories After-Hours Center General Best of Benzinga

 

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