The post Chipotle Mexican Grill (CMG) Q3 2024 earnings appeared on BitcoinEthereumNews.com.

A customer holds a bag of food outside of a Chipotle restaurant in New York on Jan. 12, 2024. Angus Mordant | Bloomberg | Getty Images Chipotle Mexican Grill on Tuesday reported mixed quarterly results, despite another quarter of higher traffic to its restaurants.  Shares of the company fell 7% in extended trading. Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: 27 cents adjusted vs. 25 cents expected Revenue: $2.79 billion vs. $2.82 billion expected Chipotle reported third-quarter net income of $378.4 million, or 28 cents per share, up from $313.2 million, or 23 cents per share, a year earlier.  The company’s food and beverage costs increased during the quarter, in part due to Chipotle’s decision to re-emphasize generous portions after social media-fueled backlash over the size of its burrito bowls this summer. Excluding items, the company earned 27 cents per share. Net sales climbed 13% to $2.79 billion.  Same-store sales rose 6%, just shy of StreetAccount estimates of 6.3%. Traffic to restaurants increased 3.3% in the quarter, continuing the chain’s streak of bucking an overall slump in foot traffic across the industry. While many consumers have opted to eat out less, Chipotle has benefitted from having a wealthier customer base that’s willing to pay more for its burritos and bowls.  During the third quarter, Chipotle brought back its popular smoked brisket for a limited time. It’s currently the most expensive protein, topping even the chain’s steak and beef barbacoa options. Digital sales accounted for 34% of the chain’s quarterly food and beverage revenue. The company opened 86 new locations during the quarter, 73 of which included a “Chipotlane” dedicated to online order pickup. For the full year, Chipotle reiterated its outlook that same-store sales…

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Filed under: News - @ October 29, 2024 8:28 pm