Increase in sales of chipotle publications
Increase in sales of chipotle publications
reported higher sales growth in the last quarter as the fast-service restaurant chain works to turn the company around new executive director Focusing on innovation and boosting digital sales.
The burrito maker said its third-quarter revenue rose 8.6% to $ 1.23 billion, in line with analysts' expectations. Digital sales grew 48.3% in the quarter and represented 11.2% of sales.
The increase in revenues was driven by the opening of new restaurants and a 4.4% increase in sales of comparable restaurants. The analysts surveyed by FactSet estimated a 5% increase in sales at the same store.
The higher prices helped boost the average amount customers spend per visit by 3.8%. The volume of transactions, however, decreased 1.1%.
The company based in Newport Beach, California, reported a third-quarter profit of $ 38.2 million, or $ 1.36 per share, an increase of $ 19.6 million, or 69 cents per share, a year earlier. Adjusted earnings were $ 2.16 per share, surpassing the $ 2 per share expected by analysts surveyed by Refinitiv.
By 2018, the company affirmed its previous guidance of comparable increases in restaurant sales in the low to middle digits. He also expects the new restaurant openings to be at the lower end of the previously announced range of 130 to 150 for the entire year.
The shares, 53% more than last year, rose 3.8% to $ 440.13 in the operations after the close of Thursday.
Chipotle Chief Executive Brian Niccol said he planned to make changes in the chain menuClose low performance stores, try new menu items and delete management layers. He also planned to market the company's food more intelligently and increase digital sales by installing collection shelves in restaurants where customers can pick up mobile orders.
Niccol, former CEO of Taco Bell, replaced Chipotle founder Steve Ells in March to help transform the restaurant chain.
Chipotle, which has struggled for more than two years to recover customers, has tried to improve sales growth and focus on increasing its reputation after a series of food security scares.
Write to Aisha Al-Muslim in aisha.al-muslim@wsj.com
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