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Chipotle Mexican Grill beats profit expectations as same store sales rise

Investing.com -- Chipotle Mexican Grill Inc (NYSE:CMG) shares rose in after-hours trading after it beat expectations for third quarter earnings as same store sales rose 5%.

The burrito chain reported adjusted earnings per share of $11.36  and revenue of $2.47 billion, up 11.3% from the same time last year. Analysts expected earnings of $10.55 a share on revenue of $2.47 billion.

Shares were up more than 5% after-hours. They are up 30% so far this year.

Same store sales gained at the higher end of Chipotle’s previous forecast.

The company said it expects fourth quarter and full year 2023 same restaurant sales growth in the mid to high-single digit range.

For 2024, management is anticipating 285 to 315 new restaurant openings.

 

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