Chipotle Mexican Grill Inc Video
Guac - The Chipotle Way Chipotle Mexican Grill Inc
Citing the uncertainty caused by the coronavirus pandemicthe company declined to provide a forecast for same-store sales growth in fiscal but did say that it's expecting a strong first quarter. Shares of Chipotle fell 3.
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Here's what the company reported for the quarter ended Dec. Same-store sales rose 5. The return of its carne asada in September boosted demand.
Zoom In Icon Arrows pointing outwards. And if the pandemic doesn't worsen, the company is expecting same-store sales growth in the mid-to-high teens during the first quarter. Third-party apps like DoorDash charge restaurants a commission fee, eating into their profits.
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Chipotle had said in previous quarters that the higher incidence of delivery orders fueled by the crisis had hurt its profit margins. Executives also said that Covid related costs, like performance bonuses and sick pay for employees who came into contact Mxican the virus, weighed on margins. The company opened 61 new locations during the quarter, relocated two restaurants and closed one. In fiscalChipotle expects to open around new restaurants, assuming that it encounters few construction and permit delays related to the crisis.
CMG earnings call for the period ending December 31, 2020.
CFO Jack Hartung said that the company could resume stock buybacks at the end of the first quarter or in the second quarter, depending on economic conditions at the time. Read the full earnings report here.
Skip Navigation. Markets Pre-Markets U. Key Points. Chipotle Mexican Grill said same-store sales grew 5.]
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