Shares of Chipotle Mexican Grill jumped to a record high after the burrito chain beat estimates for earnings and comparable quarterly sales, but it warned higher beef and freight costs will offset the benefit of menu price hikes in the near term
beat estimates for earnings and comparable quarterly sales on Tuesday but warned that higher beef and freight costs will offset the benefit of menu prices hikes in the near term.
Sales at the burrito and bowl chain, which had already recovered during the COVID-19 pandemic, grew even stronger as restrictions eased and Americans trickled back to offices and ordered more lunch. Comparable sales rose 31.2%, ahead of Wall Street expectations of 29.4% growth, according to IBES data from Refinitiv.
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