(Provides shares in paragraph 2, background and particulars on leads to paragraphs 3-6)
Feb 6 (Reuters) – Chipotle Mexican Grill topped market estimates for quarterly gross sales on Tuesday, as People ordered extra of its burritos and rice bowls regardless of menu gadgets getting pricier, underscoring its resilience in a uneven macro setting.
Shares of the California-based firm have been up about 2% in prolonged buying and selling.
Whereas the U.S. restaurant business has seen buyer site visitors weaken prior to now few months, Chipotle has been bucking the development thanks partly to its higher-income buyer base that was comparatively much less impacted by persistent inflation.
Knowledge from Placer.ai confirmed site visitors at Chipotle’s U.S. places climbed 2.6% in October and strengthened additional to finish the quarter with a 5.5% leap in December alone, whereas the general fast-food business noticed visits drop 1.6% on common.
Comparable gross sales on the restaurant chain rose 8.4% within the fourth quarter, in contrast with analysts’ common estimate of a 6.96% improve, in response to LSEG information.
The corporate mentioned it expects comparable restaurant gross sales development within the mid-single digit vary for 2024, in contrast with analysts’ common estimate for a 5.34% improve. (Reporting by Deborah Sophia in Bengaluru; Modifying by Shilpi Majumdar)
