Earnings

Chipotle Mexican Grill (CMG) Q3 2022 earnings

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Chipotle CEO says costs are up over 20% on a two-year basis, discusses company's pricing strategy

Chipotle Mexican Grill on Tuesday reported quarterly earnings that topped analysts’ expectations on the strength of its latest round of menu price hikes.

CEO Brian Niccol said the company saw “minimal resistance” to higher menu prices during the quarter, although transactions declined 1%. Even with the price hikes, he noted the average price for a chicken burrito bowl, which accounts for about half of U.S. orders, is still under $9.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $9.51 adjusted vs. $9.21 expected
  • Revenue: $2.22 billion vs. $2.23 billion expected

Net sales rose 13.7% to $2.22…



Source cnbc.com

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