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Shares of Chipotle Mexican Grill jumped 8% in extended trading on Tuesday after the company reported quarterly earnings that topped analyst expectations.
Menu price hikes helped offset inflation without hurting customer demand. Other chains haven’t had as much luck charging customers more. Fellow restaurant giants McDonald’s and Starbucks both fell short of Wall Street’s earnings expectations for their latest quarters due to higher costs.
“We’re pretty fortunate with the pricing power that we have,” Chipotle CEO Brian Niccol said on CNBC’s “Closing Bell.”
Next quarter, the burrito chain expects same-store sales growth to slow due to the omicron variant.
Here’s what the company reported…
Source cnbc.com
