Chipotle Q3 Earnings Beat Expectations As Price Hikes Boost Revenue

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Chipotle Q3 Earnings Beat Expectations As Price Hikes Boost Revenue

Yahoo Finance2022-10-26

Chipotle (CMG) posted third quarter 2022 earnings results Tuesday after market close that slightly beat market expectations.Here’s what the California-based company reported, compared to Wall Street’s...

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kevinlaisq
·2022-10-26
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YekGuo98
·2022-10-26
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YekGuo98
·2022-10-26
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  2022-10-26
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The use of delivery services, for which the company uses third parties, saw a drop — 0.8%, compared to 1.0 percent this quarter in 2021.In 2022 so far, the cost of labor is up 25.1%, while food and beverage costs are up 29.8%. In particular, the company reported higher costs for dairy, packaging, tortillas and avocados this past quarter.In the quarter, Chipotle opened 43 new restaurants with 38 locations including a drive-thru, which the company calls Chipotlanes. For 2022 overall, management expects between 235 to 250 new restaurant openings (including 10 to 15 relocations to add a Chipotlane), assuming \"construction, permit and material supply delays don't worsen.\" For 2023, management aims to open 255 to 285 new restaurants.For the overall year, management anticipates the momentum will continue with fourth-quarter same-store sales to grow mid- to high-single digits and estimated underlying effective full year tax rate between 25% and 27%, but may vary depending on discrete items.Following the results, Morningstar analyst Sean Dunlop told Yahoo Finance, the company is \"certainly recession resistant,\" adding that in this environment consumers \"might trade out of higher price full-service menus\" and \"trade down to fast casual or QSR-plus\" which he calls a \"niche\" that Chipotle sits in. 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