Digital continued to prove itself for Chipotle Mexican Grill Inc. (NYSE: CMG), which reported first-quarter results after market close Tuesday.
The Newport Beach-based fast casual chain saw revenue of $1.4 billion for the March quarter, up 7.8% and in line with consensus estimates.
Net income totaled $76.4 million, down from the $88.1 million notched a year ago. On an adjusted basis, excluding restaurant closures and other costs, income totaled $87.2 million, beating analyst expectations of $82 million.
Same-store sales were on the up through February before slumping 16% in March due to the effects of the pandemic. Comparable sales overall ended the quarter up 3.3%.
Digital sales continued to see growth, increasing nearly 81% to $371.8 million. Digital made up 26% of the quarter’s overall sales.
New restaurant openings continued with 19 new doors in the quarter, although the company noted it was beginning to see a construction slowdown and delayed several of its April projects.
Guidance for the fiscal year was not provided, given the uncertainty stemming from the pandemic’s impact on the economy, the company said.
Chipotle earlier in the day disclosed it reached a settlement with the Justice Department on an investigation stemming from foodborne-related illnesses at some of its restaurants between 2015-2018. Chipotle, as part of a settlement, agreed to pay a $25 million fine.
The company’s shares were trading up about 6% in after-hours trading Tuesday to a market cap of $22 billion.
