Chipotle Investors Set the Bar Too High
Chipotle Mexican Grill (NYSE: CMG) came out with another round of strong growth on Wednesday. The burrito roller said comparable sales jumped 8.3% in the third quarter, driving revenue up 14.1% to $1.6 billion, which edged out expectations of 13%. Digital sales tripled in the period, making up 48.8% of sales in the period, a sign that the company's digital and delivery strategy continues to pay off.
However, the strong top-line performance didn't trickle down to the bottom line, as the company posted adjusted earnings per share of $3.76, down from $3.82 in the year-ago quarter, though that still topped expectations of $3.40.
Image source: Chipotle.
Source Fool.com
