Chipotle Mexican Grill (CMG) Stock Modestly Lower Following Q3 EPS and Revenue Beat

Chipotle Mexican Grill (NYSE: CMG) shares traded modestly lower after-hours (-1.2%) after the restaurant chain reported its Q3 results, with EPS coming in at $7.02, beating the consensus estimate of $6.26.

Quarterly revenue grew 21.9% year-over-year to $2 billion (vs. Street’s $1.93 billion), including a 15.1% increase in comparable restaurant sales.

The company believes the ongoing strength in digital sales (up 8.6% and accounted for 42.8% of total sales), strong recovery of in-restaurant sales, and positive customer reception to the company’s new menu items drove the strong revenue growth.

The company provided its Q4 outlook, expecting comparable restaurant sales growth in the low to the mid-double-digits range and 200 (or slightly above) new restaurant openings.

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