Chipotle (NYSE: CMG) recently reported earnings that soundly beat expectations. Earnings per share (EPS) came in at $7.46 for the fiscal 2021 second quarter when analysts on Wall Street were expecting earnings of $6.50.
The fast-casual restaurant chain is benefiting as the U.S. lifts many COVID restrictions. Chipotle pivoted quickly at the onset of the pandemic, emphasizing digital sales, and it is now supplementing its digital business with the return of customers to its dining rooms. The one-two punch allowed the company to surpass its previous peak of $2.5 million for average unit volumes (or AUV, the average annual sales per store). And thanks to other progress made during the pandemic, management is confident enough to set an even higher target for AUV going forward.
Chipotle stock was up double digits after reporting its fiscal second-quarter results. Image source: Getty Images.
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Chipotle Moves Goalposts as It Eclipses Prior Peak