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Posted by Khalid Shaikh on September 20, 2024 at 9:39am 0 Comments 0 Likes
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The global telehealth services market size is anticipated to reach USD 291.37 billion by 2030, growing at a CAGR of 30.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing technological advancements in healthcare, the shortfall of healthcare professionals, and supportive government initiatives drive the market demand. Technological advancements in…
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Posted by sara James on September 20, 2024 at 9:08am 0 Comments 0 Likes
The global Metal Recycling Market size is expected to reach USD 1,135.28 billion by 2030, growing at a CAGR of 4.0% from 2024 to 2030, according to a new report by Grand View Research, Inc. Increasing emphasis on circular economy and growing environmental awareness are major factors that are likely to propel the industry growth over coming…
ContinueChipotle (CMG) on Tuesday posted a second-quarter earnings report that smashed joker gaming Wall Street expectations, thanks to the mass return of customers after COVID-19 restrictions, and ongoing strength in digital sales.
Here’s what the California-based company reported, compared to Wall Street’s expectations, according to a Bloomberg consensus estimate:
Revenue: $1.9B vs. $1.88 billion expected
Adj. earnings per share (EPS): $7.46 vs. $6.54 per share expected
Same-store sales: 31.2% vs. 29.8% expected
The restaurant chain outperformed on all measures, even as it faces some scrutiny for raising prices to offset the impact of the labor shortage. Shares of Chipotle rose 1.5% in after-hours trading following the report, and up 14 percent year to date.
"We remain confident in our key growth strategies and believe they will help us achieve our next goal of $3 million average unit volumes with industry leading returns on invested capital that improve as we continue to add 'Chipotlanes'," Brian Niccol, Chipotle Chairman and CEO said in the release.
"Strong restaurant level economics combined with significant restaurant growth should allow us to optimize earnings power for many years to come," Niccol added.
Dine-in customers returned strong, reflected in comparable restaurant sales that skyrocketed by 31.2%; however, digital sales did not take a hit from that rebound. The increasingly important segment accounted for 48.5% of sales, growing 10.5% from a year ago.
This year, the company plans to open approximately 200 restaurants, making significant progress this quarter with 56 new restaurants including one relocation; 45 of those locations included a drive-thru "Chipotlane."
This comes as Wall Street is keeping a close eye on pent-up demand among Chipotle eaters this quarter, and the company's efforts to innovate digitally.
Nicole Miller Regan of Piper Sandler & Co. reiterated shares of Chipotle as "overweight" with a price target of $2,100 in a note last month, amid optimism about Chipotle's development pipeline with 200 new locations planned for fiscal year 2021.
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