Chipotle Mexican Grill posts upbeat first quarter results, fueled by menu price hike
The positive results are the first q...
Chipotle Mexican Grill posted better-than-expected earnings in its first quarter, on the back of menu price hikes.
The positive results are the first quarterly report to come under the leadership of CEO Brian Niccol who came over from rival Taco Bell last month.
The Mexican restaurant chain said that net income rose to $59.4mn in its first quarter, up from $46.1mn.
The American chain also said that its total revenue climbed 7.4% to $1.15bn during the period.
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Chipotle said that the average check size - a calculation of the average transaction amount - rose 4.9% during the quarter, helped by the price hikes which it began it implement in April.
"While the company made notable progress during the quarter, I firmly believe we can accelerate that progress in the future,” said Brian Niccol, chief executive officer.
“We are in the process of forming a path to greater performance in sales, transactions, margins and new restaurants,” he added.
“This path to performance will be grounded in a strategy of executing the fundamentals while introducing consumer-meaningful innovation across the business. “
The restaurant chain, best known for its burritos, also announced that its Board had approved an additional investment of up to l $100mn to buy back shares.
Just Eat delivers strong first quarter growth as revenues rise 50%
Strong order growth an...
Online takeaway company Just Eat delivered a strong start to the year reporting that revenues rose 49% during its first quarter.
Strong order growth and more high-value delivery orders were credited for the upbeat results as the group posted £177mn in revenue in the first three months of the year.
The takeaway delivery operator said that UK orders rose 24% to £29.7mn during its first quarter, noting that it processed its 400 millionth British order yesterday.
UK orders were lifted by the firm’s acquisition of rival Hungryhouse in January, which added an extra 1 percentage point to UK order growth, according to the company.
The firm also reported strong growth abroad noting that international orders were up 46% to £21.9mn.
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Just Eat said that this was driven by continued triple-digit growth in Canada and strong performances in Italy and Spain which offset “softness” in Australia.
“Just Eat has had a strong start to the year,” commented Peter Plumb, CEO. “We delivered our 400 millionth order in the UK, grew well in Italy and Spain, whilst powering continued momentum in our Canadian delivery service SkipTheDishes.
“I’d like to welcome all our important new Restaurant Partners to the Just Eat family, including those from our successful recent acquisition of Hungryhouse.”
Just Eat was the top rise on the FTSE 100 index, with its shares up more than 4%.
In March, Just Eat announced that it was investing £50mn in developing its own delivery service which has helped to boost its margins.