(Reuters) – Chipotle Mexican Grill Inc on Tuesday missed Wall Street estimates for quarterly profit, hurt by costs related to keeping its business running during the COVID-19 pandemic, sending the fast-casual chain’s shares down about 2% after the closing bell.
The burrito chain’s strong digital operations have helped the company ride out the worst of the pandemic, although its expenses have climbed as it bolsters its delivery network.
Digital sales rose nearly three-fold and drove a 5.7% rise in comparable sales, helped by a surge in online orders in some parts of the United States due to the COVID-19 pandemic.
Total revenue increased 11.6% to $1.6 billion for the fourth quarter ended Dec. 31, the company said.
Excluding one-time items, the company earned $3.487 per share, missing the estimate of $3.73, according to IBES data from Refinitiv.
(Reporting by Nivedita Balu in Bengaluru; Editing by Ramakrishnan M. and Anil D’Silva)
