Chipotle profit falls on higher expenses

(Reuters) – Chipotle Mexican Grill Inc on Wednesday posted an 18.6% drop in quarterly profit, hurt by higher beef prices, delivery costs and coronavirus-related expenses. Shares of the company, one of the best performers in the restaurant sector following a 60% rise this year, were down about 4% after the closing bell.

The burrito chain reported a three-fold jump in online sales, as consumers stuck at home ordered more healthy meals and salads, although it came at a higher cost for the company.

Net income fell to $80.2 million, or $2.82 per share, for the third quarter from $98.6 million or $3.47 per share, a year earlier.

Comparable sales rose 8.3%, compared with Wall Street expectations of 7.59% rise, according to IBES data from Refinitiv.

(Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel and Anil D’Silva)