(Reuters) -Chipotle Mexican Grill Inc beat estimates for quarterly same-store sales on Thursday as COVID-19 vaccinations and its new menu items encouraged more people to dine out at its restaurants despite higher prices.
Americans who were cooking more in their kitchens during the pandemic-induced work from home are now grabbing burritos and sandwiches on the way to work and social gatherings, prompting restaurants to launch new items to attract customers.
Chipotle has expanded its menu with items such as smoked brisket, cauliflower rice and carne asada while also raising prices of its offerings to make up for higher payroll and ingredient costs.
Comparable sales rose 15.1% in the third quarter, compared with analysts’ average estimate of 13.4% growth, according to Refinitiv data.
The burrito chain also forecast comparable restaurant sales growth in the low to mid double-digits range in the fourth quarter, compared with estimates of 14% growth.
(Reporting by Hilary Russ in New York and Praveen Paramasivam in Bengaluru; Editing by Aditya Soni)
