Chipotle Mexican Grill saw record sales in its third quarter with boosts in both online and in-store sales, despite raising prices on their menu.
The comparable chain saw revenue increase 21.9% year-over-year to $2 billion, which it says was driven by fast-casual restaurant sales increasing 15.1%. The firm's earnings per share hit $7.18, which was a 154.6% increase from Q3 of 2020.
Chipotle said that boosting their prices helped offset higher costs, namely from beef and freight.
Chipotle's third quarter results demonstrate strong momentum in our business fueled by a multi-pronged strategy and a passionate team that's delighted to welcome more guests back into our restaurants, said Chairman and CEO Brian Niccol in a statement.
Our team has demonstrated their ability to be resilient and successfully execute against macro complexities, Niccol continued. As a result, I believe we are better positioned than ever before to drive sustainable long-term growth, which makes me excited about what we can accomplish in the years ahead. Chipotle said it also attributed much of its success in Q 3 to new menu items. The company introduced cauliflower rice earlier in the year and made a lot of buzz with favorable reviews for its recent limited-time offering of smoked brisket as a protein.
But the brisket won't be around for long. Chipotle said the beef cut will be for a full quarter this year as compared to the partial quarter of carne asada last year. Chipotle also announced that its board of directors approved the repurchase of up to an additional $100 million of common stock.