1 Green Flag for Chipotle
Chipotle Mexican Grill (NYSE: CMG) is thriving as economies reopen and business restrictions are removed. Dining inside restaurants was temporarily banned at the pandemic's onset, but now that billions of people have been vaccinated against COVID-19, governments have allowed restaurants to welcome patrons inside. That's excellent news for Chipotle, boosting the average sales generated per restaurant.
In its most recent quarter, which ended on March 31, Chipotle reported average restaurant sales of $2.68 million. That was meaningfully higher than the $2.3 million in average restaurant sales it earned in the same quarter of the prior year, and it eclipsed the $2.5 million long-term goal that management targeted several years ago.
With that milestone reached and momentum riding high, management is confident it can surpass $3 million in average per restaurant sales in the near future. That would be crucial in lifting the company's overall revenue, which totaled $7.5 billion in its most recently completed fiscal year, a 26% increase from the prior year.
Source Fool.com
