Shares of Chipotle Mexican Grill (NASDAQ:CMG) fell in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $8.29, which missed analysts’ consensus estimate of $8.81 per share. Sales increased by 11.2% year-over-year, with revenue hitting $2.2 billion. This missed analysts’ expectations of $2.23 billion.
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Chipotle saw comparable restaurant sales gain 5.6% during the quarter. Its in-restaurant sales surged a healthy 17.5% as well. But the big gainer for Chipotle came from its digital sales, which now represent 37.4% of food and beverage revenue. Margins improved for the chain, as the operating margin was 24% even, up 380 basis points.
Overall, Wall Street has a consensus price target of $1,753 on Chipotle Mexican Grill, implying 1.84% upside potential, as indicated by the graphic above.
