A person wearing a protective mask and gloves leaves a Chipotle restaurant in San Francisco, California on April 19, 2021.

David Paul Morris | Bloomberg | Getty Images

Chipotle Mexican Grill on Tuesday reported quarterly revenue surpassing pre-pandemic levels as customers returned to restaurants.

The company also released a third quarter revenue forecast.

Shares rose nearly 5% in extended trading.

Here’s what the company said, relative to Wall Street expectations, based on an analyst survey by Refinitiv:

  • Earnings per share: $ 7.46 adjusted versus $ 6.52 expected
  • Revenue: $ 1.89 billion versus an expected $ 1.88 billion

Chipotle reported net income of $ 188 million, or $ 6.60 per share, for the second quarter, compared to $ 8.2 million, or 29 cents per share, last year. Food and beverage costs were down almost 3% year over year due to menu price increases and lower beef prices.

With no disruption to restaurant facilities, shutdown costs, and other items, the burrito chain earned $ 7.46 per share, beating the $ 6.52 per share analysts surveyed by Refinitiv had expected.

Net sales rose 38.7 percent to $ 1.89 billion, beating expectations of $ 1.88 billion. Sales in the same store increased by 31.2%. A year ago, the company’s sales in the same store fell more than 9% after the lockdown hurt demand.

After online orders skyrocketed last year, Chipotle saw slow growth for this part of its business. Digital sales grew 10.5%, accounting for 48.5% of the company’s quarterly sales. In the first quarter, Chipotle’s online orders overtook in-person sales for the first time.

“I suspect the percentage will likely go down a bit when the dining rooms return,” CEO Brian Niccol said on CNBCs “Final bell” on Tuesday. “What I’m watching are the absolute dollars we make in our digital business.”

Niccol said dining room traffic is about 70% of the 2019 level, while the company is holding about 80% of the gains in its digital orders. He also said customers are returning for lunch.

Chipotle opened 56 new locations and closed five restaurants in the quarter.

Looking to the third quarter, assuming current trends continue, the company forecasts low to mid double-digit sales growth in the same business. In the third quarter of 2020, sales in the same store rose 8.3%. Niccol said the Delta Covid variant has not yet affected consumer behavior.

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