Amid the coronavirus pandemic, which has largely prevented restaurants from allowing customers to sit inside for meals, Chipotle's digital sales tripled in the quarter and accounted for three-fifths of its total sales.
The Newport Beach, Calif., chain earned 29 cents a share compared with $3.22 a share in the year-earlier quarter.
The latest figure reflects 11 cents a share of costs related to restaurant-asset impairment and corporate restructuring. The latest adjusted earnings were thus 40 cents a share.
Revenue slipped to $1.36 billion from $1.43 billion. Digital sales were $829.3 million.
A survey of analysts by FactSet produced consensus estimates of profit of 39 cents a share, or an adjusted 35 cents, on revenue of $1.33 billion.
Comparable-restaurant sales dropped 9.8%, better than the FactSet estimate of a drop of 11.5%.
Month to month, comparable sales fell 24.4% in April, eased 7% in May, rose 2% in June and are up 6.4% in July to date, Chipotle said.
Chairman and Chief Executive Brian Niccol said in a statement that the company's "investment in digital over the past few years has provided our customers with convenient access" to the chain.
In the quarter Chipotle opened 37 restaurants -- including three relocations -- and closed three, so it now operates 2,669 outlets. Of those, 100 have drive-through service windows.
At June 30, Chipotle had on hand $934.6 million of cash, short-term investments and restricted cash.
It had no debt and it has a $600 million untapped credit facility.
Citing the uncertain economic outlook arising from the continuing pandemic, Chipotle declined to guide investors and analysts toward results for the full year.
Barron's notes that for some investors and analysts, the valuation on Chipotle stock is a bit problematic.
Chipotle shares are trading for more than 75 times the next 12 months of earnings and nearly 100 times the trailing 12 months of profit, Barron's reports.
The stock has nearly tripled since mid-March, when it touched a 52-week low at $415. In 2020 through the close of regular trading on Wednesday, the stock is 42% higher.
The shares at last check eased 1.3% to $1,170. They closed Wednesday's regular trading at $1,185.27, up 1.9%.
Chipotle said in mid-July that it planned to hire as many as 10,000 staffers over the next few months, including both hourly and salaried management positions.
The chain touts its benefits, including opportunities for staffers to earn college degrees without going into debt, paid parental leave, employee assistance programs that include access to mental health care, and more.