NEW YORK, NY / ACCESSWIRE / May 25, 2018 / Chipotle shares traded pretty flat on Thursday but that didn't mean there wasn't some positive developments going on with the Mexican burrito chain. The company announced it is moving its headquarters from Colorado to California and that it would be adding mobile drive-thru windows at locations. Shares of Universal Corporation saw big gains after reporting fourth quarter and full year results on Wednesday.
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Chipotle Mexican Grill, Inc.
Chipotle Mexican Grill, Inc. shares closed down a modest 0.48% yesterday on nearly 300,000 shares traded. Despite the flat day of trading, Chipotle had some big news. The burrito restaurant chain announced that it would be adding mobile drive-thru windows at its restaurants across the country. So far stores in Tennessee, Ohio, Texas, and Massachusetts already offer the feature and more locations are expected. Customers will not be able to order food at the windows but will be able to pick up their orders after placing them on the company's app or online firm. According to chief digital and information officer, Curt Garner, "[CEO] Brian [Niccol] has said very well that Chipotle has this huge opportunity ahead of us as it relates to access. We still only have 2,500 locations. There are plenty of places and occasions for us to continue to grow into. But as we've looked at access, we've also looked at it in terms of different restaurant formats and these mobile drive-thru pick-up restaurants are part of that." The company also announced that it would be moving its corporate headquarters from Colorado to California. CEO Brian Niccol has said that the move will help drive sustainable growth and position the company to compete for top talent.
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Universal Corporation shares closed up nearly 30% on Thursday with around 1.4 million shares traded. It was on Wednesday that the company reported fiscal fourth quarter results. Net income hit $30.5 million, a pleasant change after the company reported a loss in the year ago quarter. Earnings per share was $1.20 while adjusted earnings were $1.44 a share. Revenue for the period was $607.5 million. For the full year revenue was $2.03 billion while earnings per share were $4.14. VP and Treasurer, Candace C. Formacek, stated, "We are pleased with our good results for fiscal year 2018. Net income remained steady at about $106 million, despite modestly lower lamina volumes and a slight decline in operating income to $171 million, compared to fiscal year 2017. We also continue to grow our market share and expand the services we provide our customers, including gaining new multi-year processing commitments in Brazil."
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