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    Stocks making the biggest moves premarket: Snap, Intel, Zoom Video, Boston Beer & more

    Check out the companies making headlines before the bell:
    Snap – Shares of the Snapchat parent plunged 19.5% in the premarket after the company warned of slowing growth due to the recent changes in Apple’s iOS privacy rules. Those rules make it more difficult to gather information from users and target ads. Snap did beat estimates by 9 cents with an adjusted quarterly profit of 17 cents per share, but its revenue was slightly short of Wall Street forecasts.

    Intel – Intel tumbled 10% in premarket trading after the chip maker predicted lower profit margins over the next few years due to ongoing investments in new technology. Intel reported adjusted quarterly earnings of $1.71 per share, beating the consensus estimate of $1.11, but its sales were short of analyst projections.
    Boston Beer – The brewer of Sam Adams beer reported an unexpected quarterly loss, due to a decline in sales of its Truly hard seltzer brand despite efforts to grow in that category. Boston Beer stock fell 3.3% in premarket action.
    Whirlpool – The appliance maker’s stock fell 3.4% in the premarket, following a warning of “elevated” supply constraints. Whirlpool reported adjusted quarterly earnings of $6.68 per share, beating the $6.12 consensus estimate, but sales fell short of forecasts.
    Digital World Acquisition – The SPAC that is merging with Trump Media & Technology Group is soaring another 59.8% in the premarket after more than quadrupling in Thursday’s trading. The company formed by former President Trump plans a beta rollout of its social network next month.
    Mattel – Mattel surged 7.5% in premarket trading after the toy maker said supply chain disruptions would not prevent it from having a strong holiday season. Mattel also beat estimates on the top and bottom lines, reporting an adjusted quarterly profit of 84 cents per share compared to a 74 cent consensus estimate.

    Honeywell – The industrial conglomerate beat estimates by 3 cents with adjusted quarterly earnings of $2.02 per share, although revenue was slightly short of forecasts. Honeywell said it is seeing strong growth across all its segments, but is still facing tough supply chain challenges.
    American Express – The financial services giant earned $2.27 per share for the third quarter, beating the $1.80 consensus estimate, with revenue also topping Wall Street forecasts. Results were driven in part by record card member spending. American Express rose 1.4% in the premarket.
    Urban Outfitters – The apparel retailer’s stock added 2.7% in the premarket after Citi upgraded it to “buy” from “neutral,” citing a more favorable risk-reward profile following a 25% slump in the stock since Urban Outfitters last reported quarterly earnings in August.
    Zoom Video Communications – J.P. Morgan Securities upgraded the stock to “overweight” from “neutral,” saying the stock already reflects a post-pandemic slowdown in remote video communication. The firm said growth will bottom this quarter and then accelerate due to increasing adoption by businesses. Zoom gained 2.9% in premarket trading.
    VF Corp. – The maker of The North Face and other apparel brands tumbled 8.1% in the premarket, after it missed both top and bottom line estimates for its latest quarter. VF said it is seeing accelerated demand but that its recovery has been impacted by further pandemic-related disruptions.

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    CNBC’s Sustainable Future Forum Europe: Technology & Innovation

    The European session of Sustainable Future Forum on Friday focused on technology and innovation.
    The fourth industrial revolution is also going to be a green revolution. Technological advancement and innovation is promising to make our industries, lives and future more sustainable.  

    CNBC meets those at the forefront of research and digital development to explore how the technology works and what environmental benefits it can bring to us all.
    The lineup for Friday’s sessions are below, and click here for the full schedule of the week.

    Fireside: Tackling greenwashing with blockchain6:30 p.m. SGT/HK | 11:30 a.m. BST
    Kim Raath, CEO of Topl.
    ESG commitments “mean nothing without proof” believes Kim Raath, CEO and founder of Houston-based start-up Topl. In a bid to increase accuracy and transparency to ESG reporting, Topl introduced blockchain to the process, using the technology to standardize and automate reporting, as well as track performance and progress. As companies face mounting pressure to report accurate ESG data, Raath joins us to discuss how Topl’s blockchain technology is increasing trust, who can access it and what kind of impact it will have.
    Add to calendar

    Fireside: Driving the electric vehicle revolution6:45 p.m. SGT/HK | 11:45 a.m. BST
    Nico Rosberg, sustainability entrepreneur and former F1 world champion.
    We’ll hear from F1 legend and sustainability entrepreneur, Nico Rosberg, on how the Extreme E all-electric racing championship is changing the perception of electric cars; what the future holds for e-mobility and whether his green investments are offering good returns.
    Add to calendar

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    ESG will create financial bubbles just like crypto, banking body CEO says

    Financial bubbles will form as investors scramble to make deals in the sustainability space, according to Tim Adams, the president and CEO of the Institute of International Finance.
    Speaking during a panel at CNBC’s Sustainable Future Forum on Thursday, Adams said it was inevitable that the current drive toward ESG (environmental, social and governance) would create assets that exceeded their fundamental value.

    “There’s always bubbles, it’s a lesson of history. Anyone who thinks we won’t have it is naïve,” he said.
    “In times of great technological or economic transformation there’s disruption, there’s bubbles, we see it in the crypto markets now. We saw in the internet throughout the 1990s that all popped in March of 2000. And the weak firms were washed out and new firms rose like a phoenix. Yes, there’s going to be bubbles — there’s too much money chasing too few deals.”
    Having appropriate policies and a resilient financial system in place when the bubble pops, Adams added, would allow investment into promising firms in the space to continue.
    “We are going to intermediate across the spectrum in terms of continuing to channel capital into these new technologies,” he said. “Some will prove not to be viable and some will prove to be wildly viable — firms we haven’t even heard of yet will be the next Amazon or Tesla.”

    The global green technology and sustainability market, valued at $9.57 billion last year, is expected to be worth $41.6 billion by 2028, according to a July report from the market research firm Fortune Business Insights. Meanwhile, a report published in April by consultancy Roland Berger estimated that global revenues in environmental technology and resource efficiency are set to reach 9.4 trillion euros by 2030.

    Fiona Frick, CEO of asset manager Unigestion, told the same panel that investors looking to capitalize on a green revolution should not be looking at the biggest names in the space today.
    “It is not [about] investing in the 10 or 20 companies that are the leaders in renewable energy today, but enlarging the scope of your investment to companies which are perhaps not trading at a premium today because the market hasn’t yet realized that they are on a journey, and that will be seen perhaps in three to four years,” she said.
    “The beauty of the climate revolution is [it will be a] disruption that will have an influence on every sector, but on every sector differently,” Frick added.
    “So on automotive, it will be the emergence of electric cars, on energy it will be a change of how they produce energy, on [construction] it will be how they produce a new kind of cement. For each sector there is a way to do their business more sustainably, so there is a lot of possibility to play that theme. That shouldn’t be concentrated around 20 names.” More

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    Watch CNBC’s Sustainable Future Forum Asia: Technology & Innovation

    CNBC’s Sustainable Future Forum Asia on Friday focuses on technology and innovation.
    The fourth industrial revolution is also going to be a green revolution. Technological advancement and innovation is promising to make our industries, lives and future more sustainable.  

    CNBC meets those at the forefront of research and digital development to explore how the technology works and what environmental benefits it can bring to us all.
    The lineup for Friday’s sessions are below, and click here for the full schedule of the week.

    Panel: Harnessing technology for a greener future2 p.m. SGT/HK | 7 a.m. BST
    Jean-Pascal Tricoire, CEO of Schneider Electric, and Anish Shah, CEO and managing director of Mahindra Group.
    From AI to big data to electric vehicles, digitization and technology are playing a key role in our quest for a carbon-free future. Joining us to discuss how technological solutions can help businesses and governments deliver on their sustainability goals are Schneider Electric CEO Jean-Pascal Tricoire and Anish Shah, CEO and managing director of the Mahindra Group.
    Add to calendar

    Fireside: Smart technologies for sustainable cities2:20 p.m. SGT/HK | 7:20 a.m. BST
    Shaoqian Jia, CEO of Hisense Group.
    From creating smart, sustainable cities to producing more efficient products, consumer electronics giant Hisense is playing it’s part in China’s pledge to be carbon neutral by 2060. We’ll hear from CEO Shaoqian Jia on how the company is using cutting-edge technology to reduce carbon emissions.
    Add to calendar

    Fireside: Tackling greenwashing with blockchain6:30 p.m. SGT/HK | 11:30 a.m. BST
    Kim Raath, CEO of Topl.
    ESG commitments “mean nothing without proof” believes Kim Raath, CEO and founder of Houston-based start-up Topl. In a bid to increase accuracy and transparency to ESG reporting, Topl introduced blockchain to the process, using the technology to standardize and automate reporting, as well as track performance and progress. As companies face mounting pressure to report accurate ESG data, Raath joins us to discuss how Topl’s blockchain technology is increasing trust, who can access it and what kind of impact it will have.
    Add to calendar

    Fireside: Driving the electric vehicle revolution6:45 p.m. SGT/HK | 11:45 a.m. BST
    Nico Rosberg, sustainability entrepreneur and former F1 world champion.
    We’ll hear from F1 legend and sustainability entrepreneur, Nico Rosberg, on how the Extreme E all-electric racing championship is changing the perception of electric cars; what the future holds for e-mobility and whether his green investments are offering good returns.
    Add to calendar

    Subscribe to CNBC International on YouTube.  More

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    'The UK really is in trouble': Doctors warn of a dire Covid crisis as officials reject restrictions

    The U.K. is seeing rampant Covid infections and a slowly increasing number of hospitalizations and deaths.
    The warnings come just as government officials have insisted that more restrictions on public life are not yet necessary.
    Making matters potentially worse, the U.K. is also monitoring a mutation of the delta variant.

    Firefighter Matt Smither is seen working alongside critical care nurses in the Intensive Care Unit at Queen Alexandra Hospital in Portsmouth, southern England.
    ADRIAN DENNIS | AFP | Getty Images

    LONDON — An increasing number of doctors in the U.K. are warning that the country, and its health service, are facing a renewed health crisis due to rampant Covid-19 infections and a rising number of hospitalizations and deaths.
    The warnings, from several big British medical bodies over the last couple of days, come as government officials have insisted that more restrictions on public life are not yet necessary, despite Health Secretary Sajid Javid warning Wednesday that Covid cases could reach 100,000 a day as we enter the winter period.

    Making matters potentially even worse, U.K. experts are now monitoring a mutation of the delta variant that could be making the virus even more transmissible.
    Read more: The delta variant has a mutation that’s worrying experts: Here’s what we know so far

    ‘Incredibly concerning’

    The British Medical Association slammed the government’s sanguine perspective on the situation, stating Wednesday that it was “incredibly concerning” that Javid was not, as the association viewed it, “willing to take immediate action to save lives and to protect the NHS.”
    “Especially as we head into winter, when the NHS is in the grips of tackling the largest backlog of care, with an already depleted and exhausted workforce,” it added in a statement, echoing numerous reports of exhausted frontline health staff.
    Read more: UK doctors call for urgent return of Covid restrictions as experts monitor new mutation

    The BMA backed calls, made earlier this week by the NHS Confederation (which represents organizations across the U.K. health care sector) for the government to trigger its “Plan B,” which it had said last month that it would do if Covid cases threatened to severely impact the health care service’s ability to function.

    “The reality today is an unacceptable rate of infections, hospitalisations and deaths, unheard of in similar European nations. In comparison to France, we have more than 10 times the number of cases and almost four times as many deaths per million,” the BMA said.
    The U.K. has been recording between 40,000 to 50,000 new daily infections in the last week. While the number of daily deaths and hospitalizations remain far below earlier peaks in the pandemic thanks to Covid vaccines, data shows these numbers are climbing too.

    On Thursday, the U.K. reported 52,009 new cases and 115 deaths within 28 days of a positive Covid test. In addition, another 959 people were admitted to hospital, official data shows.
    The government has rebuffed concerns over whether the health service can cope. Health Minister Edward Argar told the BBC Thursday that the NHS is not under “unsustainable pressure,” noting that there were about 95,000 beds in NHS hospitals, with 7,000 occupied by Covid patients and 6,000 currently empty.
    “We know how those numbers can rise swiftly, which is why we’re looking at that day-by-day, hour-by-hour. But at the moment we do have the ability to manage,” he said.
    Other experts beg to differ and say the data could be worse than it appears.

    ‘The UK really is in trouble’

    The U.K.’s Zoe Covid Study, which collects and analyses Covid data with help from King’s College London, estimated Thursday that the number of daily positive tests in the country is much higher than government data suggests. The data suggested there were 81,823 new daily symptomatic cases, on average, based on PCR and LFT (lateral flow test) test data from up to five days ago. That’s an increase of 17% from 69,993 new daily cases last week. 
    Dr. Tim Spector, a professor of genetic epidemiology at King’s College London who runs the study, commented that “with over 80,000 new cases a day the U.K. really is in trouble.”
    “This hasn’t happened overnight, but frustratingly our calls for a more cautious approach to Covid management have gone unheeded, despite the upward trends we’ve reported now for several weeks … The U.K. needs to act now to prevent the situation from escalating out of control ahead of winter,” he said.

    Stalling vaccinations

    Medical experts also agree that the U.K.’s vaccination program, which got off to a flying start back in Dec. 2020, has stalled. Official data shows 79% of the population aged 12 and over is fully vaccinated.
    “There are a number of developments that lie behind the dramatic rise in U.K. infections. Adherence to non-pharmaceutical interventions such as mask wearing has declined; the favorable summer seasonal is fading; and a new sub-lineage of the Delta variant, known as AY.4.2, is increasing modestly,” JPMorgan Chief European Economist David Mackie said in a note Thursday.

    CNBC Health & Science

    “But, in our view, the main issue is the combination of a stalled main vaccination programme, fading vaccine protection and an only modest start to the booster programme.”
    The number of fully vaccinated individuals in the U.K. reached 45 million at the start of October, Mackie noted but by Oct.19, 45.4 million people had been fully vaccinated, “representing an average daily pace over the past few weeks of only 27,600. The main vaccination programme has effectively stalled,” he said.

    Spector agreed that “the two main reasons we’re seeing cases back at January peaks are the U.K.’s flagging vaccine programme … and lifting most restrictions too early.”
    He said the government needed to encourage the unvaccinated to take up shots, and to reintroduce “simple measures, such as wearing masks on public transport and in crowded, poorly-ventilated places, avoiding large indoor gatherings and working from home where possible.”
    “Doing nothing now will just make it worse. This pandemic is far from over, and whilst it seems some would rather bury their heads in the sand, Covid-19 and its new variants have other plans.”

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    Australia says it's in the 'final stages' of opening borders to Singapore

    Visa holders from Singapore could soon be allowed to enter Australia as the country prepares to open its international borders in the coming months, Prime Minister Scott Morrison said Friday.
    Morrison did not specify when tourists from the city-state would be allowed into Australia as visa holders can also mean students, business travelers and skilled migrants.
    Starting next month fully vaccinated Australian citizens, permanent residents and their immediate families are allowed to enter Sydney from overseas, without needing to quarantine.

    Visitors walk through a terminal of Singapore Changi Airport on Dec. 7, 2020.
    Roslan Rahman | AFP | Getty Images

    Visa holders from Singapore could soon be allowed to enter Australia as the country prepares to open its international borders in the coming months, Prime Minister Scott Morrison said Friday.
    “We are in the final stages of completing an arrangement with the Singapore government,” he told reporters, according to a transcript of his remarks. “Some months ago, I met with the Prime Minister of Singapore … to set up a new arrangement which will see our borders open more quickly to Singapore.”

    “We anticipate that being able to be achieved within the next week or so as we would open up to more visa class holders coming out of Singapore,” Morrison added.
    The prime minister did not specify when tourists from the city-state would be allowed into Australia as visa holders can also mean students, business travelers and skilled migrants.

    Gradual reopening

    Starting next month fully vaccinated Australian citizens, permanent residents and their immediate families will be allowed to enter Sydney from overseas, without needing to quarantine.
    Australia will gradually allow more non-resident visitors into the country, including students and business travelers, skilled migrants and eventually tourists, Morrison said Friday.
    “I’m confident that because of the way we have prepared for this day, that that is very possible and very achievable before the end of the year to be getting to international visitors,” he added.

    Australia achieved an important milestone this week with 70% of people above the age of 16 now fully vaccinated. Morrison’s government introduced a transition plan in July that said it wants to fully vaccinate between 70% and 80% of the population before easing international border restrictions.
    Flag carrier Qantas said it will resume flights between Sydney and Singapore from the end of November.
    Elsewhere, Melbourne eased Covid restrictions on Friday. Australia’s second-largest city endured nearly nine months of restrictions during six separate lockdowns since March of 2020.

    Singapore’s Covid situation

    Singapore Prime Minister Lee Hsien Loong welcomed the announcement from Down Under.
    “Delighted to hear that Australia will be allowing entry to visa holders from Singapore,” Lee wrote in a Facebook post, adding he had encouraged Morrison to do so when the Australian leader visited Singapore in June.
    “Singapore and Australia have robust economic and investment links, and warm people-to-people ties. Look forward to resuming close connectivity between our countries,” Lee said.
    Singapore has been experiencing a relatively high number of Covid cases in recent weeks — but the health ministry says most infections are either asymptomatic or patients are showing only mild symptoms. Still, it warned that the city-state’s hospitals are “under significant pressure and strain.”
    Singapore’s vaccination rate is at 84%. The country has two-way quarantine-free travel arrangements with a number of nations, including the U.S, U.K., Germany and South Korea.

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    Scientists turn durian waste into bandages — and the internet has questions

    Scientists in Singapore are using durian husks to create antibacterial bandages they say can heal post-surgery wounds.
    The technology uses an inexpensive process to extract cellulose from the fruit’s thick, green husks. 
    Twitter erupted with questions, with many focused on one thing: the durian’s pungent smell.
    The innovation is a step toward tackling food waste in Singapore, according to William Chen, the team’s lead scientist at Singapore’s Nanyang Technological University.

    A durian’s soft, yellow flesh inside its thorny green husk seen at a shop in Kuala Lumpur, Malaysia.
    Mohd Rasfan | AFP | Getty Images

    Some love it, while others loathe it.
    Durians are banned on all public transportation in Singapore due to their smell — which some have likened to sewage or smelly socks. Some hotels in Southeast Asia even stop their guests from bringing the fruit into the rooms.

    Yet some durian-lovers are willing to pay top dollar for the “king of the fruit” — with someone reportedly parting with a whopping $48,000 for one in 2019.
    But there may be a new reason to appreciate the prickly fruit.
    Scientists in Singapore are using durian husks to create antibacterial bandages they say can heal post-surgery wounds.

    Repurposed rinds

    The technology — developed by a team of researchers at Singapore’s Nanyang Technological University (NTU) — uses an inexpensive process to extract cellulose from the fruit’s thick, green husks. The cellulose is mixed with glycerol to create a soft, silicone-like gel, which can be cut to produce plasters, according to the university.

    As long as Singaporeans keep eating durians, we can keep making these bandages.

    William Chen
    Researcher at Nanyang Technological University

    Twitter erupted with questions, and many focused on one thing: the fruit’s pungent smell.

    Some wondered if the durian’s strong smell can be detected on the bandages, or if wearers will be barred from public buses.
    Chen insisted the bandages are odorless.
    Others joked about it, with one saying — tongue-in-cheek — that it wasn’t surprising that durian plasters can kill bacteria.
    Despite the reactions, researchers say the innovation could help solve a serious environmental problem: food waste.
    “It ties in with our drive towards developing innovations to reduce food waste as a whole,” said William Chen, the director of NTU’s Food Science and Technology Program and lead scientist behind the innovation.

    Professor William Chen and a member of his team experiment on durian husks.
    NTU Singapore

    At least one durian vendor is excited about the prospects.
    “That invention … is a fantastic way to recycle the husk,” James Wong, who sells durians in Singapore, told CNBC. He said durian peels are currently thrown away and he pays waste disposal companies to clear them. “To be able to sell the husk to get money is way better.”

    80% of the fruit’s weight

    Food in Singapore is relatively cheap as it’s highly subsidized by the government, Chen told CNBC.
    “The downside of this affordable and abundant food is that we don’t really value the food,” he said.

    Scientists at Nanyang Technological University developed a hydrogel bandage made of upcycled durian husks.
    NTU Singapore

    To mitigate the problem of food waste, Chen decided to experiment with durian husks, a material that’s typically thrown away after the soft, yellow flesh of the fruit is consumed. The husk can account for about 80% of the fruit’s weight.
    Durians were the choice of fruit for several reasons, the researcher said.
    Large fruits like durians give scientists the required volume to work with. They also have high fiber content, which makes them suitable for the process.
    The availability of durians also played a factor, Chen said.
    “Singapore consumes 12 million durians a year,” he said. “As long as Singaporeans keep eating durians, we can keep making these bandages.”

    Benefits and drawbacks

    According to Chen, bandages made from durian husks are both environmentally and medically beneficial. Unlike existing plasters, the new bandages contain hydrogels, which can protect wounds and keep them moist.
    Some medical experts are onboard with the innovation too.
    “The hydrogel bandages produced from durian husk performed equivalently well to those in the market,” said Associate Professor Andrew Tan, a metabolic disorders expert at NTU’s medical school, who is not part of the bandage project.
    The hydrogel provides moisture which helps remove infected tissue and encourages healing, he said, adding that “hydrogels may also cool the wound which is helpful in alleviating pain.”

    People wait in line to buy durians in Singapore on June 24, 2021.
    Suhaimi Abdullah | NurPhoto | Getty Images

    “I have always believed that nature has the answers to everything,” said Priyadarshani Kamat, a Singapore-based homeopath. “In the past, I’ve seen how bandages made of potato peels help burn victims recover their skin quickly, and this [durian] hydrogel is similar to that.”
    Durian bandages aren’t primed to replace all bandages — not yet anyway. Tan pointed out they aren’t suitable for heavy wounds, as they are mostly composed of water.
    They aren’t 100% biodegradable either. While the team has managed to replace the soft, cushioned layer with the durian hydrogel, the outer adhesive part is still made of plastic, said Chen.
    Still, Chen and his team hope to bring the durian husk bandages to market within the next two years.

    It makes me feel slightly better about binging on durians because I know the husks can be used for a good cause.

    Xin Yi Lin
    Singaporean student

    “I want to turn research into something useful to society,” Chen told CNBC.
    He added that such innovations should not replace the need to generate less waste. “We don’t want these innovations to fire-fight with increasing waste — the idea is to reduce it at its source,” he said.
    After hearing about Chen’s research, one durian-lover felt better about eating the fruit.
    “I know the durian husks, especially during durian season, contribute to a lot of waste,” said Singaporean student Xin Yi Lin, who is a self-proclaimed durian-fanatic. “It makes me feel slightly better about binging on durians because I know the husks can be used for a good cause.”

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    Chipotle earnings crush estimates as sales jump 22%, higher menu prices offset rising costs

    Chipotle Mexican Grill topped Wall Street’s estimates for its earnings and revenue in the third quarter.
    Menu price increases helped the burrito chain offset higher costs on beef and freight.
    Shares of Chipotle have risen 33% this year, giving it a market value of $51.79 billion.

    A customer carries a Chipotle Mexican Grill Inc. bag outside a restaurant in San Francisco, California, U.S., on Monday, July 20, 2020.
    David Paul Morris | Bloomberg | Getty Images

    Chipotle Mexican Grill on Thursday reported quarterly earnings that crushed Wall Street’s estimates as its menu price increases helped the chain weather higher costs.
    Shares of the company rose more than 1% in extended trading.

    Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

    Earnings per share: $7.02 adjusted vs. $6.32 expected
    Revenue: $1.95 billion vs. $1.94 billion expected

    The company reported fiscal third-quarter net income of $204.4 million, or $7.18 per share, up from $80.2 million, or $2.82 per share a year earlier.
    Beef and freight costs were higher, but menu price hikes offset the impact of those increased expenses. In June, the chain announced that menu prices would rise by roughly 4% to cover the cost of hiking restuarant workers’ wages to an average of $15 an hour.

    Excluding a tax benefit, restructing costs and other items, Chipotle earned $7.02 per share, topping the $6.32 per share expected by analysts surveyed by Refinitiv.
    Net sales rose 21.9% to $1.95 billion, beating expectations of $1.94 billion. Same-store sales climbed 15.1%, topping StreetAccount estimates of 14%.

    Digital sales increased by 8.6% after more than tripling a year ago. The company’s loyalty program has gained 24.5 million members in two and a half years, helping Chipotle learn more about its customers and encourage more frequent visits.
    “There is no doubt that the loyalty program has moved from the crawl to the walk stage, and we still have a lot of room to grow,” CEO Brian Niccol said on the conference call.
    Chipotle is still experiencing some staffing challenges amid the labor crunch that’s hitting the broader industry. But Chief Technology Officer Curt Garner said in an interview that Chipotle was able to keep that from hitting its sales for the most part by keeping its restaurants open. When a location is understaffed for a shift, it can turn off its digital orders to focus on in-restaurant transactions. Delivery orders will be fulfilled by a nearby restaurant, while digital customers looking to pick up their orders will be directed to order from a nearby location instead.
    At the tail end of the quarter, the chain launched smoked brisket as a limited-time menu option. Strong demand for the item means that its availability will end in November, slightly earlier than initially planned. Under Niccol, who previously led Yum Brands’ Taco Bell, the company has accelerated adding new menu items through a process it calls stage-gate testing. The chain has been strategic with new releases, making many of them limited-time options to drive customer traffic to its restaurants and to keep the menu from becoming bloated.
    The company opened 41 new restaurants during the quarter. Only five of those locations did not include a “Chipotlane,” a drive-thru lane designated for picking up digital orders. Executives said that the company is still dealing with inflation on construction materials, shortages on subcontractor labor and equipment and landlord delivery delays.
    Looking ahead to the fourth quarter, the company is projecting same-store sales growth in the low-to-mid double-digits range. Chipotle did note several uncertainties weighing on the business, like inflation, staffing pressures and Covid-19.
    “Despite these challenges we remain confident in our ability to drive restaurant margins higher as our average unit volumes increase,” CFO Jack Hartung said.
    Chipotle also announced its board had approved an additional $100 million in stock buybacks, bringing its total authorization to $209.8 million as of Sept. 30. The company repurchased $98.7 million in stock during the third quarter.
    Read the full earnings release here.

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