Chipotle Sees Boost in 2Q Revenue, Comparable Sales

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By Kathryn Hardison

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Chipotle Mexican Grill Inc. said its second-quarter revenue increased 17% during the period, driven by comparable restaurant sales growth and new store openings, despite inflation and consumer uncertainty.

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The food chain swung to a profit of $259.9 million, or $9.25 a share, compared with $188 million, or $6.60 a share, a year prior. Adjusted earnings per share were $9.30. Analysts polled by FactSet expected earnings of $9.08 per share and adjusted earnings of $9.04 each.

The company also reported revenue of $2.21 billion, up 17% from last year. Analysts expected $2.25 billion. Chipotle said the revenue increase was driven by a roughly 10% gain in comparable restaurant sales and from opening 42 stores during the period.

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In-restaurant sales increased 36%, while digital sales represented 39% of food and beverage revenue.

Chipotle said it expects third-quarter comparable restaurant sales growth, including planned price increases in August, to be in the mid to high-single digits.

As of June 30, Chipotle has more than 3,000 restaurants in the US, Canada, the UK, France and Germany.

Write to Kathryn Hardison at [email protected]

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Credit: www.marketwatch.com /

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