Newport Beach’s Chipotle Mexican Grill Inc. (NYSE: CMG) reported second quarter revenue and adjusted profit that beat analysts’ consensus estimates.
Revenue rose 13% to $1.43 billion and adjusted profit was $3.99 a share, compared with analysts’ expectations for $1.41 billion in sales and $3.76 a share.
Digital sales, a key component of the company’s strategy, doubled while same store sales climbed 10%, beating the 8% estimate of analysts. Chipotle opened 20 restaurants in the quarter and closed one.
The company boosted its 2019 forecast to high-single digit comparable restaurant growth, up from prior mid-to-high single digit range.
In after-hours trading the shares rose 3.7% to $766.74, according to Yahoo! Finance website. Shares of the company, which has a $20.5 billion market cap, are up about 75% on the year.
