Revenue for Chipotle Mexican Grill Inc. (NYSE: CMG) grew 17% to $2.21 billion in Q2, the Newport Beach restaurant chain reported.
The results barely miss analysts’ consensus estimates of $2.24 billion.
“We are pleased with our second quarter performance during a period of inflation and consumer uncertainty,” Chairman and CEO Brian Niccol said in a statement. “Our pricing power and value proposition remain strong as our culinary and food.”
The restaurant chain said its revenue growth was driven by a 10.1% increase in comparable restaurant sales and new restaurant openings.
Shares in Chipotle rose 8.7% to $1,431 per share and a $36.8 billion market cap in after-hours trading.