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Saturday, Aug 13, 2022

Chipotle Customers’ Strong Return to Restaurants Drives Q2 Results

Digital and more customers in restaurants helped drive results in the second quarter for Chipotle Mexican Grill Inc. (NYSE: CMG).

Comparable sales in the quarter jumped 31.2% on the strong restaurant performance.

“We remain confident in our key growth strategies and believe they will help us achieve our next goal of $3 million average unit volumes with industry-leading returns on invested capital that improve as we continue to add Chipotlanes,” Chair and CEO Brian Niccol said in a statement.

Chipotle opened 56 restaurants during the quarter, with 45 of those locations bearing the company’s version of the drive-thru it calls Chipotlane. The company expects to open about 200 restaurants total this year.

The company saw revenue in the quarter increase 38.7% from a year ago to $1.9 billion, about in line with analyst estimates.

Digital continues to grow with sales up 10.5% from a year earlier to $916.5 million.

Second-quarter net income totaled $188 million, compared to $8.2 million a year earlier and the $158.9 million projected by analysts.

Shares of Chipotle were up 4.4% to $1,646.37 in after-hours trading Tuesday following the earnings report. The company, with more than 2,850 restaurants and over 100,000 workers, had a recent market cap of $44.3 billion.


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