Thu, Jul 25, 8:12 PM (44 days ago)
Chipotle Mexican Grill, Inc. reported strong financial performance for Q2 2024, with total revenue increasing by 18.2% year-over-year to $2.97 billion. This growth was driven by an 11.1% increase in comparable restaurant sales, primarily due to higher transactions and a slight increase in average check. Digital sales comprised 35.3% of total food and beverage revenue. The company opened 52 new restaurants, including 46 with Chipotlanes, and plans to open 285-315 new locations in 2024. Operating costs as a percentage of revenue decreased to 71.1%, benefiting from sales leverage despite wage and food cost inflation. Net income rose to $455.7 million, with diluted EPS increasing 32% to $0.33. Cash flow from operations was strong at $1.13 billion for the first half of 2024, aiding in new restaurant development and share repurchases. Chipotle also retired all treasury stock and continues to invest through its $100 million Cultivate Next Fund. The company maintains a robust liquidity position with $2.4 billion in cash and investments and an undrawn $500 million credit facility.