Time: 2024-07-25
Chipotle Mexican Grill , listed on NYSE : CMG , reported impressive quarterly earnings and revenue that surpassed analysts ' expectations , showing a positive trend in the company 's performance . Despite concerns in the industry , Chipotle 's stock rose by 13 % in extended trading following the release of its financial results . The quarter ending June 30 saw the company 's earnings per share at 34 cents , higher than the expected 32 cents , and revenue reaching .97 billion , exceeding the anticipated .94 billion.
The popular burrito chain witnessed a significant increase in net sales by 18.2 % to .97 billion , with same - store sales rising by 11.1 % in the quarter . CEO Brian Niccol attributed this success to a surge in demand for Chipotle 's food , particularly in April . Despite facing backlash on social media over portion sizes , the company denied reducing serving sizes and reported growth in restaurant transactions across all income levels.
Chipotle implemented strategies such as menu innovation , price adjustments , and digital initiatives , contributing to its positive performance . The company remains optimistic about its full - year outlook , expecting mid- to high - single - digit growth in same - store sales and plans to open between 285 and 315 new restaurants in 2024 . With a thriving rewards program and a focus on customer engagement , Chipotle aims to continue its growth trajectory.
Analysts anticipate Chipotle 's revenues in Q2 2024 to surpass consensus estimates , projecting around .1 billion in revenue . The company 's earnings per share are also expected to beat consensus estimates , with a forecast of 34 cents per share . Chipotle 's stock price estimate is higher than the current market price , indicating a positive outlook for investors . The company 's strong performance and strategic initiatives position it well for continued growth and success in the highly competitive restaurant industry.
Business
