Chipotle Mexican Grill Reports Q2 Profit Beat; Shares Jump
2022.07.27 00:18
By Yasin Ebrahim
Investing.com — Chipotle Mexican Grill surged in afterhours Tuesday after reporting mixed quarterly results as profit beat but revenue fell just short of Wall Street estimates.
Chipotle (NYSE:CMG) was up nearly 8% in afterhours trading following the report.
The company reported earnings per share of $9.30, above estimates of $9.04. Revenue of $2.21B fell short of analysts’ estimates of $2.25 billion.
Comparable restaurant sales increased 10.1%.
Operating margin was 15.3%, an increase from 13.0% amid “strong” pricing power and value proposition during a period of inflation and consumer uncertainty, the company said.
Looking ahead to the third quarter, the company estimates comparable restaurant sales growth, including planned price increases in August, in the mid to high-single digits.
The restaurant chain expects to open 235 to 250 restaurants for the year.
