Chipotle Shares Surge 8% on Q2 Earnings Beat
2022.07.27 01:45
Chipotle Shares Surge 8% on Q2 Earnings Beat
By Davit Kirakosyan
Chipotle Mexican Grill (NYSE:CMG) shares rose more than 8% after-hours following the company’s reported Q2 results, with EPS coming in at $9.30, better than the consensus estimate of $9.04.
Revenue grew 17% year-over-year to $2.2 billion, compared to the consensus estimate of $2.25 billion. The growth was driven by a 10.1% increase in comparable restaurant sales and new restaurant openings (42 new restaurants with 32 locations including a Chipotlane).
“Our pricing power and value proposition remain strong as our culinary and food with integrity commitment continues to be a key point of differentiation,” CEO Brian Niccol commented.
The company expects Q3 comparable restaurant sales growth in the mid to high-single digits. The company anticipates between 235 to 250 new restaurant openings (including 10 to 15 relocations to add a Chipotlane) in 2022.
