Summary by Moomoo AI
Chipotle Mexican Grill reported strong Q2 2024 results, with total revenue increasing 18.2% to $3.0 billion. Comparable restaurant sales rose 11.1%, driven by 8.7% higher transactions and a 2.4% increase in average check. Digital sales accounted for 35.3% of total food and beverage revenue.Operating margin expanded to 19.7% from 17.2% year-over-year, while restaurant level operating margin improved to 28.9%. Diluted earnings per share grew 32% to $0.33, or $0.34 on an adjusted basis. The company opened 52 new restaurants, including 46 with Chipotlanes.For 2024, Chipotle anticipates mid to high-single digit comparable restaurant sales growth and plans to open 285 to 315 new restaurants. The Board authorized an additional $400 million for share repurchases, bringing the total available to $647.7 million.
