Summary by Moomoo AI
Chipotle Mexican Grill reported strong Q2 2024 results, with total revenue increasing 18.2% to $3.0 billion and comparable restaurant sales rising 11.1%. Diluted earnings per share grew 32.0% to $0.33, including a $0.01 after-tax impact from an unrealized loss on a long-term investment and increased legal reserves. The company opened 52 new restaurants, including 46 with Chipotlanes, during the quarter.Restaurant operating costs decreased to 71.1% of total revenue, down from 72.5% in Q2 2023, driven by sales leverage but partially offset by wage inflation. Digital sales represented 35.3% of total food and beverage revenue. The company remains on track to open 285-315 new restaurants in 2024, with at least 80% featuring Chipotlanes.Chipotle expanded internationally, opening its first licensed location in Kuwait City. The company's Cultivate Next Fund, aimed at investing in strategically aligned companies, has invested $34.0 million to date. Looking ahead, Chipotle faces potential challenges from wage inflation, supply chain disruptions, and economic uncertainties, but remains focused on growth and operational efficiency.
