Summary by Moomoo AI
Chipotle Mexican Grill reported strong financial results for Q2 2024, with total revenue increasing 18.2% to $3.0 billion and comparable restaurant sales rising 11.1%. The growth was primarily driven by higher transaction volumes and a modest increase in average check. Digital sales represented 35.3% of total food and beverage revenue.Restaurant operating costs improved to 71.1% of total revenue, down from 72.5% in Q2 2023, benefiting from sales leverage despite wage inflation pressures. The company continued its expansion by opening 52 new company-operated restaurants in Q2, including 46 locations with Chipotlanes. Net income rose to $455.7 million, with diluted earnings per share increasing 32% to $0.33.Looking ahead, Chipotle remains on track to open 285-315 new restaurants in 2024, with at least 80% featuring Chipotlanes. The company marked its first international expansion in over a decade with a licensed location in Kuwait City. As of June 30, 2024, Chipotle operated 3,530 restaurants, including 3,460 in the United States and 70 international locations.
