Chipotle Reports Q2 Earnings Beat and Raises Full-Year Sales Forecast
Chipotle Mexican Grill (CMG) reported second-quarter earnings that exceeded analyst expectations, leading the company to raise its full-year comparable sales forecast. Revenue for the quarter rose 9.3% year-over-year to $3.35 billion, surpassing estimates of $3.33 billion. On an adjusted basis, Chipotle earned 33 cents per diluted share compared to a projected 32 cents. The company now expects low single-digit growth in comparable restaurant sales for the full year, up from its previous forecast of flat same-store sales. CEO Scott Boatwright attributed strong performance to new menu items and customer rewards programs but noted challenges due to a U.S. cyclospora outbreak affecting consumer confidence late in July. Despite higher food costs driven by beef prices and increased labor expenses, Chipotle opened 100 new locations during the quarter and plans to open between 350 and 370 more this year.
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