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Chipotle 2Q same-store sales up 10%

Fast-casual brand sees increase in transactions, average check

Chipotle Mexican Grill Inc. continued to post same-store sales gains in its second quarter, booking a 10% increase for the period ended June 30, the company reported Tuesday.

The Newport Beach, Calif.-based fast-casual brand said same-store sales improved primarily because of a nearly 7% increase in comparable restaurant transactions and a 3.5% increase in the average check.

The company said average check included a benefit from menu price increases that were implemented during 2018 and partially offset by 40 basis points “as a result of deferred revenue from our Chipotle Rewards loyalty program.”

Brian Niccol, Chipotle CEO, said in a statement that the same-store increase reflected the sixth consecutive quarter of accelerating comparisons. "These strong results were delivered despite a tougher year over year comparison and benefited from better restaurant operations, more effective marketing and leveraging our digital make line to grow sales and expand access,” Niccol said in a statement.

For the second quarter, Chipotle reported net income of $91 million, or $3.22 a share, up from $46.9 million, or $1.68 a share in the same period last year. Revenues were $1.43 billion in the most recent quarter, compared to $1.27 billion in the same quarter last year.

As of June 30, Chipotle had 2,523 restaurants in the United States, Canada, the United Kingdom, France and Germany.

Contact Ron Ruggless at Ronald.Ruggless@Informa.com

Follow him on Twitter: @RonRuggless

TAGS: Finance
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