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Chipotle 2Q same-stores sales rise 4.3%

Chipotle 2Q same-stores sales rise 4.3%

Net income climbs 27 percent, to $140.2 million

Chipotle Mexican Grill Inc. reported a same-store sales increase of 4.3 percent in the second quarter ended June 30, the company said Tuesday.

The same-store sales increase was driven largely by an increase in average check, including the benefits of a nationwide menu price hike that was fully rolled out during the second quarter of fiscal 2014, the company said.

Net income for the second quarter of 2015 increased 27 percent, to $140.2 million, or $4.45 per share, compared with $110.3 million, or $3.50 per share, a year ago.

Revenue increased 14.1 percent, to $1.2 billion, for the quarter.

The company reiterated its warning earlier this year that same-store sales would rise in the low- to mid-single-digit range for the year, after reporting double-digit increases in the first quarter ended March 31 and through much of the last fiscal year.

“We feel good about our second-quarter results, as our revenue, average restaurant sales and comparable restaurant sales have continued to grow, even comparing to a very strong 2014,” Steve Ells, Chipotle founder, chairman and co-CEO, said in a statement. “The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve and overcome challenges we encounter — whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity, or reinventing the way tortillas are made at scale. Our relentless focus on the key drivers of our business allows us to continue to change the way people think about and eat fast food.”

The chain added 48 restaurants during the quarter, ending with a total of 1,878 units.

This year, Chipotle expects to add 190 to 205 new restaurants.

Contact Lisa Jennings at [email protected].
Follow her on Twitter: @livetodineout

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