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Jun 30, 2021
Chipotle Q2 2021 Earnings Report
Chipotle's Q2 2021 results highlighted strong brand and growing momentum.
Key Takeaways
Chipotle Mexican Grill, Inc. reported a 38.7% increase in revenue to $1.9 billion, driven by a 31.2% increase in comparable restaurant sales. Diluted earnings per share was $6.60, and adjusted diluted earnings per share was $7.46. The company opened 56 new restaurants and closed five, bringing the total restaurant count to 2,853.
Revenue increased 38.7% to $1.9 billion.
Comparable restaurant sales increased 31.2%.
Digital sales grew 10.5% and accounted for 48.5% of sales.
Operating margin was 13.0%, an increase from -0.4%.
Chipotle
Chipotle
Forward Guidance
For Q3, the company expects comparable restaurant sales to be in the low to mid double-digits range and anticipates at or slightly above 200 new restaurant openings. An estimated effective full year tax rate between 25% and 27% is expected.
Positive Outlook
- Comparable restaurant sales growth in the low to mid double-digits range
- At or slightly above 200 new restaurant openings
- Strong restaurant level economics
- Significant restaurant growth
- Optimize earnings power for many years to come
Challenges Ahead
- Uncertainty still exists with the potential impact of COVID-19
- Pace of the economic recovery
- Increasing ingredient and other operating costs
- The increasingly competitive labor market
- Decreased overall consumer spending