Chipotle Q2 2022 Earnings Report
Key Takeaways
Chipotle Mexican Grill, Inc. reported strong financial results for the second quarter ended June 30, 2022, with total revenue increasing by 17.0% to $2.2 billion and comparable restaurant sales growing by 10.1%. The company opened 42 new restaurants, including 32 Chipotlanes, and diluted earnings per share increased by 40.2% to $9.25.
Total revenue increased 17.0% to $2.2 billion.
Comparable restaurant sales increased 10.1%.
In-restaurant sales increased 35.9%, while digital sales represented 39.0% of food and beverage revenue.
Diluted earnings per share was $9.25, a 40.2% increase from $6.60.
Chipotle
Chipotle
Forward Guidance
For 2022, management is anticipating the following: Third quarter comparable restaurant sales growth, including planned price increases in August, in the mid to high-single digits and Between 235 to 250 new restaurant openings (including 10 to 15 relocations to add a Chipotlane), which assumes construction, permit and material supply delays don’t worsen and An estimated underlying effective full year tax rate between 25% and 27% before discrete items
Positive Outlook
- Third quarter comparable restaurant sales growth in the mid to high-single digits.
- Planned price increases in August.
- Between 235 to 250 new restaurant openings.
- Adding 10 to 15 Chipotlanes through relocations.
- Stable construction, permit, and material supply conditions.
Challenges Ahead
- Construction delays.
- Permit delays.
- Material supply delays.
- Uncertainty regarding comparable restaurant sales growth.
- Potential impact of price increases on sales.