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Jun 30, 2023
Chipotle Q2 2023 Earnings Report
Chipotle's Q2 2023 earnings were announced with record quarterly sales and earnings per share, driven by a 7.4% increase in comparable restaurant sales and margin expansion.
Key Takeaways
Chipotle reported a strong second quarter with a 13.6% increase in total revenue to $2.5 billion, driven by a 7.4% increase in comparable restaurant sales. Diluted earnings per share increased by 33.2% to $12.32, and the company opened 47 new restaurants.
Total revenue increased 13.6% to $2.5 billion.
Comparable restaurant sales increased 7.4%.
In-restaurant sales increased 15.8%, while digital sales represented 38.0% of food and beverage revenue.
Diluted earnings per share was $12.32, a 33.2% increase from $9.25.
Forward Guidance
For 2023, management is anticipating the following: Third quarter comparable restaurant sales growth in the low to mid-single digit range; Full year comparable restaurant sales growth in the mid to high-single digit range; 255 to 285 new restaurant openings (including 10 to 15 relocations to add a Chipotlane), which assumes utility, construction, permit and material supply delays do not worsen; 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 low to mid-single digit range
- Full year comparable restaurant sales growth in the mid to high-single digit range
- 255 to 285 new restaurant openings
- Adding 10 to 15 Chipotlanes
- An estimated underlying effective full year tax rate between 25% and 27% before discrete items
Challenges Ahead
- Utility delays
- Construction delays
- Permit delays
Historical Earnings Impact
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Avg. Return Before/After Earnings
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