Chipotle Q2 2024 Earnings Report
Key Takeaways
Chipotle announced strong second-quarter results, with an 18.2% increase in total revenue to $3.0 billion, driven by an 11.1% increase in comparable restaurant sales. The company opened 52 new company-operated restaurants, including 46 with Chipotlanes. Diluted earnings per share increased by 32.0% to $0.33, and adjusted diluted earnings per share increased by 36.0% to $0.34.
Total revenue increased by 18.2% to $3.0 billion.
Comparable restaurant sales increased by 11.1%.
Operating margin increased to 19.7% from 17.2%.
Diluted earnings per share increased by 32.0% to $0.33.
Chipotle
Chipotle
Forward Guidance
For 2024, management is anticipating the following:Full year comparable restaurant sales growth in the mid to high-single digit range, 285 to 315 new restaurant openings with over 80% having a Chipotlane, An estimated underlying effective full year tax rate between 25% and 27% before discrete items
Positive Outlook
- Full year comparable restaurant sales growth in the mid to high-single digit range
- 285 to 315 new restaurant openings
- Over 80% of new restaurants having a Chipotlane
- Estimated underlying effective full year tax rate between 25% and 27% before discrete items