In this file:
· Chipotle posts highest profit margins since 2015
· Chipotle Mexican Grill (CMG) Second Quarter 2021 Revenue
Chipotle posts highest profit margins since 2015
The burrito chain credits price increases, fewer promos and lower beef prices for its 24.5% operating margins in Q2—the best since it was plagued by food safety incidents six years ago.
By Heather Lalley, Restaurant Business
Jul. 20, 2021
Chipotle Mexican Grill reported its highest profit margins since 2015 on Tuesday.
Restaurant-level operating margins were 24.5% for the second quarter ended June 30—Chipotle’s highest since it was hit with a food safety crisis six years ago—and an increase from 12.2% for the same period a year ago, the company said.
“The improvement was driven primarily by leverage from comparable restaurant sales including menu price increases, lower promotional activity as well as lower beef prices, partially offset by higher costs associated with new menu items, wage inflation for one month of the second quarter, and avocados,” Chipotle said in a statement.
Chipotle recently raised its menu prices by about 4%, after earlier boosting prices on delivery orders an average of 13%.
Chipotle’s margins had suffered in recent quarters because of the high cost of delivery transactions.
The fast casual’s revenue in Q2 soared 38.7%, to $1.9 billion. Same-store sales were up 31.2% over the same period last year, a period in which the country was still deep in the midst of the pandemic...
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Chipotle Mexican Grill (CMG) Second Quarter 2021 Revenue
David Paul Morris, Bloomberg
via Eminetra - Jul 20, 2021
Chipotle Mexican Grill On Tuesday, diners returned to the restaurant, reporting quarterly earnings above pre-pandemic levels.
The company also released third-quarter same-store sales forecasts.
Stocks rose 4% in after-hours trading.
Based on an analyst survey by Refinitiv, the company reported:
Earnings per share: Adjusted $ 7.46 vs. Expected $ 6.52
Revenue: Forecast of $ 1.89 billion vs. $ 1.88 billion
Chipotle reported second-quarter net earnings of $ 188 million ($ 6.60 per share), up from $ 8.2 million (29 cents per share) in the year-ago quarter. Food and beverage costs fell by nearly 3% year-on-year due to soaring menu prices and lower beef prices.
Excluding restaurant asset impairment, closure costs and other items, Brito Chain earned $ 7.46 per share, above the $ 6.52 per share predicted by analysts surveyed by Refinitiv.
Net sales were $ 1.89 billion, up 38.7%...