Chipotle Mexican Grill Non-GAAP EPS of $9.30 beats by $0.26, revenue of $2.21B misses by $40M
Jul. 26, 2022 4:11 PM ETChipotle Mexican Grill, Inc. (CMG)By: Pranav Ghumatkar, SA News Editor2 Comments
- Chipotle Mexican Grill press release (NYSE:CMG): Q2 Non-GAAP EPS of $9.30 beats by $0.26.
- Revenue of $2.21B (+16.9% Y/Y) misses by $40M.
- Comparable restaurant sales increased 10.1%
- In-restaurant sales increased 35.9%, while digital sales1 represented 39.0% of food and beverage revenue
- Operating margin was 15.3%, an increase from 13.0%
- Restaurant level operating margin was 25.2% 2, an increase of 70 basis points.
- Opened 42 new restaurants with 32 locations including a Chipotlane.
- For 2022, management is anticipating the following: Q3 comparable restaurant sales growth, including planned price increases in August, in the mid to high-single digits.
- 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.
- An estimated underlying effective full year tax rate between 25% and 27% before discrete items
- Shares +6.27%.