Comparable Restaurant Sales Accelerate To 31.2%, Resulting In Record Operating Profitability.
NEWPORT BEACH, CA (StLouisRestaurantReview) Chipotle Mexican Grill, Inc. (NYSE: CMG) Tuesday reported financial results for its second quarter ended June 30, 2021. This is only a summary of the most useful points. St. Louis Restaurant Review has not independently verified the information contained within this article. Please refer to the Chipotle website for complete details.
Chipotle Mexican Grill – Second-quarter highlights, year over year:
- Revenue increased 38.7% to $1.9 billion
- Comparable restaurant sales increased 31.2%
- Digital sales grew 10.5% and accounted for 48.5% of sales
- The operating margin was 13.0%, an increase from -0.4%
- Restaurant-level operating margin was 24.5%1, the highest since Q3, 2015, and an increase of 1,230 basis points
- Diluted earnings per share were $6.60, a 2,175.9% increase from $0.29. Excluding an $0.86 after-tax impact from expenses related to the 2018 performance share (“PSU”) modification to account for the unplanned effects of COVID-19, restaurant asset impairment and closure costs, corporate restructuring, legal proceedings as well as other costs, adjusted diluted earnings per share was $7.46, a 1,765.0% increase from $0.40 1
- Opened 56 new restaurants, including one relocation, and closed five
1 Restaurant-level operating margin, adjusted net income, and adjusted diluted earnings per share are non-GAAP financial measures. Reconciliations to GAAP measures and further information are outlined in the table at the end of this press release.
“Chipotle’s second-quarter results highlight the strength of our brand and our people, as we demonstrated growing momentum in the business,” said Brian Niccol, Chairman, and CEO, Chipotle. “We remain confident in our key growth strategies and believe they will help us achieve our next goal of $3 million average unit volumes with industry-leading returns on invested capital that improve as we continue to add Chipotlanes. In addition, strong restaurant-level economics combined with significant restaurant growth should allow us to optimize earnings power for many years to come.”
Readers might read and ask, “why do they print this information on a restaurant review site?” We publish this information because Chipotle has a significant presence in the St. Louis region. Additionally, it is useable information to local restaurant owners to compare their financials to major competitors to gauge their own success or challenges. Our site publishes restaurant reviews and news.
