Chipotle Mexican Grill books higher net income in second quarter

(Source: Chipotle Mexican Grill/Facebook)

Chipotle Mexican Grill booked higher net income as food and beverage revenue significantly rose in the second quarter.

The company’s net income increased 33.3 per cent to $455.7 million while revenue grew 18.2 per cent to $2.97 billion.

Food and beverage revenue climbed 18.3 per cent to $2.95 billion and delivery service revenue jumped 5.3 per cent to $18.2 million.

During the quarter, Chipotle Mexican Grill opened 52 new company-operated restaurants with 46 locations including a Chipotlane, and one international licensed restaurant.

Comparable restaurant sales rose 11.1 per cent.

“The second quarter was outstanding as successful brand marketing, including the return of Chicken Al Pastor, drove strong demand to our restaurants,” said Brian Niccol, chairman and CEO at Chipotle.

“Our focus and training around throughput paid off as we were able to meet the stronger demand trends with terrific service and speed driving over 8 per cent transaction growth in the quarter.”

For the full year, the company forecasts 285 to 315 new restaurant openings with over 80 per cent having a Chipotlane and comparable restaurant sales growth to be in the mid to high-single digit range.

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