Chipotle Mexican Grill Inc. saw a double-digit same-store sales increase during the second quarter ended June 30, one of the strongest on record since the company went public in 2006.
The 17.3-percent increase in same-store sales was primarily driven by increases in traffic, though an increase in the average check, reflecting menu price increases rolled out during the quarter, also boosted results. Revenue topped $1 billion.
The Denver-based fast-casual operator said net income rose 25 percent for the quarter. The company added 45 new restaurants during the 13-week period, for a total of 1,681 units.
“We’re pleased that we continued to drive excellent results in the second quarter, including one of our strongest sales comps as a public company,” Steve Ells, founder, chairman and co-chief executive, said in a statement. “These extraordinary results are made possible by our special food culture, innovative people culture and strong business model that are not only creating significant shareholder value, but also helping us realize our vision to change the way people think about and eat fast food.”
2Q NET INCOME
Result: $110.3 million, or $3.50 per share% Increase: 25% (from $87.9 million, or $2.82 per share)
2Q REVENUE
Result: $1.1 billion% Increase: 29% (from $816.8 million)
2Q SAME-STORE SALES
% Increase systemwide: 17.3%Source: Company report
RELATED:
• 2014 Top 100: Why Chipotle is the No. 4 fastest-growing chain
• Analysts hail Chipotle following strong 4Q
• Same-Store Sales at NRN.com
Contact Lisa Jennings at [email protected].
Follow her on Twitter: @livetodineout