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July 27, 2022

Chipotle reports 17% increase in second quarter 2022 total revenue

Chipotle reported a 35.9% increase in in-restaurant sales, with only 39% of transactions coming from digital orders.

Chipotle Mexican Grill has reported $2.2bn in revenue during the second quarter of 2022, representing a 17% increase compared to the same quarter last year.

This increase was driven by a 10.1% rise in comparable restaurant sales, as well as the opening of new restaurants.

During the quarter, the company opened 42 new restaurants in total, including 32 locations with a Chipotlane.

For the most recent quarter, which ended on 30 June, Chipotle saw a 35.9% increase in in-restaurant sales, with only 39% of total transactions coming from digital orders.

It also reported a 25.2% restaurant-level operating margin, an increase from 24.5% reported in the second quarter of 2021.

This is mainly due to the benefits of an increase in menu prices, as well as lower delivery fees due to reduced delivery transactions.

On a GAAP basis, the general and administrative expenses were $140.8m during the quarter.

The company faced higher costs for ingredients such as avocados, beef and dairy, which offset the benefits of the menu price increases.

It reported a second-quarter net income of $259.9m, or $9.25 per share, representing an increase from $188m, or $6.60 per share, in the same quarter last year.

Chipotle chairman and CEO Brian Niccol said: “We are pleased with our second quarter performance during a period of inflation and consumer uncertainty.

“Our pricing power and value proposition remain strong as our culinary and food with integrity commitment continues to be a key point of differentiation.”

The company’s board approved an additional $300m investment to repurchase its shares during the second quarter.

In April, Chipotle Mexican Grill created a new $50m venture fund to expedite its strategic priorities through early-stage investments in aligned companies.

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