• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Chipotle has been on a hot streak with customers

by July 25, 2024
written by July 25, 2024

Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations as it saw higher traffic at its restaurants, bucking an industry slowdown.

Shares of the company rose after the closing bell. As of Wednesday’s close, Chipotle’s stock had slid 17% this month, hurt by investor concerns about the health of the restaurant industry. In late June, the company executed a 50-for-1 stock split.

From April: Chipotle reports big profit as diners shake off price increases

The burrito chain reported second-quarter net income of $455.7 million, or 33 cents per share, up from $341.8 million, or 25 cents per share, a year earlier. Chipotle’s profits rose from the year-ago period due to price hikes that helped offset higher avocado prices and greater usage of oil to fry tortilla chips this quarter.

Excluding items, Chipotle earned 34 cents per share.

Net sales climbed 18.2% to $2.97 billion.

The company’s same-store sales rose 11.1% in the quarter, topping StreetAccount estimates of 9.2%.

Demand for its food peaked in April, CEO Brian Niccol said on CNBC’s “Closing Bell: Overtime” on Wednesday. Same-store sales settled around 6% higher in June. Executives said that July has been more difficult to understand, given the Fourth of July holiday, weather disruptions in Texas and a recent tech outage.

Traffic to its restaurants increased 8.7%, despite backlash on social media fueled by customers who said their burrito bowls are smaller. The company has denied reducing its portion sizes.

“We have focused in on those with outlier portion scores based on consumer surveys, and we are re-emphasizing training and coaching around ensuring we are consistently making bowls and burritos correctly,” Niccol told analysts on the company’s conference call. “We have also leaned in and re-emphasized generous portions across all of our restaurants, as it is a core brand equity of Chipotle.”

Restaurant transactions grew across every income level, Niccol said. Other consumer companies, from PepsiCo to McDonald’s, have said in recent months that low-income customers are pulling back more, pressuring their sales. Chipotle, like many fast-casual chains, benefits from a customer base that tends to make higher incomes.

The chain brought back its chicken al pastor in March as a limited-time menu item. More customers have also been ordering its barbacoa, which underwent a name change earlier this year that added “braised beef” to improve customer awareness of the option.

Chipotle opened 52 new company-owned locations and one new international licensed restaurant during the quarter.

The company reiterated its full-year outlook that same-store sales will grow by a mid- to high-single digit percentage. Chipotle also anticipates that it will open between 285 to 315 new restaurants this year.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Kamala Harris vetting list of possible running mates with 4 stand-outs: report
next post
6 House Dems vote with GOP to condemn Kamala Harris for ‘border czar’ role

related articles

Paramount mandates 5-day-a-week return to office ahead of...

September 5, 2025

Apple has survived Trump’s tariffs so far. It...

September 4, 2025

Trump family’s American Bitcoin makes stock market debut

September 4, 2025

Disney to pay $10 million to settle FTC...

September 4, 2025

Crash victims’ families prepare to make what could...

September 3, 2025

Amazon cracks down on Prime free shipping sharing

September 3, 2025

U.S. judge orders Google to share search data...

September 3, 2025

Kraft Heinz to split into two companies

September 2, 2025

Rhode Island’s ‘Taylor Swift Tax’ on vacation homes...

September 2, 2025

Spirit Airlines files for Chapter 11 bankruptcy protection...

August 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Dem support likely to push Trump’s pro-union labor pick past key vote

    February 27, 2025
  • Physician governor urges Capitol Hill to block RFK Jr.’s confirmation: ‘Our children’s lives depend on it’

    January 7, 2025
  • Trump admin moves to more easily fire federal workers at 2 agencies: report

    April 3, 2025
  • EURUSD AND GBPUSD: EURUSD is holding steady above

    August 12, 2024
  • Trump pledges to release files on JFK, MLK and RFK assassinations

    January 20, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,924)
  • Investing (634)
  • Stock (921)

Latest Posts

  • Trump fires Democratic FTC commissioners

    March 19, 2025
  • Cryptocurrency ‘pig butchering’ scam wrecks Kansas bank, sends ex-CEO to prison for 24 years

    August 22, 2024
  • Tim Cook to join Trump at White House for Apple investment announcement

    August 7, 2025

Recent Posts

  • The dollar index managed to stabilize and start a recovery

    August 7, 2024
  • NZDUSD and USDTRY: NZDUSD at a new weekly low

    September 11, 2024
  • HHS halts work at high-risk infectious disease lab following repeated safety violations

    May 1, 2025

Editor’s Pick

  • VP Harris to sit down hours from now with Bret Baier for first Fox News interview

    October 16, 2024
  • Tulsi Gabbard scores key committee Republican’s support ahead of pivotal vote

    February 4, 2025
  • Cracker Barrel assures customers its values remain the same amid logo uproar

    August 26, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock