The post Chipotle Mexican Grill (CMG) Q2 2024 earnings appeared on BitcoinEthereumNews.com.

A Chipotle restaurant in New York on July 3, 2023. Jeenah Moon | Bloomberg | Getty Images 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 about 13% in extended trading before losing most of those gains and settling around 3% higher. 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. Here is what the company reported for the quarter that ended in June 30 compared to what Wall Street was expecting, based on a survey of analysts by LSEG: Earnings per share: 34 cents adjusted vs. 32 cents expected Revenue: $2.97 billion vs. $2.94 billion expected 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…

---

Filed under: News - @ July 24, 2024 9:08 pm