Chipotle Mexican Grill has reported a net income of $341.8m for the second quarter of 2023, a surge of almost 31% compared with $260m a year ago.
For the quarter ended 30 June 2023, the company’s total revenue rose by 13.6% to $2.5bn from $2.21bn a year earlier.
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The company attributed the rise in the total revenue to a 7.4% growth in comparable restaurant sales and new restaurant openings.
Chipotle noted that its in-restaurant sales for the quarter rose by 15.8%. Its digital sales represented 38% of total food and beverage revenue.
The company’s restaurant-level operating margin during the quarter was 27.5% compared to 25.2% in the second quarter of 2022.
During the second quarter, the restaurant brand opened 47 new restaurants, with 40 locations, all of which include a ‘Chipotlane’ drive-through.
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By GlobalDataRestaurant-level operating margin in the second quarter was 27.5% versus 25.2% in the same quarter a year.
The company attributed the rise in restaurant-level operating margin to benefiting from sales leverage and lower avocado prices.
Chipotle chairman and CEO Brian Niccol said: “Chipotle’s second quarter results demonstrate our ability to drive strong performance by focusing on exceptional food and exceptional people.
“Additionally, our investment in our employees, technology and innovation in our restaurants along with expanding access and convenience in North America and laying the groundwork for international growth, set us up for long-term success.”
