Chipotle Mexican Grill, Inc. (NYSE: CMG) on Tuesday reported second-quarter earnings of $3.99 per share, which surpassed average analysts’ estimate of $3.76 per share.
Revenues improved 13.2% to $1.43 billion, which was above the street consensus of $1.41 billion. The revenue growth was spurred by a 10% increase in comp sales as well as menu price increase.
Digital sales doubled and accounted for 18.2% of sales for the quarter.
CMG stock gained 4% during after-market trading following the announcement. The stock has gained 70% so far this year and so much in the past twelve months, all along outperforming the industry.
During the quarter, Chipotle said it opened 20 new stores and closed one, bringing the total restaurant count to 2,523.
For 2019, the company currently anticipates high single-digit comparable restaurant sales growth, up from the prior projection of mid to high single-digit range. Chipotle also plans to open 140 to 155 new restaurants during this period.
The restaurant chain has been thriving on the success of its digital transformation and the positive response to new menu offerings. The share of online sales increased steadily in recent years – digital sales more than doubled annually in the first quarter.
Rival fast-food chain McDonald’s is scheduled to publish financial results on July 26, while Yum! Brands will be releasing second-quarter earnings on August 1.
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