The market has closed, and Chipotle’s Q2 earnings report has finally been released. Chipotle Mexican Grill (NYSE:$CMG) surpassed analyst expectations. However, the Colorado-based company missed revenue estimates.
Chipotle’s Q2 Earnings Report At a Glance:
- Earnings Per Share: $2.32 vs. $2.18 expected, according to Thomson Reuters
- Revenue: $1.17 billion vs. $1.19 billion expected, according to Thomson Reuters
- United States same-store sales: 8.1% vs. 9.7% expected, according to StreetAccount
After the closing bell, Chipotle reported earnings of $2.32 per share on $1.17 billion in revenue, which surpassed analyst expectations of $2.18 per share on $1.19 billion in revenue.
The burrito chain stated that same-store sales increased 8.1% during the quarter. This, of course, disappointed Wall Street, which had forecasted that the company would announce same-store sales growth of 9.7%, according to StreetAccount.
In addition, Chipotle said that sales increased due to improved consumer traffic, reduced promotional activity and a boost in average check.
“We saw encouraging signs in our improved financial results during the first half of the year. Recent events, however, have shown that we still have a lot of opportunity to improve our operations and deliver the outstanding experience that our customers expect,” CEO Steve Ells said.
In the Q2 earnings report, Chipotle echoed its full-year 2017 outlook for same-store sales to grow in the high-single digits.
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