Tacos for everyone! Chipotle exceeded all earnings expectation today, bringing in $3.50 per share with sales of $1.05 billion. Wall Street analysts predicted they would have $990 million in sales, and the per share price would be $3.08.
Adding to this mega quarter were Chipotle's 45 new stores, bringing their sales up 17 percent from this time last year. Earlier this year, Chipotle had to increase some prices due to the rising cost of beef, cheese, and avocado, but it did not affect their overall sales, it seems.
Steve Ells, Founder, Chairman and co-CEO of Chipotle said,
We’re pleased that we continued to drive excellent results in the second quarter, including one of our strongest sales comps as a public company. These extraordinary results are made possible by our special food culture, innovative people culture, and strong business model that are not only creating significant shareholder value, but also helping us realize our vision to change the way people think about and eat fast food.
Monty Moran, co-CEO, added,
Empowered teams of top performers can accomplish amazing things. Our Restaurateurs form the foundation of Chipotle’s culture, setting a standard for everyone else to follow. We are deeply committed to these leaders and the unique people culture they are building in their restaurants, which not only helps provide our guests with an exceptional dining experience, but also enables us to deliver great results to our shareholders."
These are the same co-CEOs that tried to give themselves a mega raise earlier this year, but now, they might just be justified in taking home an extra large bonus. Chipotle's shares skyrocketed in after hours about ten percent:
So, while the rest of the world may be in chaos, at least most of us can agree that guacamole is really, really delicious.
This article is from the archive of our partner The Wire.