Chipotle Mexican Grill reported second-quarter earnings of 33 cents per share as the Denver-based burrito chain’s comparable-store sales increased 14.5 percent.
A year ago, the company had second quarter earnings of 98 cents per share. That included a non-recurring tax-benefit of 77 cents per share, resulting in adjusted earnings of 21 cents per share.
Analysts surveyed by Thomson Financial Network, were expecting earnings of 25 cents per share.
The company attributed its second-quarter performance to the increase in comparable restaurant sales, the opening of new restaurants and favorable commodity costs.
“This was another very good quarter for us, helping to deliver outstanding year-to-date results,” Chipotle founder and chief executive Steve Ells said in a statement issued by the company. “This strong performance continues to show the strength of our brand and the relevance of the Chipotle experience in the eyes of so many customers.”
McDonald’s Corp., which still holds a 51 percent stake in Chipotle, has said it intends to divest itself of the company through a tax-free stock exchange of Chipotle shares for McDonald’s stock by the end of October.
Chipotle reported its earnings after the market closed today. Shares of the company closed at $52.50, which was up 4.7 percent.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
