Chipotle Mexican Grill reported strong Q2 2024 results, with total revenue increasing 18.2% to $3.0 billion and comparable restaurant sales rising 11.1%. Diluted earnings per share grew 32.0% to $0.33, including a $0.01 after-tax impact from an unrealized loss on a long-term investment and increased legal reserves. The company opened 52 new restaurants, including 46 with Chipotlanes, during the quarter.Restaurant operating costs decreased to 71.1% of total revenue, down from 72.5% in Q2 2023, driven by sales leverage but partially offset by wage inflation. Digital sales represented 35.3% of total food and beverage revenue. The company remains on track to open 285-315 new restaurants in 2024, with at least 80% featuring Chipotlanes.Chipotle expanded internationally, opening its first licensed location in Kuwait City. The company's Cultivate Next Fund, aimed at investing in strategically aligned companies, has invested $34.0 million to date. Looking ahead, Chipotle faces potential challenges from wage inflation, supply chain disruptions, and economic uncertainties, but remains focused on growth and operational efficiency.

Chipotle Mexican Grill reported strong Q2 2024 results, with total revenue increasing 18.2% to $3.0 billion and comparable restaurant sales rising 11.1%. Diluted earnings per share grew 32.0% to $0.33, including a $0.01 after-tax impact from an unrealized loss on a long-term investment and increased legal reserves. The company opened 52 new restaurants, including 46 with Chipotlanes, during the quarter.Restaurant operating costs decreased to 71.1% of total revenue, down from 72.5% in Q2 2023, driven by sales leverage but partially offset by wage inflation. Digital sales represented 35.3% of total food and beverage revenue. The company remains on track to open 285-315 new restaurants in 2024, with at least 80% featuring Chipotlanes.Chipotle expanded internationally, opening its first licensed location in Kuwait City. The company's Cultivate Next Fund, aimed at investing in strategically aligned companies, has invested $34.0 million to date. Looking ahead, Chipotle faces potential challenges from wage inflation, supply chain disruptions, and economic uncertainties, but remains focused on growth and operational efficiency.