Chipotle Shares Move ~10% On Earnings Report
Chipotle Mexican Grill (NYSE: CMG) shares are shooting up after the company announced the results of its second quarter Monday.
Revenue beat the analyst estimate by 6.4 percent at $1.05 billion versus $987.2 million. Year over year, this is a 28.6 percent increase. Same stores sales led the way with a 17.3 percent increase.
Earnings topped Wall Street’s consensus by 14 percent at $3.50 per share versus $3.07 per share. The company lost some scale as this is just a 25.5 percent year over year beat. Food costs increased by 1.5 percent of sales and G&A expenses increased by 0.9 percent of sales.
Looking forward, Chipotle expects 180-195 restaurants opened in 2014 coupled with same store sales to increase in the mid teens.
Shares of Chipotle were last trading at $645.16, up 9.4 percent in Monday’s extended hours session.
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