Chipotle 2Q net income, revenue up
July 27, 2011
by Meat&Poultry Staff
DENVER – Chipotle Mexican Grill Inc. announced for its second quarter ended June 30 compared to the second quarter of 2010, net income was $50.7 million, an increase of 9 percent, while revenue increased 22.4 percent to $571.6 million.
For the six months ended June 30 compared to the prior year, net income was $97.0 million, an increase of 15.1 percent, and revenue increased 23.3 percent to $1.08 billion.
"We are continuing to focus on our efforts to serve better-tasting food, made with ingredients from more sustainable sources, and on building a people culture that delights our customers and allows us to develop the future leaders we will need to support our growth,” said Steve Ells, founder, chairman and co-CEO of Chipotle. “In spite of some cost challenges during the quarter, we continue to believe that our relentless focus on these things, which really drive our business, will allow us to produce great results for our shareholders over the long term."
During the quarter Chipotle opened 39 new restaurants. During the first six months of the year, Chipotle opened 51 new restaurants, bringing its total restaurant count to 1,131.