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Chipotle beats same-stores sales estimates in its second-quarter results

The fast-casual chain saw same-store sales increase 3.3% versus the 2.7% analyst estimate
Chipotle storefront
Chipotle upped its guidance for comparable restaurant sales for the year ahead

Chipotle Mexican Grill Inc (NYSE:CMG) reported better-than-expected second-quarter results, seeing a boost in revenue and same-store sales.

The fast-casual chain reported earnings of US$2.87 per share on revenue of US$1.27bn compared with US$ on revenue of US$ in the previous year’s second quarter.

The Colorado-based chain beat Wall Street estimates of US$2.80 EPS on revenue of $1.26bn.

Same-store sales were up 3.3%, ahead of analyst expectations of 2.7%.

READ: McDonald’s reports super-sized second-quarter results but US sales fizzled

"While we made progress during the quarter with particular strength in digital sales, I firmly believe we can accelerate that progress by executing our reorganization and our strategy to win today and cultivate tomorrow,” said CEO Brian Niccol in a press release.

The former Taco Bell CEO took the reins in March, hoping to spice things up for the upscale chain.

For the year ahead, comparable restaurant sales are forecast to increase in the low to mid-single digits, higher than prior guidance of an increase in low-single digits.

However, restaurant openings are expected to fall towards the lower end of the guidance of 130 to 150.

Shares of Chipotle rose more than 5% to US$469.80 in Thursday after-hours trading.

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