Q2 2024 Chipotle Mexican Grill Inc Earnings Call Transcript
Key Points
- Sales grew 18% to nearly $3 billion, driven by an 11.1% increase in comp store sales.
- Digital sales represented 35% of total sales, indicating strong online engagement.
- Restaurant-level margin increased by 140 basis points year-over-year to 28.9%.
- Opened 53 new restaurants, including 46 Chipotlanes, expanding their footprint.
- Adjusted diluted EPS grew by 36% over the previous year, showcasing strong financial performance.
- Cost of sales expected to rise to just below 31% in Q3 due to higher protein costs and increased avocado and dairy prices.
- Labor costs are anticipated to increase to the low 25% range in Q3 due to seasonal factors and wage inflation.
- Margins are expected to be under pressure for the next couple of quarters due to seasonal and temporary factors.
- Negative mix impact of 1% due to a decrease in group size, although offset by add-ons like chips and queso.
- California price increases led to a pullback in spending, indicating sensitivity to price changes in certain markets.
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Good afternoon and welcome to the chip potently Second Quarter Fiscal 2024 earnings call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing star, then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question. You may press star, then one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I'd now like to turn the conference over to Cindy Wilson, Head of Investor Relations and Strategy. Please go ahead.
Hello, everyone, and welcome to our second quarter of fiscal 2020. Our earnings call. By now you said that you should have access our earnings press release. If not, it may be found on our Investor Relations website, ir dot support.com. I will begin by reminding you that certain statements and projections made in his presentation about our
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