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Chipotle earnings and revenue top estimates, restaurant traffic rises again

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Shares of Chipotle have risen 24% this year, bringing its market value up to $72.82 billion.

The restaurant company beat Wall Street's estimates for its quarterly earnings and revenue.on Wednesday reported quarterly earnings and revenue that topped analysts' expectations as it saw higher traffic at its restaurants, bucking an industry slowdown.Shares of the company rose about 13% in extended trading before losing most of those gains and settling around 3% higher.

The burrito chain reported second-quarter net income of $455.7 million, or 33 cents per share, up from $341.8 million, or 25 cents per share, a year earlier. Chipotle's profits rose from the year-ago period due to price hikes that helped offset higher avocado prices and greater usage of oil to fry tortilla chips this quarter.

" on Wednesday. Same-store sales settled around 6% higher in June. Executives said that July has been more difficult to understand, given the Fourth of July holiday, weather disruptions in Texas and a recent tech outage. "We have focused in on those with outlier portion scores based on consumer surveys, and we are re-emphasizing training and coaching around ensuring we are consistently making bowls and burritos correctly," Niccol told analysts on the company's conference call."We have also leaned in and re-emphasized generous portions across all of our restaurants, as it is a core brand equity of Chipotle.

 

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