RESOLVING THE LEDGER
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Chipotle (NYSE:CMG) came into the second-quarter earnings report with its back against the wall. The stock had fallen roughly 50% since its peak in late 2024 as growth slowed, it lost star CEO Brian Niccol to Starbucks , and the broader fast-casual industry struggled. Chipotle’s valuation, which had been priced for endless growth, came back down to earth.
With its second-quarter report now in, the burrito roller didn’t deliver a blowout report, but the results were strong enough to lift the stock after hours, up 6%.
Chipotle reported 2.2% comparable sales growth, its best result in six quarters, and revenue rose 9.3% to $3.33 billion, matching analyst estimates. New store openings boosted top-line growth, as Chipotle added 100 company-owned restaurants in the quarter, bringing the total to more than 4,200. Chipotle continued to see margins shrink as both food and labor costs rose, as Chipotle faced inflation in both categories, and general and administrative expenses grew faster than revenue. Menu price increases help offset the cost inflation.
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