Chipotle releases financial results, beating analysts’ predictions

Mexican chain Chipotle has announced its figures for the second quarter ending 30 June, with expert’s predictions beaten on sales.

Sales at the chain’s restaurants which were open for at least 13 months in the second quarter, saw a rise of 3.3%, a significant improvement on analyst predictions of around 2.7%.

Despite the sales rises the company saw a fall in net income of around £35.8m from around £51m, while revenue did see a rise of 8.3% over the same period.

New CEO Brian Niccol was appointed by Chipotle in February to lead the chain out of several years of poor sales figures. Niccol had previously done the same with tex-mex chain Taco Bell.

Niccol said: “While we made progress during the quarter with particular strength in digital sales, I firmly believe we can accelerate that progress by executing our reorganisation and our strategy to win today and cultivate tomorrow.”

Shares in Chipotle rose by 5% following the news with stock up by 55% in 2018.

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