In a July 24^th release, Chipotle Mexican Grill (CMG) reported on the 2^nd quarter of fiscal 2024 ending June 30^th.

The market responded negatively to the August 13th announcement that CEO and Chairman Brian Niccol would leave the Company to serve as CEO and president of Starbucks although leaving a seasoned and experienced successor and management team.

For the quarter, the company earned $456 million on total revenue of $2,973 million including delivery payments, generating a diluted EPS of $0.33.  For comparable Q2 of fiscal 2023, Chipotle earned $341 million on total revenue of $2,497 million.  

Total revenue increased by 18.2 percent over Q2 FY 2023 and comparative same store sales were up by 11.1 percent. Digital sales represented 35 percent of revenue in the most recent quarter. Restaurant operating margin increased from 27.5 percent to 28.9 percent in Q2 2024.

During Q1, Chipotle opened 52 new stores, with 46 equipped for drive-through service. Chipotle operates 3,536 stores with average annual sales of $3.3 million.

In commenting on results, Brian Niccol, Chairman and CEO stated "The second quarter was outstanding as successful brand marketing, including the return of Chicken Al Pastor, drove strong demand to our restaurants. Our focus and training around throughput paid off as we were able to meet the stronger demand trends with terrific service and speed driving over 8 percent transaction growth in the quarter."

For 2024 Management retained projections with sales increase of “mid to high single digits,” a range of 285 to 315 new stores with 80 percent equipped for drive through delivery.

On June 30^th Chipotle Mexican Grill posted assets of $8,919 million with long-term lease obligations of $4,015 million.  Market capitalization was $71,990 million on August 2^nd.  During the past 52-weeks, CMG has traded over a range of $35.37 to $69.25 with a 50-day moving average of $59.06. CMG closed pre-release on July 24^th at $51.75 but closed on July 25^th post-release at $50.82. On a trailing twelve-month basis, operating margin was 19.9 percent and profit margin 13.2 percent.  The Company generated returns of 13.7 percent on assets and 43.5 percent on equity.