Chipotle Profit Tops Estimates, Sales Misses; Stock Down 7%

(RTTNews) - Chipotle Mexican Grill Inc (CMG) on Tuesday reported second-quarter net earnings of $140.2 million or $4.45 per share compared with $110.3 million or $3.50 per share last year.

Revenues for the quarter were up 14% at $1.20 billion compared with $1.05 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $4.44 per share on revenues of $1.22 billion for the quarter. Analysts' estimates typically exclude special items.

Comparable restaurant sales in the quarter increased 4.3% versus a 17.3% growth in the prior year, the company said.

Food costs were 33.1% of revenue, a decrease of 150 basis points from a year ago.

Restaurant level operating margin was 28% in the quarter, an increase of 70 basis points from last year.

For the full year 2015, the company continues to expect low-to-mid single digit comparable restaurant sales increases.