We repurchased $261.1 million of stock at an average price per share of $1,350 during the second quarter. The repurchase authorization may be modified, suspended, or discontinued at any time. Including this repurchase authorization, $319.7 million was available as of June 30, 2022. Excluding the after-tax impact of expenses related to certain legal proceedings, modification expenses related to our 2018 performance shares, corporate restructuring, restaurant asset impairment and closure costs, offset by an unrealized gain on investments, adjusted net income was $261.2 million2 and adjusted diluted earnings per share was $9.302.ĭuring the second quarter, our Board of Directors approved the investment of up to an additional $300 million, exclusive of commissions, to repurchase shares of our common stock, subject to market conditions. Net income for the second quarter was $259.9 million, or $9.25 per diluted share, an increase from $188.0 million, or $6.60 per diluted share, in the second quarter of 2021. The GAAP effective income tax rate was 25.3% for the second quarter, which increased from 23.7% in the second quarter of 2021, primarily due to a decrease in tax benefits related to option exercises and equity vesting. GAAP and non-GAAP general and administrative expenses for the second quarter of 2022 also include $105.8 million of underlying general and administrative expenses, and $25.0 million of non-cash stock compensation. General and administrative expenses for the second quarter were $140.8 million on a GAAP basis, or $130.4 million2 on a non-GAAP basis, excluding $6.8 million of certain legal proceedings, $2.8 million for a COVID-19 related modification to our 2018 performance shares made in December 2020, and $0.9 million related to transformation expenses. The increase was primarily due to the benefit of menu price increases and, to a lesser extent, lower delivery fees associated with a lower volume of delivery transactions, partially offset by higher food costs and increases in hourly wages. Restaurant level operating margin was 25.2%, an increase from 24.5% in the second quarter of 2021. In the second quarter of 2022 the benefit of menu price increases was offset by inflation across the menu primarily due to higher costs for avocados, packaging, dairy, beef and chicken. These formats continue to perform very well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.įood, beverage and packaging costs in the second quarter remained flat at 30.4% of total revenue compared to the second quarter of 2021. We opened 42 new restaurants during the second quarter with 32 locations including a Chipotlane. Our in-restaurant sales increased 35.9% in the three months ended June 30, 2022, as compared to the three months ended June 30, 2021, while digital sales represented 39.0% of total food and beverage revenue. The increase in total revenue was driven by a 10.1% increase in comparable restaurant sales and new restaurant openings. Total revenue in the second quarter was $2.2 billion, an increase of 17.0% compared to the second quarter of 2021. Results for the three months ended June 30, 2022: 'Our pricing power and value proposition remain strong as our culinary and food with integrity commitment continues to be a key point of differentiation.'

'We are pleased with our second quarter performance during a period of inflation and consumer uncertainty,' said Brian Niccol, Chairman and CEO, Chipotle. Opened 42 new restaurants with 32 locations including a Chipotlane Adjusted diluted earnings per share, which excluded a $0.05 after-tax impact from expenses related to certain legal proceedings, expenses related to the 2018 performance share COVID-19 related modification, corporate restructuring costs, restaurant asset impairment and closure costs, offset by an unrealized gain on investments was $9.30, a 24.7% increase from $7.46 2 Restaurant level operating margin was 25.2% 2, an increase of 70 basis pointsĭiluted earnings per share was $9.25, a 40.2% increase from $6.60. Operating margin was 15.3%, an increase from 13.0%

In-restaurant sales increased 35.9%, while digital sales1 represented 39.0% of food and beverage revenue Total revenue increased 17.0% to $2.2 billionĬomparable restaurant sales increased 10.1% Second quarter highlights, year over year: (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2022.

NEWPORT BEACH, Calf- Chipotle Mexican Grill, Inc.

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