"
After increasing menu prices
several times over the past two years,
"We will ... look at our customer demand transaction patterns as well before we make any final decisions on price," he said.
Niccol agreed, saying his approach to pricing is the "last lever" he pulls, but inflationary pressures on the labor line and food areas could be an issue.
"As we get closer to the fourth quarter, we'll make a decision on what we'll do on the pricing front," he said.
Highlights of year-over-year Q2, ending
- In-restaurant sales increased 15.8%, while digital sales represented 38.0% of food and beverage revenue.
- Operating margin was 17.2%, an increase from 15.3%.
- Restaurant-level operating margin was 27.5% 1, an increase of 230 basis points.
-
Diluted earnings per share was
$12.32 , a 33.2% increase from$9.25 . Excluding a$0.33 after-tax impact from expenses related to restaurant and corporate level impairment and closure costs and corporate restructuring, adjusted diluted earnings per share was$12.65 , a 36.0% increase from$9.30 . - Opened 47 restaurants with 40 locations featuring a Chipotlane.
For 2023, management is anticipating the following:
- Third-quarter comparable restaurant sales growth in the low to mid-single-digit range.
- Full-year comparable restaurant sales growth in the mid to high-single-digit range.
- 255 to 285 restaurant openings.
- An estimated underlying effective full-year tax rate between 25% and 27% before discrete items.
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