On July 20th Chipotle Mexican Grill (CMG) posted results for the second quarter of fiscal 2021 ending June 30th. For the period, the company generated net earnings of $188 million on revenue of $1,892 million with an EPS of $6.60. Comparable figures for Q2 of fiscal 2020 impacted by COVID restrictions were net earnings of $8.2 million on revenue of $1,364 million with an EPS of $0.29.
In commenting on results, Brian Niccol, Chairman and CEO stated, "Chipotle's second quarter results highlight the strength of our brand and our people as we demonstrated growing momentum in the business". He added, "we remain confident in our key growth strategies and believe they will help us achieve our next goal of $3 million average unit volume with industry-leading returns on invested capital".
During the quarter, digital sales increased by 10.5 percent and represented 48.3 percent of sales. Chipotle opened fifty-six new restaurants and achieved a 31 percent increase in comparable store sales compared to the corresponding quarter in 2020 that was impacted by COVID.
Chipotle Mexican Grill has a market capitalization of $43.9 billion. Shares of the company have traded in a range of $1,094 to $1,744 with a fifty-day moving average of $1,471. CMG closed at $1,575 on Tuesday, July 20th and opened post-release higher attaining $1,743 at noon.
Twelve-month trailing operating margin is 6.6 percent and profit margin 6.4 percent. The company has generated a return on assets of 4.6 percent and 21.6 percent on equity.
Chipotle provided forward guidance for the third quarter with growth of comparable restaurant sales projected in the low- to mid- double digit range. It is projected that 200 new restaurants will be opened in 2021.