Chipotle Mexican Grill, Inc, which operates 1,878 outlets world-wide, including eight in the UK, has reported a 14.1% increase in revenue for its second quarter to $1.2 billion.
The growth was fed by the opening of 48 new restaurants in the three month period. Same store sales increased by just 4.3%, but net income increased by over 27% to $140.2 million.
Second quarter showed revenue growth slowing compared to the first quarter, but contributing to a solid first half in which 97 new restaurants were opened and revenue increased by 17% to 2.3 billion.
Chipotle’s most recent UK opening was London Wall, on the edge of the City of London, earlier this month (pictured above).
“We feel good about our second quarter results, as our revenue, average restaurant sales, and comparable restaurant sales have continued to grow even comparing to a very strong 2014. The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve, and overcome challenges we encounter – whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity, or reinventing the way tortillas are made at scale. Our relentless focus on the key drivers of our business allows us to continue to change the way people think about and eat fast food,” said Steve Ells, founder, chairman and co-CEO of Chipotle.
The group intends to maintain its present rate of new openings, with a target of around 200 extra outlets world-wide by the end of 2015.