NEWPORT BEACH, California: U.S. restaurant chain Chipotle Mexican Grill posted greater revenues for the current quarter on July 20, though urged caution due to the possibility of increased beef and freight costs nullifying the benefits of increased pricing on its menu.
The restaurant industry is reeling from the inability to hire staff and obtain essential products, including food and beverage items, according to Chipotle CFO Jack Hartung.
"It should not be a surprise to anyone that Q3 is going to be challenged by several industry-wide issues," Hartung said, as quoted by Reuters.
Chipotle's sales have experienced more robust growth amid the easing of curbs and workers returning to their offices, coupled with orders for lunches increasing.
Chipotle reported earnings per share of $7.46 for Q2 ending June 30, surpassing expectations of $6.52 and driving up the price of its stock by over 4 percent.
Additionally, sales registered a 31.2 percent increase, topping Wall Street's 29.4 percent growth projection.
Net revenue was recorded at some $188 million, or $6.60 per share for Q2, from $8.2 million, or 29 cents per share during the corresponding period in 2020.
Meanwhile, Chipotle forecasts a low- to mid- double-figure growth in sales in Q3.