Just weeks after announcing that they’d be closing multiple locations, Chipotle reported higher than expected quarter 2 earnings, raking in $1.267 billion in revenue. After the posting, Chipotle stocks rose 6 percent, making the fan-favorite food stop even more profitable than before.
Chipotle has seen its ups and downs, from the e. coli breakout it saw years ago to its rise in fame in millennials for its tex-mex style burritos and bowls. Now, they’re testing out a new and expanded menu to cater to new audiences, especially those late-night munchers. We could see more options for quesadillas, tostadas, and other fan favorites hitting the market in the near future.
In the second half of 2018, they plan to also test a new loyalty-rewards program for its customers alongside its new menu, meaning big changes are on the way. Just last month, the company made the decision to close dozens of stores that were “underperforming.” But maybe this bump in stock may make CEO Brian Niccol rethink his strategies according to this upward trend.
Love or hate Chipotle, they have to be doing something right, as they’re another one of those companies that snuck past Wall Street analysts’ predictions into a higher-than-expected revenue.
