Chipotle Mexican Grill Q2 Comparable Restaurant Sales Down 23.6% - Quick Facts

(RTTNews) - Chipotle Mexican Grill, Inc. (CMG) reported a 23.6% decrease in its second-quarter comparable restaurant sales, partially offset by sales from new restaurant openings. Comparable restaurant sales declined primarily as a result of a decrease in the number of transactions in restaurants, and to a lesser extent from a decline in average check.

Revenue for the quarter was $998.4 million, down 16.6% from the second quarter of 2015. Food costs were 34.2% of revenue, an increase of 110 basis points as compared to the second quarter of 2015. The company said the increase was driven by increased costs at suppliers related to new food safety procedures and food waste costs.

Net income for the second quarter of 2016 was $25.6 million, or $0.87 per share, compared to net income of $140.2 million, or $4.45 per share, in the second quarter of 2015.