CMG - Here's Why Chipotle Mexican Grill Stock Jumped 37% in the First Half of 2024
2024-07-11 10:12:33 ET
Shares of burrito-centric restaurant chain Chipotle Mexican Grill (NYSE: CMG) jumped 37% in the first half of 2024, according to data provided by S&P Global Market Intelligence . The chart shows a steady increase throughout the six-month span, accentuated with two bigger single-day moves. Those larger jumps happened each time the company reported quarterly financial results.
On Feb. 6, Chipotle reported record revenue of $9.9 billion for 2023, which excited investors and boosted the stock. During the year, the company opened a record 271 new locations. And locations that had been open at least 13 months saw a strong same-store-sales increase of 8%.
Then on April 24, Chipotle reported results for the first quarter of 2024, which showed 14% year-over-year top-line growth. Sales were boosted by same-store-sales growth of 7% and new restaurant openings. Menu prices were up but this wasn't the primary booster of the sales numbers. In reality, Chipotle benefited from 5% growth in transactions, which is the better driver of financial results.
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Here's Why Chipotle Mexican Grill Stock Jumped 37% in the First Half of 2024