Chipotle Mexican Grill Inc. (NYSE: CMG) recently delivered strong Q2 results. Strong growth is being shown by this restaurant chain, which demonstrates its competitive edge.
In the second quarter of 2021, Chipotle Mexican Grill’s revenues increased nearly 39% year-over-year, although it is worth noting that the comparison with the second quarter of 2020 is easy. LFL sales growth of more than 31% is a much more important factor.
CMG stock already has 2,853 stores, so this is a high number for them. Chipotle Mexican Grill Inc. (CMG) proved to be better than many competitors in overcoming the negative trends of the Coronavirus pandemic and even benefitting from them in the long run. Mexican restaurant chain managed to maintain sales during the pandemic. The loyalty program had over 23 million members, thanks to which the company could reach its clients and offer them the privilege of placing an order even as the restaurants were closing.
Chipotle Mexican Grill Inc. (CMG) focused on expanding digital sales even before 2020 in order to better serve its customers. Nearly half of the total revenue of the company’s second-quarter came from its website, mobile app, and third-party shipping services.
Chipotle Mexican Grill opened 56 new stores in the last quarter and plans to open 200 more this year. The company notes that the number of customers ordering meals is increasing as people return to their offices. However, as mentioned above, digital sales are also at a high level.
Chipotle Mexican Grill Inc. (CMG) has demonstrated that it can operate in even the most difficult of markets over the years. The company did not only maintain sales, but it also exceeded its competition. Having a strong digital sales strategy is the main advantage of Chipotle Mexican Grill.
On July 28, Chipotle Mexican Grill Inc. (CMG) traded at $1816.26. The company has a market cap of $50.22 billion.