Management remarks
Call period: 2026 Q2 · 2026-07-29
Guidance: Adam Rymer: However, as we navigate both industry and consumer challenges, we are confident that we will continue to build upon this momentum for the rest of the year, and we now expect full year comp sales growth in the low single-digit range.Demand and orders: Scott Boatwright: Encouragingly, in-store loyalty comps have outpaced order-ahead loyalty comps since the relaunch, reinforcing our belief that simplifying the in-restaurant Rewards experience can meaningfully increase engagement over time.Margins: Adam Rymer: Cost of sales in the quarter were 29.7%, an increase of about 80 basis points from last year. The benefits of menu price alongside lower avocado and dairy prices were more than offset by inflation, primarily in beef and freight as well as increased usage of several ingredients, including chicken, steak and produce.Analyst Q&A
Analyst Zachary Ogden asked: This is Zach Ogden on for Andrew. So Scott, at a conference back in May, you talked about how 350 company-operated openings per year is the right level for Chipotle. Can you talk about why you view that as the right level versus maybe the prior ceiling of 400 stores and maybe what the gating factor is to accelerating above 350? Management Scott Boatwright answered: I know I never want to lose that edge. I think there could be a point of diminishing returns either in how the restaurant opens beyond 350 or could possibly fracture the base if you get too aggressive. But I like 350 number. The team likes it. We feel comfortable with it, and we're developing ready now capable leaders to support that growth. As it relates to incremental growth, think about global expansion, whether that's company owned in Western Europe, but also think about development with partner-operated restaurants really in the early stages today.管理层陈述
电话会期间：2026 Q2 · 2026-07-29
指引：亚当·莱默表示：在应对行业和消费者挑战之际，我们有信心在今年剩余时间继续巩固这一增长势头，目前预计全年同店销售增长率处于低个位数区间。需求与订单：斯科特·博特赖特表示：令人鼓舞的是，重新上线后，店内忠诚度计划的同店消费增速超过了提前下单忠诚度计划，这进一步印证了我们的观点：简化店内奖励计划体验可在未来显著提升用户参与度。利润率：亚当·莱默表示：本季度销售成本为29.7%，较去年同期增加约80个基点。菜单定价以及牛油果和乳制品价格下跌带来的利好，完全被通胀（主要是牛肉和货运成本）以及鸡肉、牛排、农产品等多种食材使用量增加所抵消。分析师问答
分析师扎卡里·奥格登（代安德鲁提问）：斯科特，你在五月的一场会议上提到每年新开350家直营门店是合适的规模，能否谈谈为何这个水平比此前400家的上限更合适，以及加速超过350家的制约因素是什么？管理层斯科特·博特赖特：我不想失去竞争优势，开店数超过350家可能出现收益递减，过于激进还可能破坏现有门店体系。我们认可350这个数字，团队也赞同，正培养支持该增长的合格领导者。增量增长可考虑全球扩张，比如西欧的直营门店布局，以及目前处于早期阶段的合作经营餐厅开发。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
