Jul 24, 2019 - Economy
Chipotle's stock soars to new highs under CEO Brian Niccol
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Chipotle's stock has surged by nearly 200% since Brian Niccol was announced as the company's new CEO, more than any other stock in the S&P 500.
Driving the news: Shares got another boost Tuesday after the company beat earnings expectations and rose to their highest price ever. The stock jumped 4% in after-hours trading and is now up more than 70% for the year.
By the numbers:
- Earnings per share: $3.99, adjusted, vs. $3.76 expected.
- Revenue: $1.43 billion vs. $1.41 billion expected.
- Same-store sales growth: 10% vs. 8.33% expected.
- Fiscal second-quarter net income rose to $91 million, from $46.9 million a year earlier.
Background: Niccol took over Chipotle's top job from founder Steve Ells in 2018 after leading a product renaissance at Taco Bell with a new focus on the company's late-night menu and social media branding.
- He's provided a similar spark at Chipotle, pushing the brand to focus on increasing digital orders, customer loyalty programs and menu innovation.
- Taco Bell has continued Niccol's irreverent style, even upping the ante by releasing a clothing line with Forever 21, announcing a resort for loyal customers and even offering weddings at one location.
Go deeper: Fast food drive-throughs are struggling to keep up with long lines
