Press Releases
Chipotle Beats Expectations Again and Boosts Buybacks Amid Rampant Price Hikes
WASHINGTON, DC — Yesterday, Chipotle Mexican Grill announced $455.7 million in Q2 2024 earnings—a 33% increase year-over-year which came as the company spent $151.4 million on stock buybacks and authorized an additional $400 million in future buybacks. Since 2021, the fast-casual giant has raised prices six times, leading to four-straight quarters of better-than-anticipated earnings. Yesterday’s announcement comes as the latest Consumer Price Index (CPI) report shows corporate profiteering in the big food industry remains a major driver of costs even as inflation has cooled for the fourth consecutive month.
Inflation is on the decline thanks to efforts by the Biden-Harris administration to cut down on corporate greed. But as Americans still feel the pressure of rising prices, food-giants like Chipotle continue to push the limit of profiteering. Chipotle’s earnings speak to a troubling trend where companies keep raising prices no matter how successful they are.”
