The second quarter is Chipotle’s busiest of the year so it's not surprising to see good numbers. But the 5.5% comps are probably a bit better than the market expected given that management has more or less set themselves up for minimal expectations this year in that regard. While only in its nascent stage, the ShopHouse concept is obviously proving out and will be a part of Chipotle’s long-term story. For now though Ells was quite clear in the call that for the foreseeable future, domestic Chipotle stores will be the source of the company’s growth. Management will continue to monitor food costs, but there are no plans to raise prices for the remainder of the year. A relentless focus on the quality of ingredients are a given where Chipotle is concerned and at the end of the day I think both consumers and investors appreciate that.
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