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Today in the Market (4/24/2024)

Good Morning! On Wednesday, the U.S. market had little fluctuations as investors prepared for more earnings reports. The NASDAQ had a small gain of 0.10%, while the S&P 500 barely finished above the open by 0.02%. The Dow Jones however had a small decrease of 0.11%.

ANOTHER ORDER PLEASE!

Chipotle Mexican Grill Inc. (CMG) raised its annual forecast due to increased demand driven by limited-time promotions like chicken al pastor, maintaining a consistent track record of positive performance as rival restaurants struggle to attract customers.

  • Revenue: $2.70 Billion vs. $2.67 Billion Expected
  • Earnings Per Share: $13.37 vs. $11.66 Expected
  • Same-store Sales Growth: 7% vs. 5.13% Expected

What helped? The inclusion of high-priced limited-time offerings such as Braised Beef Barbacoa and Chicken al Pastor contributed to improved performance despite challenging market conditions. The business had a 5.4% rise in the number of people visiting the store, but the average amount spent per customer only increased by 1.6%, which was lower than the predicted 2.0% increase.

How far will Chipotle go? During the first quarter, Chipotle opened 47 more restaurants, out of which 43 establishments were equipped with Chipotlane. For the current year, the company plans to introduce between 285 and 315 more establishments, with over 80% of them using the drive-thru concept. In the future, the company intends to have a total of 7,000 restaurants across North America, which is double the present number of 3,500.

KROGER COMES UP ON TOP FOR 2023

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For 2023, Kroger surpassed H-E-B and its affiliates to become the supermarket with the greatest market share in the Houston area according to data provided by Chain Store Guide. Together, the two companies accounted for over 45% of the region’s grocery industry in 2023.

How close was it? Kroger’s market share in Houston in 2023 was 22.7%, slightly higher than H-E-B’s share of 22.5%. Concurrently, Walmart saw a decrease, falling to the third position with a 21% market share. What about the year before? In 2022, H-E-B dominated the market with a 23.9% share, while Kroger ranked third with a 20% share, and Walmart maintained a 22.3% stake during the same year.

However, H-E-B did come out on top for one stat… H-E-B distinguished itself by achieving exceptional average performance per store, despite securing the second position in total market share. Each of their 76 locations across the Houston area averaged an impressive $79.7 million in sales, setting a remarkable standard in the industry. By contrast, Walmart’s 75 establishments in the same region attained an average of $73 million per store, while Kroger’s 102 outlets trailed behind with $59.8 million per store.

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