Results for: Chipotle Mexican Grill

Chipotle Mexican Grill (CMG) reported impressive financial results for the first quarter of 2023, surpassing analyst estimates and demonstrating continued growth. Revenue increased 14.1% year-over-year to $2.7 billion, exceeding expectations of $2.675 billion. Adjusted earnings per share reached $13.37, significantly higher than the estimated $11.68. Comparable restaurant sales surged by 7% due to increased transactions and a slight increase in average check. Digital sales remained strong, accounting for 36.5% of food and beverage revenue. The company’s continued focus on operational efficiency resulted in an operating margin of 16.3%, up from 15.5% in the previous year. Chipotle opened 47 new restaurants in the quarter, 43 of which featured the popular Chipotlane. Additionally, the company repurchased $25 million of its stock during the quarter and has significant remaining authorization for further buybacks.

Chipotle Mexican Grill reported strong first-quarter earnings and revenue, driven by increased customer traffic. The company exceeded analysts’ expectations on both earnings and revenue, and its stock rose 4% in extended trading. Excluding a legal reserve charge, Chipotle’s earnings per share were $13.37, compared to the $11.68 expected by analysts. Revenue reached $2.7 billion, surpassing the $2.68 billion consensus estimate.

Despite higher menu prices due to inflation, Chipotle has witnessed a surge in customer transactions. Same-store sales jumped 7%, exceeding StreetAccount’s estimate of 5.2%. Traffic increased by 5.4% compared to the previous year, while the average check size increased by only 1.6%. The company added 47 new locations during the quarter, bringing it closer to its goal of reaching 7,000 stores. Chipotle anticipates continued growth, with mid-to-high single-digit percentage growth in same-store sales for the full year. Additionally, the board has approved a 50-for-1 stock split, which will take effect after shareholder approval on June 6.