Following the announcement of the firm’s results for the first quarter, shares of Chipotle Mexican Grill (NYSE:CMG) increased by more than 7% after the market closed. The business reported an EPS of $10.50, which was higher than the consensus expectation of $8.95.
The growth in revenue was 17.2% higher year-over-year, reaching $2.4 billion, which was higher than the consensus forecast of $2.34 billion. This gain was driven by a 10.9% increase in sales at comparable restaurants as well as new restaurant openings.
Restaurant sales rose 22.9% in the first quarter, while digital sales made up 39.3% of food and beverage revenue.
“Our strong performance in the first quarter confirms that our focus on getting back to the basics and re-establishing Chipotle’s standards of excellence is beginning to drive results,” said Chairman and CEO Brian Niccol. “Our focus on getting back to the basics and re-establishing Chipotle’s standards of excellence is beginning to drive results.”
Mid- to high-single-digit comparable restaurant sales growth is what the business anticipates for both the second quarter and the entire year of 2023. In the year 2023, it anticipates the opening of 255 to 285 new restaurants (including 10 to 15 relocations in order to add a Chipotlane).