Chipotle Mexican Grill (NYSE:CMG) shares gained more than 7% after-hours following the company’s reported Q1 results, with EPS of $10.50 coming in better than the consensus estimate of $8.95.
Revenue grew 17.2% year-over-year to $2.4 billion, beating the consensus estimate of $2.34B, driven by a 10.9% increase in comparable restaurant sales and new restaurant openings.
In-restaurant sales increased 22.9% year-over-year in Q1, while digital sales represented 39.3% of total 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.
The company expects Q2 and full 2023-year comparable restaurant sales growth in the mid to high-single-digit range. It expects 255 to 285 new restaurant openings (including 10 to 15 relocations to add a Chipotlane) in 2023.