Chipotle Reports Q1 Earnings Beat Despite Battling Omincron and Inflation
2022.04.27 00:36
Chipotle Reports Q1 Earnings Beat Despite Battling Omincron and Inflation
Chipotle Mexican Grill (NYSE:CMG) reported its Q1 results, with EPS of $5.70 coming in better than the Street estimate of $5.64. Revenue came in at $2 billion (vs. Street’s $2.01 billion), increasing 16% year-over-year, driven by comparable restaurant sales growth of 9% and new restaurant openings (51 new restaurants with 42 locations including a Chipotlane).
CEO Brian Niccol noted the results were “strong” despite the Omicron variant and inflation.
The company provided its Q2 outlook, expecting 10%-12% comparable restaurant sales growth and 235-250 new restaurant openings (including 5-10 relocations to add a Chipotlane).
The company repurchased $260.1 million of stock in the quarter.
Shares of Chipotle were down 18% year-to-date before the after-hours bump of about 0.5%.
By Davit Kirakosyan
