Chipotle's share price has jumped as its earnings report beat analyst estimates.
The company opened 41 new locations during Q1 2023, overcoming consumer spending woes.
Chipotle Mexican Grill reported better-than-expected earnings for Q1 2023, as the company's revenue was up by 38% compared to the same period last year.
- The company's net income for the quarter was $203.2M, up from $76.4M in Q1 2022.
- The strong performance was driven by a combination of higher prices, increased customer traffic, and growth in delivery and digital sales.
- The company's CEO, Brian Niccol, attributed the strong results to Chipotle's focus on innovation, including its new loyalty program and the launch of its first-ever digital-only restaurant.
- The company, however, noted that rising labor costs and supply chain disruptions are expected to be significant challenges in the near-term future.
