Chipotle's share price has jumped as its earnings report beat analyst estimates.

 


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.

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