Chipotle posted another strong quarter against a difficult macro backdrop.
For its first quarter, revenue grew 14.1% to $2.7 billion, with same-store sales jumping by 7%, higher than estimates of 5.13%. The company also beat expectations on the bottom line, with adjusted earnings per share coming in at $13.37, compared to estimates of $11.66., which are priced at a premium, boosted results against a difficult macro consumer backdrop. The chain saw a 5.4% increase in foot traffic, but the average check was only up 1.6%, lower than the 2.0% expected.
Prior to the results, Lauren Silberman of Deutsche Bank wrote in a client note that "Chipotle has been among the best-performing restaurant stocks." "I think brands who provide a lot of value and have good traffic are best positioned," said Peter Saleh of BTIG, who pointed out that Chipotle's chicken bowl averages $9 across the country, compared to $12 to $13 for many burger meals.
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