Chipotle revenues rise 14% to $2.7bn in Q1
The group has attributed its performance to sales increasing 7% due to transactions growing by more than 5% as margins expanded
Chipotle has reported that total revenues rose 14.1% to $2.7bn (£2.3m) during the first quarter to 31 March.
The group has attributed its performance to sales increasing 7% due to transactions growing by more than 5% as margins expanded.
During Q1, Chipotle opened 47 new restaurants, with 43 locations including a Chipotlane. These formats have continued to perform well and are “helping enhance guest access and convenience”, as well as increase new restaurant sales, margins, and returns.
Brian Niccol, chairman and CEO of Chipotle, said: “We had another outstanding quarter driven by our improvement in throughput and successful marketing initiatives, including Braised Beef Barbacoa and Chicken Al Pastor, which drove strong sales and transactions.
“The results we are seeing from our focus on developing exceptional people, preparing delicious food and fast throughput gives me confidence that we can achieve our long-term target of more than doubling our business in North America and expanding internationally.”
For the remainder of 2024, Chipotle is anticipating full-year comparable restaurant sales growth to be in the mid to high-single digit range, and to have opened between 285 to 315 restaurants.