Market Updates
Chipotle Revenues Rise 16%, Plans to Add 235-250 Restaurants
Scott Peters
27 Apr, 2022
New York City
Chipotle Mexican Grill Inc reported first-quarter 2022 revenues rose 16% to $2 billion, net income increased 24.4% to $158.2 million, and earnings per share increased to $5.59 from $4.45 a year ago.
Comparable restaurant sales increased 9% and digital sales increased to 41.9% of total food and beverage revenues.
Restaurant-level operating margin declined 106 basis points to 20.7% and operating margin for the company increased to 9.4% from 9.3%.
Operating margins at the restaurant-level declined on higher wages and higher food prices for beef, avocado, and paper costs.
Food, beverage and packaging costs in the first quarter were 31.0% of total revenue, an increase of 100 basis points from a year ago.
The restaurant chain opened 51 new restaurants during the first quarter with 42 locations including a Chipotlane.
Guidance and Outlook
The company plans to open between 235 and 250 new restaurants in the second quarter and guided comparable same store sales in the range between 10% and 12%.
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Earnings
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