The burrito chain said traffic increased 5.4% in its first quarter.
Chipotle Mexican Grill topped Wall Street's expectations for its quarterly earnings, revenue and same-store sales growth.In March, Chipotle's board approved a 50-for-1 stock split, one of the largest in the New York Stock Exchange's history.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Chipotle reported first-quarter net income of $359.3 million, or $13.01 per share, up from $291.6 million, or $10.
CEO Brian Niccol said the company saw traffic growth across income groups during the quarter. He credited the chain's value perception among diners. Previously, executives have also emphasized that most of its customers come from higher-income brackets.for fast-food workers, but the company does not have plans for any more hikes, Niccol said on CNBC's "
The chain added 47 new locations to its footprint during the first quarter, inching closer to its long-term goal of doubling its total number of restaurants to reach 7,000 stores.
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