Chipotle Mexican Grill's restaurant traffic grows as the chain proves its pricing power
Publishing timestamp: 2023-04-25 19:58:03
Summary
Chipotle reported better-than-expected earnings and revenue for the first quarter of 2022, with same-store sales growth of 10.9%. The company's menu prices are up roughly 10% from a year earlier, and CEO Brian Niccol said that the chain has demonstrated pricing power. Chipotle is pausing price increases for now. The company's chicken al pastor is on track to be its most popular limited-time protein option ever. Digital orders accounted for nearly 40% of sales during the quarter, and the company is making changes to improve speed of service and accuracy. Chipotle is anticipating mid-to-high single-digit same-store sales growth for the rest of the year and plans to open between 255 to 285 new restaurants during 2023.
Sentiment: POSITIVE
Keywords: restaurants, business, business news, earnings, breaking news: earnings, mcdonald's corp, markets, breaking news: business, retail industry, chipotle mexican grill inc, brian niccol,
Source: https://www.cnbc.com/2023/04/25/chipotle-mexican-grill-cmg-earnings-q1-2023-.html