Shares of Chipotle Mexican Grill (NYSE: CMG) were up in pre-market trading on Wednesday after the fast food chain popular for its Mexican food reported adjusted earnings of $10.50 per diluted share, an increase of 84.2% year-over-year and surpassing consensus estimates of $8.95 per share.
Chipotle posted revenues of $2.4 billion, up by 17.2% year-over-year and edging past Street estimates of $2.3 billion. Moreover, CMG saw its comparable restaurant sales rise by 10.9% in the first quarter while in-restaurant sales rose by 22.9% year-over-year, and digital sales represented 39.3% of food and beverage revenue.
Looking forward, management now expects second-quarter and FY23 comparable sales to grow in ” the mid to high-single digit range.” Chipotle Mexican Grill expects to open between 255 to 285 new restaurants this year.
Overall, Wall Street analysts are bullish about CMG stock with a Strong Buy consensus rating based on 18 Buys and five Holds.
