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Monday, Feb 6, 2023
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Chipotle Plans for 200 New Restaurants

Chipotle Mexican Grill Inc. (NYSE: CMG) said it plans on opening roughly 200 new restaurants this year, amid a strong start to 2021.

The Newport Beach company provided the guidance with results for its first quarter, with sales across digital and its physical restaurants growing.

Overall, revenue for the March quarter grew 23.4% from the year-ago period to $1.7 billion, which was in line with consensus estimates.

Digital sales, which account for about half of overall sales, continued their surge with growth of 133.9% to $869.8 million.

Net income totaled $127.1 million, compared to $76.4 million a year ago. Analysts on average expected income of $139.7 million.

The company, which has more than 2,800 restaurants, had a recent market cap of $42.5 billion.

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