quarterly earnings and revenue that topped analysts' expectations, fueled by better than expected same-store sales growth.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:Chipotle reported first-quarter net income of $291.6 million, or $10.50 per share, up from $158.3 million, or $5.59 per share, a year earlier.
In February, executives said that January's same-store sales grew by double digits. A year earlier, the company saw sluggish sales as the omicron Covid outbreak put pressure on staffing and caused some temporary store closures. Digital orders accounted for nearly 40% of sales during the quarter. Chipotle customers have been ordering their burritos and tacos more in person compared with the year-ago period.
The company opened 41 new locations during the quarter, 34 of which included its drive-thru lanes reserved for digital order pickup. Looking to the rest of the year, Chipotle is anticipating same-store sales growth in the mid-to-high single digits. It's expecting the same range for its second-quarter same-store sales growth, roughly in line with StreetAccount estimates of 5.8%.
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