Chipotle Mexican Grill (CMG) just released its first-quarter 2017 financial results, posting earnings of $1.60 per share and revenues of $1.07 billion. Currently, CMG is a Zacks Rank #3 (Hold) and is up 4.08% to $491.00 per share in trading shortly after its earnings report was released.
Beat earnings estimates. The company posted earnings of $1.60 per share, beating the Zacks Consensus Estimate of $1.28.
Beat revenue estimates. The company saw revenue figures of $1.068 billion, topping our consensus estimate of $1.052 billion.
Comparable restaurant sales increased 17.8% in the quarter. The company cited improved customer traffic, reduced promotional activity, and increased average check for the bump in comps.
Chipotle opened 57 new restaurants during the quarter and closed 15 ShopHouse Southeast Asian Kitchen restaurants and one Chipotle restaurant. Its total restaurant count at the end of the quarter was 2,291.
For the full year of 2017, Chipotle now expects comps to grow in the high-single digits. The company said it also expects about 195-210 new restaurants to open.
“2017 is off to a strong start, as our restaurant managers and teams are energized by our renewed focus on the customer,” said CEO Steve Ells. “By simplifying the focus in our restaurants to only those elements that lead to a great guest experience, our operations have improved every single month, which gives us confidence that we are on our way to achieve our mission to ensure that great food made with whole unprocessed ingredients is accessible to everyone.”
Here’s a graph that looks at CMG’s recent earnings performance:
Chipotle Mexican Grill, Inc. Price, Consensus and EPS Surprise
Chipotle Mexican Grill, Inc. Price, Consensus and EPS Surprise | Chipotle Mexican Grill, Inc. Quote
Chipotle offers a focused menu of burritos, tacos, burrito bowls and salads made from fresh, high-quality raw ingredients, prepared using classic cooking methods and served in a distinctive atmosphere. Through its vision of Food with Integrity, Chipotle is seeking better food not only from a variety of fresh ingredients, but ingredients that are sustainably grown and naturally raised with respect for the animals, the land, and the farmers who produce the food.
Check back later for our full analysis on CMG’s earnings report!
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