Chipotle Earnings: Investments Cook Up Modest Comparable Sales Gain; Shares Fairly Valued
Chipotle's first-quarter revenue climbed 7.4%, led by 8.8% company-owned unit growth. Comparable sales improved 0.5% as traffic increased 0.6%, but average check size edged down 0.1%. Adjusted restaurant margin fell 250 basis points to 23.7%, pressured by below-inflation pricing and marketing.