Chipotle Mexican Grill (NYSE:CMG) shares surged more than 13% intra-day today after the company reported its Q1 earnings, with EPS of $10.50 beating the Street estimate of $8.95. Revenue was $2.4 billion, better than the Street estimate of $2.34 billion.
The company’s Q1 comp growth of 10.9% exceeded both the Street expectations of 8.6% and guidance of high-single-digit growth. The top-line performance was driven by strong on-premise dining growth, menu innovation, sustained digital strength, and increased pricing of approximately 10%.
For the full 2023 year, the company anticipates comparable restaurant sales to grow in the mid to high-single-digit range.