By Chipotle Mexican Grill said Tuesday that its profit and revenue rose as it opened new locations and saw increased sales in the first quarter.
The fast-food restaurant chain said its comparable-restaurant sales were up 9% year over year and that it opened 51 new restaurants.
Chief Executive Brian Niccol said in a statement that the company’s “performance in the first quarter was strong, despite challenges from the omicron variant and ongoing inflation,” which the company said ate into its costs.
Chipotle
CMG,
-5.13%
shares see-sawed after hours, last down 1.2% after an initial 2% gain, after falling more than 5% in the regular session to close at $1,438.21.
The company reported first-quarter net income of $158.3 million, or $5.59 a share, up from $127.1 million, or $4.45 a share, in the first quarter of 2021. Adjusted earnings were $161.4 million, or $5.70 a share, adjusted for stock-based compensation, restructuring costs and more. Revenue increased 16% to $2 billion from $1.74 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast adjusted earnings of $5.64 a share on revenue of $2 billion.
Shares of the Newport Beach, Calif.-based company have fallen nearly 18% so far this year, while the S&P 500 Index
SPX,
-2.81%
has fallen about 12% year to date.
