Chipotle has reported a 13.4% increase in comparable restaurant sales for the first quarter of this year, with revenue up 24.4% to $904.2m.
The company said that comparable restaurant sales growth was driven primarily by increased traffic and to a lesser extent by an increase in average check.
During the quarter it opened 44 new restaurants, bringing the total restaurant count to 1,637.
Food costs were 34.5% of revenue, an increase of 150 basis points driven by higher commodity costs. The group said that higher commodity costs were primarily driven by inflationary pressures in beef, avocados, and cheese prices.
“We are delighted that more and more people are choosing to visit our restaurants every day allowing us to deliver double digit comps during the quarter. Our food culture has always been a defining characteristic of Chipotle and continues to set us apart from other restaurants. We are confident that our special food culture will continue to attract more customers to visit Chipotle as customers better understand and connect how natural and high quality ingredients that are freshly prepared result in better tasting food,” said Steve Ells, founder, chairman and co-CEO.
