Chipotle Q1 2022 Earnings Report
Key Takeaways
Chipotle Mexican Grill, Inc. reported strong first quarter 2022 results, with a 16% increase in total revenue to $2.0 billion and a 9% increase in comparable restaurant sales. The company opened 51 new restaurants, including 42 with a Chipotlane. Diluted earnings per share increased to $5.59, a 25.6% increase from $4.45 in the first quarter of 2021.
Total revenue increased by 16.0% to $2.0 billion.
Comparable restaurant sales increased by 9.0%.
In-restaurant sales increased 33.1%, while digital sales represented 41.9% of food and beverage revenue.
The company opened 51 new restaurants, including 42 Chipotlanes.
Chipotle
Chipotle
Forward Guidance
For 2022, Chipotle anticipates second quarter comparable restaurant sales growth in the 10% to 12% range and between 235 to 250 new restaurant openings.
Positive Outlook
- Second quarter comparable restaurant sales growth, assuming current sales trends continue, in the 10% to 12% range
- Between 235 to 250 new restaurant openings (including 5 to 10 relocations to add a Chipotlane)
- Company is planning on new restaurant openings
- Company is adding Chipotlanes to new restaurants
- Company is planning on relocations to add Chipotlanes
Challenges Ahead
- Assumes construction and permit delays don’t worsen
- Estimated underlying effective full year tax rate between 25% and 27% before discrete items
- Uncertainty regarding the duration and severity of the ongoing COVID-19 pandemic
- Increasing wage inflation and the increasingly competitive labor market
- Increasing supply costs (including beef, avocados and paper)