Chipotle Mexican Grill said Tuesday that its profits and revenue increased as it opened new locations and increased sales in the first quarter.
The fast-food chain said its same-store sales were up 9% year-over-year and it opened 51 new restaurants.
Chief Executive Brian Niccol said in a statement that “the company’s first quarter performance was strong, despite challenges from the omicron variant and continued inflation,” which the company said weighed on its costs.
shares tumbled after hours, last down 1.2% after an initial gain of 2%, after falling more than 5% in the regular session to close at 1,438.21 $.
The company reported net income of $158.3 million, or $5.59 per share, compared to $127.1 million, or $4.45 per share, in the first quarter of 2021. Adjusted profit was $161 $.4 million, or $5.70 per share, adjusted for stock-based stock. compensation, restructuring costs and more. Revenue rose 16% to $2 billion from $1.74 billion in the year-ago quarter.
Analysts polled by FactSet had expected adjusted earnings of $5.64 per 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 SPX index,
fell about 12% since the start of the year.