Digital sales drives Chipotle revenues to $2.4b in first quarter 2023

The group opened 41 new restaurants in that period.

Chipotle announced a total revenue in the first quarter of $2.4b, an increase of 17.2% compared to the first quarter of 2022. 

The group said the increase in total revenue was driven by a 10.9% increase in comparable restaurant sales and new restaurant openings. In-restaurant sales in the first quarter increased 22.9%, compared to the first quarter of 2022, whilst digital sales represented 39.3% of total food and beverage revenue.

Chipotle opened 41 new restaurants during the first quarter with 34 locations including a Chipotlane.

Diluted earnings per share were $10.50. Adjusted diluted earnings per share also were $10.50 as there were no adjustments this quarter, an 84.2% increase compared to $5.70 in the prior year which excluded an $0.11 after-tax impact from expenses related to the 2018 performance share COVID-19 related modification, corporate restructuring costs, restaurant asset impairment and closure costs, and certain legal proceedings.