Chipotle ($CMG@US) reported strong first-quarter earnings and revenue that beat analysts' expectations, driven by better-than-expected same-store sales growth. Earnings per share were $10.50 versus the $8.92 expected, and revenue was $2.37 billion versus the $2.34 billion expected. The company said that its traffic had increased despite higher menu prices, up around 10% from a year earlier. CEO Brian Niccol stated that the company has pricing power but is currently pausing price increases. Digital orders accounted for nearly 40% of sales during the quarter. Chipotle is anticipating mid-to-high single-digit same-store sales growth for the rest of the year and plans to open between 255 to 285 new restaurants in 2023.
