Chipotle Mexican Grill, Inc. (NYSE: CMG) announced its financial results for the first quarter ended March 31, 2017, with earnings and revenue beating estimates.
According to the company, revenue for the first quarter increased 28.1% to $1.07 billion compared with the same period last year, beating analysts’ estimates of $1.05 billion. Net income of the company in the first quarter increased from a net loss of $26.4 million in the same period last year to $46.1 million. Diluted earnings per share rose from a diluted net loss per share of $0.88 to $1.60 per share, also surpassing expectations of $1.27 per share.
In addition, the company opened 57 new restaurants in the first quarter, and comparable restaurant sales increased 17.8% at around 2,300 locations in the first quarter.
In the report, the company also provides guidance for the full year of 2017. Comparable restaurant sales are expected to rise in the high-single digits, the company expects to open 195 to 210 new restaurant openings.
“2017 is off to a strong start, as our restaurant managers and teams are energized by our renewed focus on the customer,” Steve Ells, the Founder, Chairman and CEO of Chipotle, said in the statement.
“By simplifying the focus in our restaurants to only those elements that lead to a great guest experience, our operations have improved every single month, which gives us confidence that we are on our way to achieve our mission to ensure that great food made with whole unprocessed ingredients is accessible to everyone,” he said.