Chipotle reported earnings and revenue that beat expectations after doubling its digital sales during the quarter. CEO Brian Niccol discusses how the chain was able to bring in $1.31 billion last quarter.
div > div.group > p:first-child"> After the markets closed, shares of the company initially surged 4% but have since lost those gains.
Chipotle reported fiscal first-quarter net income of $88.1 million, or $3.13 per share, up from $59.4 million, or $2.13 per share a year earlier. During the company's earnings conference call, Niccol said the rewards program has grown to 3 million members. It has also been investing in changes to its restaurants to make delivery and digital pick-up easier for customers, like pick-up shelves and drive-through windows called Chipotlanes.
The company opened 15 stores and closed 2 locations during the quarter, bringing its total restaurant count to 2,504. Chipotle reiterated its forecast of opening between 140 to 155 stores during 2019.
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