Chipotle Mexican Grill (CMG) served up quarterly earnings and revenue that came in ahead of market expectations, sending the 澳洲幸运5官方开奖结果体彩网:fast casual restaurant chain’s shares more than 3% higher in premarket trading Thursday morning.

For the three month period ending March 31, the Newport Beach, California-based company posted 澳洲幸运5官方开奖结果体彩网:adjusted earnings of $13.37 per share, handily above the $11.68-a-share figure expected by analysts. Revenue in the period of $2.7 billion increased 14.1% from a year earlier and also topped estimates, which Wall Street had forecast at $2.68 billion.

The burrito maker, which added 47 new locations in the first quarter, reported 澳洲幸运5官方开奖结果体彩网:same store sales growth in the period of 7%, helped by a 5.4% 澳洲幸运5官方开奖结果体彩网:year-over-year (YOY) jump in transaction volume. Chipotle said it expects 2024 same-store sales growth in the “mid- to high-single-digit range.

Chipotle CEO Brian Niccol told analysts on the 澳洲幸运5官方开奖结果体彩网:earnings call that Chipotle saw growth across all income groups during the quarter, adding that the fast-casual chain may be benefiting from full-service restaurant customers who are seeking more affordable dining options. “From low to middle to higher-income consumers, we're just seeing gains with all income cohort," he said.

The company also said it raised menu prices in its Californian restaurants by around 6% to 7% earlier this month to help offset the state’s mandated 澳洲幸运5官方开奖结果体彩网:minimum wage increase to $20 for fast-food workers, noting that the price hikes had not yet led to a change in consumer behavior.

After finding support at the澳洲幸运5官方开奖结果体彩网: 200-day moving average in October last year, the Chipotle share price has trended sharply higher. However, since late March, the stock has consolidated within a narrow 5% channel, potentially indicating accumulation by 澳洲幸运5官方开奖结果体彩网:institutional investors leading into the company’s quarterly results.

Looking ahead, monitor if earnings-driven momentum can act as a catalyst for a breakout above the channel’s top trendline sitting at the key $3,000 level. A close above this clo🎀sely-watched round number would likely lead to a resumption of the stock's longer-term uptrend.

Chipotle shares were up 3.4% at $3,025 at around 7:00 a.m. ET. The stock has gain♛ed more than 60% over the past 🐻12 months.

The company 澳洲幸运5官方开奖结果体彩网:announced last month that it will seek shareholder approval for a♒ 50-for-1 stock split at its annual mee🙈ting on June 6.

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