updated - July 7, 2020 Tuesday EDT
Chipotle's results for the first fiscal quarter puts the franchise restaurant chain in good position.
"We are delighted that more and more people are choosing to visit our restaurants every day allowing us to deliver double digit comps during the quarter," Steve Ells, founder, chairman, and co-CEO at Chipotle said in a statement. Our food culture has always been a defining characteristic of Chipotle and continues to set us apart from other restaurants. We are confident that our special food culture will continue to attract more customers to visit Chipotle as customers better understand and connect how natural and high quality ingredients that are freshly prepared result in better tasting food," Ells said in the statement.
"Our unique and compelling people culture is having a tremendous and growing impact on our business and is one of the key drivers behind our success. Our Restaurateurs, and the cultures they are creating in their restaurants, are allowing us to serve better tasting food and provide a better dining experience to our guests," Monty Moran, co-CEO also said in a statement.
The success is attributed to many accomplishments during the quarter such as unlocking 44 new restaurants, and the company increasing their income 24.4 percent to $904.2 million with a net income of $83.1 million which amounts to an 8.5 percent rise.
The results bring optimism to Chipotle who is now looking to establish 180 to 195 more locations according to the press release.
The company also expects a 39.1 percent tax rate for 2014, and a rise in sales between each restaurant not including a rise in cost for menu items.
Earlier in the quarter, Chipotle officially unveiled a new Sofritas vegan tofu burrito to its menu which has organic tofu, roasted poblanos, chipotle chiles, and spices Fast Company. The food caters to customers who may want a vegetarian food item.
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