Chipotle sees traffic soar in Q1, margins slip on food costs

|About: Chipotle Mexican Grill, Inc. (CMG)|By:, SA News Editor

Chipotle (CMG) reports comparable-restaurant sales rose a sizzling 13.4% in Q1 on strong traffic trends.

Restaurant level operating margin fell 40 bps to 25.9%.

The company says food costs were up 150 bps during the quarter. Prices on avocados, beef, and cheese were all higher.

A new $100M buyback authorization approved by the board comes on top of the $77M still available on an old line.

CMG +3.7% premarket