Chipotle Mexican Grill reported Q1 results. EPS was $5.70, which is better than the Street estimate at $5.64. Revenue came in at $2 billion (vs. Street’s $2.01 billion), increasing 16% year-over-year, driven by comparable restaurant sales growth of 9% and new restaurant openings (51 new restaurants with 42 locations including a Chipotlane).

Brian Niccol, CEO of Omicron Variant and Inflation noted that the results were strong.

According to the company’s Q2 outlook, it expects 10%-12% comparable growth in restaurant sales and 235-250 new openings (including 5-10 relocations for Chipotlane).

Stock was purchased by the company for $260.1million in quarter.

Chipotle shares were down 18% in the year to date, before the 0.5% after-hours boost.

By Davit Kirakosyan