Expectations were high for fast-casual burrito chain specialist Chipotle Mexican Grill (NYSE: CMG) going into 2024. Its sales jumped 14.3% year over year in 2023, with growth accelerating to 15.4% in the final quarter of the year. Additionally, earnings per share soared as the company's full-year operating margin expanded from 13.4% in 2022 to 15.8%. To top it off, the stock soared 65% last year.

With this backdrop, you'd be forgiven if you thought some cooling off was in order in 2024. But this year's performance from both the business and the stock has been anything but. It turns out the company is easily living up to investors' high expectations, helping shares soar about 28% year to date. Business performance remains spectacular, as seen in the company's first-quarter earnings release this week.

Chipotle kicked off 2024 with a stellar first quarter. Revenue rose 14.1% year over year to $2.7 billion. This is some incredible growth when investors consider that it's stacked on top of 17.2% year-over-year revenue growth in the same quarter last year.

Continue reading

Source Fool.com