The moves are paying off. Chipotle’s revenue soared nearly 14% in the first quarter and sales at restaurants open at least a year were up nearly 10%. Digital sales more than doubled and now account for about 16% of total revenue.
Wall Street is hoping that Chipotle will be a big hit overseas as well. The stock rallied Monday after Piper Jaffray analyst Nicole Miller boosted her price target on Chipotle to $824, the third-highest on Wall Street.
Miller said she thinks Chipotle, which now has 16 stores abroad, will be able to generate big sales growth from new markets such as the UK and Europe.
“The international business is a small part of the story currently; however, we remain believers in the long-term potential for the brand’s international expansion,” she wrote.
Source : CNN