>> It's the sign of a turn around Chipotle investors have been hungrily waiting for. Sales at the burrito chain rose more than expected during the first three months of the year, and that's even on top of a spike in menu prices. The result sparked a rally on Wall Street, shares on Thursday surging as much as 24% in the stock's best one day gain ever.
I'm Conway Guinness in New York. These are the first quarterly results, under new CEO, Brian Niccol. And there is optimism out there that he is already bringing the spice back into this beleaguered chain. Now he has a hard task ahead of him. Outbreaks of e coli, salmonella and norovirus have severely tarnished this brand and not even a previous offer of free food was enough to get some customers back.
But Niccol, who came from Taco Bell to run Chipotle says the recovery is happening. He's cleaning up Chipotle's food operations and brought in another Taco Bell alum to freshen up the burrito chain's marketing. Expanding store hours into later in the evening is being considered as well as a few tweaks to the menu.
But it's still early in his tenure and Chipotle still has a lot of making up to do with customers and investors. Despite the recent bounced, shares are still down 44% since their pre food scare record high.