By Thomas Paulson, Head of Market Insights Chipotle reported a +6.4% revenue increase for Q1, composed of a comp-sales decline of -0.4% and a +680 bps contribution from more locations. Breaking down the comp increase, transaction fell -2.3% (-630 bps QoQ) and check grew by +1.9%. Advan traffic data pointed to a -690 bps deceleration QoQ to -3.2% on an adjusted basis. As shown in the chart below, traffic has notably softened in April; as such, we were not too surprised that management lowered guidance from low-to-mid single-digits to +LSD comps for the year.