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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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      "kind": "callout",
      "text": "Management's successful business transformation enabled Chipotle to return to growth only three months after the pandemic's onset",
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      "text": "We believe Chipotle will emerge even stronger in a post-COVID world",
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      "text": "Digital has powered Chipotle's sales growth back to pre-COVID levels. Same-store sales grew 6% last quarter, or 20% on a two-year stacked basis. Digital has driven ~50% of sales mix since July, up from 20% pre-COVID. Differentiated results given no previous dependence on drive-thru or delivery. Momentum has accelerated even further in 2021. January same-store sales growth of 11%, or 24% on a two-year stacked basis.",
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      "text": "Further recovery of in-store sales as the economy reopens. Robust innovation pipeline including the digitally enabled quesadilla. Major step-up in unit growth in 2021, with Chipotlanes in most new units. Loyalty program with nearly 20 million members. Margin recovery as COVID-related impacts fade and sales grow.",
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      "text": "Source: Company filings",
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      "text": "Chipotle Mexican Grill (\"CMG\")",
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