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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "kind": "callout",
      "text": "Chipotle’s superb performance continued in 2021 driven by ongoing strength in digital sales and a recovery of in-store ordering",
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      "text": "Same-store sales grew 19% in 2021, or 21% from 2019 levels\nStrong contribution from innovations including the quesadilla and smoked brisket\nSuperlative value proposition drives pricing power and protects margins\nChicken burrito/bowl still priced below $8 in most parts of the country\nLonger-term opportunity to drive average restaurant sales well beyond $3mm",
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      "text": "New unit growth algorithm of 8% to 10% annually\nChipotlane digital drive-thrus now in 12% of existing and 80% of new stores\nMenu innovations and loyalty program enhancements\nOperating leverage with 40% incremental restaurant margins\nPlans for international expansion given success achieved in Canada",
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      "text": "Source: Company filings.",
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      "text": "Chipotle Mexican Grill (\"CMG\")",
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