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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Chipotle has a long runway for robust growth",
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      "text": "Near-term opportunity to improve throughput to drive SSS and profitability. New unit growth of 8% to 10% annually in North America. Long-term potential for international store growth and daypart expansion such as breakfast.",
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      "text": "Same-store sales (\"SSS\") grew 8% in 2022, or 31% from 2019 levels. While 2022 growth was driven by pricing, traffic is still up materially vs. 2019. Innovation success continued with pollo asado and garlic guajillo steak.",
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      "text": "Attractive unit economic model firmly intact despite inflationary environment. Chipotle was one of the few businesses to expand margins in 2022, with restaurant margins up 130bps to 23.9%. Pricing power remains intact with chicken entrée still priced below $9 on average.",
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      "text": "restaurant margins: 23.9%",
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      "text": "Chipotle's impressive growth continued in 2022 driven by the recovery of in-store ordering and price increases to offset cost inflation",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Chipotle Mexican Grill (\"CMG\")",
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