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  "documentTitle": "Pershing Square | Investor Presentation Deck | 57 slides",
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      "text": "We believe Chipotle will emerge even stronger in a post-COVID world",
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      "text": "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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