Not only are investors dismissing Chipotle's dismal comp situation, but the Street is also ignoring weakening profitability. Investors are discounting that restaurant level operating margin was 26.3%, falling 110 basis points year over year. Here again, this is where the rising costs of beef and chicken has begun to take its toll. Plus, this was the second consecutive quarter of margin erosion, following a 150-basis-point decline in the fourth quarter. With food costs still on the rise, I don't believe management can avoid raising prices, even though I don't believe they should until the comp situation levels off. The Street is also forgetting the company plans to open 165 to 180 new restaurants this year. Something's not adding up -- food costs are on the rise, same-store sales are decreasing, margins are under pressure, yet management believes it's in the company's best interest to take on additional capital expenditures to open as much as 180 new stores. It would seem to make more sense to first bring the current locations up to operational standards. I think I'm missing something. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.