Home Business Chipotle Mexican Grill (CMG) Q4 2023 earnings

Chipotle Mexican Grill (CMG) Q4 2023 earnings

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People visit a Chipotle restaurant in Miami on Feb. 9, 2022.

Joe Raedle | Getty Images

Chipotle Mexican Grill on Tuesday posted quarterly earnings and revenue that beat analysts’ expectations as more customers visited its restaurants.

Shares of the company rose more than 1% in extended trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $10.36 adjusted vs. $9.75 expected
  • Revenue: $2.52 billion vs. $2.49 billion expected

Chipotle reported fourth-quarter net income of $282.1 million, or $10.21 per share, up from $223.7 million, or $8.02 per share, a year earlier. The company said higher beef, produce and queso costs weighed on margins.

Excluding certain items, the burrito chain earned $10.36 per share.

Net sales rose 15.4% to $2.52 billion.

The company’s same-store sales rose 8.4%, beating StreetAccount estimates of 7.1%. Chipotle said foot traffic rose 7.4% in the quarter, bucking an industry-wide trend of declining visits. Restaurant giants McDonald’s and Starbucks both reported traffic declines for the last three months of the year.

Chipotle’s sales also received a boost from a 3% menu price increase it implemented in October.

The company opened 121 new locations during the quarter.

Looking to 2024, Chipotle is forecasting full-year same-store sales growth in the mid-single-digit range and plans to open between 285 and 315 new locations.

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