Consumer Discretionary

Chipotle Mexican Grill (NYSE:CMG) ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS PR Newswire NEWPORT BEACH, Calif., Feb. 6, 2024 FY23 EPS INCREASES OVER 38% AND COMPARABLE SALES INCREASE 7.9% AS MARGINS EXPAND NEWPORT BEACH, Calif., Feb. 6, 2024 /PRNewswire/ — Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and fiscal year ended December 31, 2023. Fourth quarter highlights, year over year: — Total revenue increased 15.4% to $2.5 billion — Comparable restaurant sales increased 8.4% — Operating margin was 14.4%, an increase from 13.6% — Restaurant level operating margin was 25.4%1, an increase of 140 basis points — Diluted earnings per share was $10.21, a 27.3% increase from $8.02. Adjusted diluted earnings per share, which excluded a $0.15 after-tax impact from expenses related to accelerated depreciation, partially offset by a reduction in contingencies related to certain legal proceedings, was $10.361, a 25.0% increase

Chipotle Mexican Grill (NYSE:CMG) Posts Q4 Revenue $2.52B, vs. Street Est of $2.489B。

Chipotle Mexican Grill (NYSE:CMG) Sees 285 to 315 New Restaurant Openings in FY24。

Chipotle Mexican Grill (NYSE:CMG) reported quarterly earnings of $10.36 per share which beat the analyst consensus estimate of $9.75 by 6.26 percent. The company reported quarterly sales of $2.52 billion which beat the analyst consensus estimate of $2.49 billion by 1.11 percent. This is a 15.36 percent increase over sales of $2.18 billion the same period last year.

Chipotle Mexican Grill expects to increase prices again this year, but how much to compensate for higher wages in California remains the wild card. The burrito chain says on a 4Q call that it expects prices to be 2.5% to 3% higher in its current 1Q, but hasn’t decided on the rest of the year. Chipotle says around 15% of its restaurants are in California, where fast-food wages for chains will rise to at least $20 an hour in April.

The following is a summary of the Chipotle Mexican Grill, Inc. (NYSE: CMG) Q4 2023 Earnings Call Transcript: Financial Performance: 2023 annual sales grew by 14% to $9.9 billion and fourth quarter sales grew 15% to $2.5 billion, both driven by strong comp growth. Digital sales represented 37% of all sales for the full year and 36% for Q4. Restaurant level margin improved, reaching 26.2% for the full year and 25.4% for Q4. Adjusted diluted EPS was $44.86 for the full year, a 37% growth over last year. The company ended the year with a robust balance sheet holding $1.9 billion in cash and investments, and no debt. Chipotle forecasts mid-single digit comp growth for fiscal 2024 and a lower cost of sales in Q1 2024. Business Progress: Successfully opened a record 271 new restaurants in 2023, including 238 featuring Chipotlane concept. Continues to focus on five key strategies: people