Chipotle Q1 2024 Earnings Report
Key Takeaways
Chipotle reported a 14.1% increase in total revenue to $2.7 billion, driven by a 7.0% increase in comparable restaurant sales. Diluted earnings per share increased by 23.9% to $13.01, and adjusted diluted earnings per share was $13.37. The company opened 47 new restaurants, including 43 with a Chipotlane.
Total revenue increased by 14.1% to $2.7 billion.
Comparable restaurant sales increased by 7.0%.
Diluted earnings per share increased by 23.9% to $13.01.
47 new restaurants were opened, including 43 Chipotlanes.
Chipotle
Chipotle
Chipotle Revenue by Geographic Location
Forward Guidance
For 2024, Chipotle anticipates full year comparable restaurant sales growth in the mid to high-single digit range, 285 to 315 new restaurant openings with over 80% having a Chipotlane, and an estimated underlying effective full year tax rate between 25% and 27% before discrete items.
Positive Outlook
- Full year comparable restaurant sales growth in the mid to high-single digit range
- 285 to 315 new restaurant openings
- Over 80% of new restaurants having a Chipotlane
- Estimated underlying effective full year tax rate between 25% and 27% before discrete items