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Sep 30, 2022
Chipotle Q3 2022 Earnings Report
Chipotle's Q3 2022 performance showcased strong brand resilience and value proposition amidst economic challenges, driven by comparable restaurant sales increase and margin expansion.
Key Takeaways
Chipotle Mexican Grill, Inc. reported a 13.7% increase in total revenue, reaching $2.2 billion in the third quarter of 2022. Comparable restaurant sales increased by 7.6%, and diluted earnings per share rose to $9.20, marking a 28.1% increase year over year.
Total revenue increased by 13.7% to $2.2 billion.
Comparable restaurant sales increased by 7.6%.
In-restaurant sales increased by 22.1%, with digital sales accounting for 37.2% of food and beverage revenue.
Diluted earnings per share increased by 28.1% to $9.20.
Forward Guidance
Chipotle anticipates fourth quarter comparable restaurant sales growth in the mid to high-single digits and between 235 to 250 new restaurant openings for 2022. For 2023, the company anticipates 255 to 285 new restaurant openings.
Positive Outlook
- Fourth quarter comparable restaurant sales growth in the mid to high-single digits
- Between 235 to 250 new restaurant openings (including 10 to 15 relocations to add a Chipotlane)
- New restaurant formats continue to perform very well.
- New restaurant formats are helping enhance guest access and convenience.
- New restaurant formats are helping increase new restaurant sales, margins, and returns.
Challenges Ahead
- Anticipates construction, permit and material supply delays don’t worsen.
- Increasing wage inflation and the competitive labor market.
- Increasing supply costs (including beef, avocados and packaging).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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