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Sep 30, 2024
Chipotle Q3 2024 Earnings Report
Chipotle's Q3 2024 earnings showcased strong performance, driven by comparable sales growth and strategic restaurant openings.
Key Takeaways
Chipotle announced strong Q3 2024 results, with a 13.0% increase in total revenue to $2.8 billion and a 6.0% increase in comparable restaurant sales. Diluted earnings per share increased by 21.7% to $0.28. The company opened 86 new company-operated restaurants, including 73 Chipotlanes.
Total revenue increased by 13.0% to $2.8 billion.
Comparable restaurant sales increased by 6.0%.
Diluted earnings per share increased by 21.7% to $0.28.
Opened 86 new company-operated restaurants, including 73 Chipotlanes.
Chipotle
Chipotle
Forward Guidance
Chipotle provided guidance for 2024, anticipating full-year comparable restaurant sales growth in the mid-to-high single-digit range and between 285 and 315 new company-operated restaurant openings with over 80% having a Chipotlane.
Positive Outlook
- Full year comparable restaurant sales growth in the mid to high-single digit range
- 285 to 315 new company-operated restaurant openings
- Over 80% of new restaurants having a Chipotlane
- Estimated underlying effective full year tax rate between 24% and 26% before discrete items
- 315 to 345 new company-operated restaurant openings with over 80% having a Chipotlane for 2025
Challenges Ahead
- Increasing wage inflation, including as a result of state or local regulations mandating higher minimum wages, and the competitive labor market
- The impact of any union organizing efforts and our responses to such efforts
- Increasing supply costs
- Risks of food safety incidents and food-borne illnesses
- Risks associated with our reliance on certain information technology systems and potential material failures, interruptions or outages