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Dec 31, 2023
Chipotle Q4 2023 Earnings Report
Chipotle's Q4 2023 earnings showcased revenue growth and margin expansion.
Key Takeaways
Chipotle reported a strong Q4 2023 with a 15.4% increase in total revenue to $2.5 billion, driven by an 8.4% increase in comparable restaurant sales. Diluted earnings per share increased by 27.3% to $10.21, and adjusted diluted earnings per share grew by 25.0% to $10.36. The company opened 121 new restaurants, including 110 with a Chipotlane.
Total revenue increased by 15.4% to $2.5 billion.
Comparable restaurant sales increased by 8.4%.
Diluted earnings per share increased 27.3% to $10.21.
Opened 121 new restaurants, including 110 Chipotlanes.
Forward Guidance
For 2024, Chipotle anticipates full year comparable restaurant sales growth in the mid-single digit range and expects to open between 285 and 315 new restaurants.
Positive Outlook
- Full year comparable restaurant sales growth in the mid-single digit range
- Opening between 285 and 315 new restaurants
- Maintaining focus on enhancing guest access and convenience
- Continuing to innovate with throughput and menu offerings
- Expanding industry leading margins and returns
Challenges Ahead
- Developer, permit, inspection, and utility delays could worsen
- Increasing wage inflation and competitive labor market
- Potential impact of union organizing efforts
- Increasing supply costs (including beef, tortillas, queso, salsa, beans and rice)
Historical Earnings Impact
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Avg. Return Before/After Earnings
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