Chipotle earnings crush estimates as restaurant traffic grows 7.4%

People go to a Chipotle restaurant in Miami on Feb. 9, 2022.

Joe Raedle | Getty Images

Chipotle Mexican Grill on Tuesday posted quarterly earnings and income that beat analysts’ expectations as extra clients visited its eating places.

Shares of the corporate rose greater than 1% in prolonged buying and selling.

Here’s what the corporate reported in contrast with what Wall Street was anticipating, primarily based on a survey of analysts by LSEG, previously recognized as Refinitiv:

  • Earnings per share: $10.36 adjusted vs. $9.75 anticipated
  • Revenue: $2.52 billion vs. $2.49 billion anticipated

Chipotle reported fourth-quarter web revenue of $282.1 million, or $10.21 per share, up from $223.7 million, or $8.02 per share, a 12 months earlier. The firm mentioned increased beef, produce and queso prices weighed on margins.

Excluding sure gadgets, the burrito chain earned $10.36 per share.

Net gross sales rose 15.4% to $2.52 billion.

The firm’s same-store gross sales rose 8.4%, beating StreetAccount estimates of seven.1%. Chipotle mentioned foot traffic rose 7.4% within the quarter, bucking an industry-wide pattern of declining visits. Restaurant giants McDonald’s and Starbucks each reported traffic declines for the final three months of the 12 months.

Chipotle’s gross sales additionally acquired a lift from a 3% menu value improve it applied in October.

The firm opened 121 new areas throughout the quarter.

Looking to 2024, Chipotle is forecasting full-year same-store gross sales progress within the mid-single-digit vary and plans to open between 285 and 315 new areas.

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