Chipotle Stock Is Sizzling On Q3 Earnings: Revenue Beat, Comparable Sales Jump 5%, Operating Margin Shines
Portfolio Pulse from Adam Eckert
Chipotle Mexican Grill Inc (NYSE:CMG) reported Q3 revenue of $2.5 billion, beating the consensus estimate of $2.47 billion. Earnings per share were $11.36, surpassing analyst estimates of $10.55. Comparable restaurant sales increased by 5% YoY, largely due to higher transactions. Digital sales accounted for 36.6% of food and beverage revenue. The company opened 62 new restaurants in the quarter, 54 of which included a Chipotlane. Chipotle expects full-year 2023 comparable restaurant sales growth in the mid to high-single-digit range and plans to open 255 to 285 new locations in 2023 and 285 to 315 in 2024.
October 26, 2023 | 8:26 pm
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Chipotle's Q3 results exceeded expectations, with revenue and EPS beating estimates and comparable restaurant sales increasing. The company's growth strategy includes opening hundreds of new locations in the next few years.
Chipotle's strong Q3 results, including higher-than-expected revenue and EPS, indicate solid performance. The company's plans to open hundreds of new locations in the coming years signal a robust growth strategy, which could positively impact the stock price in the short term.
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