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Chipotle Posts Q3 FY 2023 Results


In an October 26th release, Chipotle Mexican Grill (CMG) reported on the third quarter of fiscal 2023 ending September 30th beating on anticipated revenue and earnings.


For the period, the company earned $313 million on total revenue of $2,472 million including delivery payments, with a diluted EPS of $11.32.  For the comparable Q3 of fiscal 2022, Chipotle earned $252 million on total revenue of $2,220 million with a diluted EPS of $9.20.  Total revenue increased by 11.3 percent and comparative same store sales were up by 5.0 percent.  Digital orders represented 37 percent of revenue.  During the quarter, Chipotle opened 62 new stores with more than 40 equipped with drive-through lanes, for a total of 3,330 locations.


In commenting on results, Brian Niccol, Chairman and CEO stated, "Chipotle's value proposition including customized, delicious culinary served quickly with great hospitality, is stronger than ever which is translating to great results including sustained positive transaction growth. We remain focused on developing exceptional people, preparing delicious food and fast throughput which will further strengthen our brand and continue to position us for long term growth,"


Analysts noted lackluster guidance for Q4 and FY 2023 of “comparable restaurant sales of mid- to high single digits”


 On September 30th Chipotle Mexican Grill posted assets of $7,911 million with long-term lease obligations of $3,273 million.  Market capitalization is $51,800 million.  During the past fifty-two weeks, CMG has traded in a range of $1,344 to $2,175 with a fifty-day moving average of $1,874. CMG closed pre-release on Tuesday 26th October at $1,805 but rose on the open on Thursday 27th post-release to $1,890.  On a trailing twelve-month basis, operating margin was 16.3 percent and profit margin 12.3 percent.  The Company has generated returns of 13.0 percent on assets and 44.9 percent on equity.